Hanoi, May 22 -- To achieve its ambitious goal of high-income status by 2045, Vietnam needs to deepen the sweeping institutional reforms that are underway and promote greener development, according to two new World Bank reports released on May 22.

The first report "Vietnam 2045 - Breaking Through: Institutions for a High-Income Future" argues that Vietnam needs to strengthen the legal and regulatory environment and streamline public investment to sustain the rapid growth required to meet its target.

Speaking at the launching ceremony of the reports, Mariam J. Sherman, World Bank Director for Vietnam, Cambodia, and Laos, said that Vietnam's ambition to become a high-income country by 2045 has brought renewed focus on institutions as enab...