Prime Minister Nguyen Xuan Phuc affirmed Vietnam’s commitment to continued improvement in the business environment to create a facilitating and competitive business environment at the Greater Mekong Subregion (GMS) Business Summit’s plenary meeting in Hanoi on March 30.
In his speech, PM Nguyen Xuan Phuc welcomed nearly 2,600 investors and entrepreneurs attending the 6th GMS Summit and the 10th Cambodia-Laos-Vietnam (CLV) Summit, describing them as the major driving force of GMS economic growth.
Phuc said the GMS needs to effectively utilize both internal and outside resources, and harness the technological advancements and breakthroughs with top priority given to ensuring rapid and sustainable development.
Vietnam will realize initiatives of the Greater Mekong Subregion (GMS) and translate them into reality, he said, adding that the country will promote management capacity bring about equal opportunities for all economic sectors and take heed to personnel training and human resource development and infrastructure.
Phuc also reiterated the country’s commitments to protecting intellectual property, innovative ideas and inventions of start-ups and promoting investment in transport infrastructure on the East-West, North-South, and southern economic corridors.
As one of the three pillars of the GMS, the Government of Vietnam places prioritises on intensifying in the vital transport routes, Phuc said while noting that the country will forge ahead with tax policy reforms and preferential regulations for investment in advanced technology, support industries, and high-tech organic agriculture, and other labour intensive sectors.
Vietnam pledges to undertake initiatives to support border trade, investment, tourism, agriculture and economy, as well as other forms of cross-border economic cooperation, he said.
The country will further boost deeper international integration in the GMS and the CLV. From 2018 to 2019, Vietnam will concentrate on the signing and approval of two new-generation free trade agreements, namely Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and EU-Vietnam Free Trade Agreement (EVFTA).
Prominent guests at the plenary meeting were Thai Prime Minister Prayut Cha-o-cha, Cambodian Prime Minister Hun Sen, Lao Prime Minister Thongloun Sisoulith, Myanmar Vice President U Henry Van Thio, State Councilor of the People’s Republic of China Wang Yi, President of the Asia Development Bank Takehiko Nakao, Secretary General of the Association of Southeast Asian Nations (ASEAN) Lim Jock Hoi, and World Bank Managing Director and World Bank Group Chief Financial Officer Joaquim Levy.
As many as 100 international organisations and development partners along with over 2,000 domestic businesses and those outside the GMS region were in attendance at the meeting.
The GMS Business Summit, a highlight of the sixth Greater Mekong Sub-region Summit (GMS-6) is designed to promote dialogues between enterprises and governments and connect businesses in the region and the world. The GMS cooperation was launched in 1992 as an initiative of the ADB.