APEC 2017: Vietnam’s improved business climate lauded

Tuesday, 2017-11-07 10:33:07
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Victoria KwaKwa, the World Bank’s Vice President for East Asia and Pacific, speaks at the summit (Source: VNA)
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NDO/VNA – Representatives from a number of international organisations applauded Vietnam’s improved business climate and competitiveness at the Vietnam Business Summit that took place in central Da Nang city on November 7 within the framework of the APEC Economic Leaders’ Week 2017.

Philipp Rosler, Managing Director of the World Economic Forum (WEF), said that the Global Competitiveness Report 2017-2018 recently announced by the WEF ranked Vietnam 55th overall, up five places from 2016 and 20 from five years ago.

Vietnam has made noted improvements in terms of technological readiness and labour market efficiency, he said.

Such achievements demonstrate the wonderful cooperation between the public and private sectors in Vietnam, Philipp Rosler said, considering this a right way to improve the country’s competitiveness in the future.

He held that Vietnam’s biggest asset is not oil and gas, infrastructure nor technologies, but its people, especially the youth. Therefore, improving knowledge and capacity for young people is the best way to raise national competitiveness.

Victoria KwaKwa, the World Bank’s Vice President for East Asia and Pacific, also lauded Vietnam’s rapid and inclusive growth, saying Vietnam is one of the countries with an open economy, attracting about over US$ 16 billion in foreign direct investment (FDI) each year.

She suggested the country pay closer attention to training and investment in high-tech sectors, especially innovations.

Vietnam should focus on enhancing economic competitiveness and productivity, as well as product values, thus ensuring sustainable and inclusive growth, she said.

Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said with a favourable geological and economic location, young, abundant labour forces, a growing economy and a growth-enabling and action-oriented Government, Vietnam’s business opportunities are coming.

Loc expressed his hope that international delegates and the world’s leading businesses at the event will share solutions and make recommendations for Vietnam’s institutional environment and business model, especially in smart agriculture, exclusive economic zones, digital economy and innovative start-up, which are being piloted in the country.

Established in 1989, the Asia-Pacific Economic Cooperation (APEC) forum comprises 21 economies, including Australia, Brunei, Canada, Chile, China, Hong Kong-China, Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the US, and Vietnam.

The APEC Economic Leaders’ Week 2017, which is underway in Da Nang city, is the most important external event of Vietnam this year, with the participation of leaders from the 21 member economies.