|An electronic component factory of the Japanese-invested INOAC Vietnam Co. Ltd in Quang Minh Industrial Park, Hanoi (Photo: VNA)
Participants said the intensive integration into the global economy has helped Vietnam perfect institutions and align them with international norms. Opportunities and challenges posed by the participation in global supply chains have required Vietnam to adapt to the increasingly fierce competition in a world of free trade.VNA
Deputy Minister of Planning and Investment Nguyen Van Hieu said the country will have to step up reforming FDI attraction orientations and create a more favourable investment climate.
Aside from efforts by the Government, ministries and sectors, businesses should also actively improve their governance and manpower training to promote the capacity of integrating into the international economy, he noted.
Some experts shared the view that it will be hard for many sectors with fast growth in 2018 to sustain their pace this year, including processing, agro-forestry-fishery production, exports, the domestic market’s purchasing power, tourism, and real estate.
Meanwhile, some institutional bottlenecks relating to public investment or the project financing forms of build-transfer (BT) and build-operate-transfer (BOT) that haven’t been removed will affect the growth rate in 2019.
Dr. Tran Du Lich, a member of the Prime Minister’s advisory group, said the main issues for Vietnam for many years to come will still be growth quality and institutional reforms amid complex developments in the global economy.
Therefore, the Government’s economic-financial policies will still need to ensure both growth quality and pace, he noted, adding that the annual growth rate is likely to average 6.9 percent in 2019-2020 and 6.75 percent between 2016 and 2020.
Lich said with advantages in terms of economy and political stature, Vietnam can be considered an attractive destination for foreign investors. It has been working to perfect institutions, support private businesses, and promote the development of small- and medium-sized enterprises to boost the capitalisation of economic development chances.
He recommended that the change in mechanisms and policies, including those in the financial, monetary and banking sectors, should match developments in the market.
The annual economic conference was held by the Vietnam Economic Times in coordination with some ministries and sectors.