The UNDP Regional Bureau for Asia and Pacific (RBAP) has launched the Building Opportunities for Leadership in Development (BOLD) initiative to help countries develop forward-looking strategies and strengthen governance capabilities necessary for implementation. Viet Nam, one of the fastest-growing economies in the region, stands to benefit from this initiative as it aims to transition from rapid growth to high-income status by 2045. With GDP growth averaging 6.6% since 2000 and 6.9% since 2022, Viet Nam faces the challenge of avoiding the “middle income trap” while pursuing productivity, financial and ecological sustainability, and greater social inclusion.
Viet Nam’s leadership has recognized the need for a new development model and has demonstrated strong political commitment to reforms at all levels of governance. However, ambition alone is insufficient. The country’s ability to achieve breakthrough progress depends on crafting effective strategies and translating them into actionable results. The BOLD initiative is designed to support this process by combining high-level strategic guidance with governance capabilities development, addressing the decentralized, consensus-based political and administrative system that can slow agile and adaptive policy implementation.
Over the past eight months, UNDP Viet Nam has collaborated with RBAP to design a tailored BOLD engagement, securing working relationships with key institutions such as the Central Commission for Policy and Strategy (CCPS) and the Ho Chi Minh National Academy of Politics (HCMA). Engagement with additional government bodies, including the Prime Minister’s Office and the Ministry of Finance, is ongoing. BOLD aims to help Viet Nam transition to a new growth model that maintains productivity gains, ensures financial and ecological sustainability, and broadens social inclusion in line with the Party’s 2030 and 2045 goals.
A key feature of BOLD is its focus on a few “strategic big bets” where advisory and governance support can deliver outsized impact. These priorities are selected to anchor national strategies while promoting resilience through trade diversification, regional integration, and innovation. BOLD facilitates collaboration between global and regional experts and Viet Nam’s policymakers to identify actionable policy pathways that advance prosperity, sustainability, and inclusive human development.
Recent activities illustrate these efforts, including a two-day Dynamic Capabilities Assessment Workshop organized in Ho Chi Minh City in collaboration with University College London’s Institute for Innovation and Public Purpose (IIPP), as well as participation in IIPP’s “Rethinking the State” forum. Meetings with international experts such as Professors Ha-Joon Chang, Mariana Mazzucato, and Stefan Dercon have further informed the initiative’s strategic focus on impactful reforms.
Viet Nam’s example demonstrates that upgrading growth strategies and strengthening governance requires more than just the right reform choices. Success hinges on political will, effective coordination, and the capabilities to implement strategy. BOLD illustrates how pairing strategic accompaniment with the development of organizational capacity can enable governments to translate ambitious plans into tangible results.
