The role of resource factors in economic growth of Vietnam during 1996- 2014

Abstract

    The paper analyzes the role of capital, labor, and technological progress in economic growth of Viemambased on the approach of total factor productivily. By using accounting method as a function of tliree factors,including labor, capital and total factor productivity, the level of each factor's contribution to GDPgrowth was identijied. The results indicate that ihe factor that had the greatest contribution to the economicgrowth of Vietnam during 1996-2014 is capital. Beside, albeit the decrease in growth rates duringthe penod of economic crisis, the increase in the productivity of labor helped maintain the growth rate ofTFP and contributed significantly to the economic growth of Vietnam Abundant and dynamic labor forceof Vietnam also had certain contribution to the economic growth. However, this contribution showed arelatively decreasing trend