WEF president praises Vietnam's economic achievements

Created 14 September 2018
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The president of the World Economic Forum, Borge Brende, has heaped praise on Vietnam for its economic performance.
WEF president praises Vietnam's economic achievements

Speaking at the Vietnam Business Summit (VBS) on the sidelines of the regional World Economic Forum in Hanoi Thursday, he congratulated Vietnam for its rapid growth since 2010, the year the WEF was first held in Vietnam.

He also hailed the country’s many economic reforms in the past few years, particularly the measures to control public debt and ensure the stability of public finance.

"This result is not something [even] a developed country could achieve."

Additionally, the government has taken steps to restructure state-owned enterprises and strengthen governance of weak corporations, he said.

He was particularly impressed that Vietnam's banking system has come up with solutions to reduce bad debts and maintain transparency.

The country has also seen impressively rapid and strong growth in trade with Vietnam participating in many major free trade agreements such as the recently signed Comprehensive and Progressive Agreement for Trans-Pacific Partnership, he said.

Improvements to the business environment also impressed him: "The Vietnamese government did not sleep on victory or be complacent. Moreover, Vietnam is continuing its reforms to ensure growth in the future.”

But he pointed out that Vietnam is having difficulty with new innovations like the Internet of Things and cryptocurrency, saying countries that can take advantage of these factors would succeed.

Speaking at the summit, the chairman of the Vietnam Chamber of Commerce and Industry, Vu Tien Loc, said entrepreneurial spirit and the fourth industrial revolution are the new driving forces for global economic development.

These topics have been hotly discussed in Vietnam over the last two years, and the country is capable of making breakthroughs to prepare for the fourth industrial revolution, he said.

The establishment of the National Committee on e-Government with Prime Minister Ngyten Xuan Phuc as its chairman is a demonstration of the government's determination to take the lead in the digital economy and create a transparent and efficient administration, he said.

Besides traditional advantages such as favorable geopolitical conditions, cheap labor and a young workforce, Vietnam is also discovering new advantages in the digital economy, he said.

In a recent report by the Global Entrepreneurship Monitor, the country is ranked sixth out of 54 economies in total early-stage entrepreneurial activity. A report by consultant firm AlphaBeta ranked Vietnam second in terms of the tech investment climate in the Asia-Pacific and third in digital talent.

Loc therefore expressed hope that many more foreign businesses would come to Vietnam and join Vietnamese businesses in building global value chains.

The VBS this year has attracted over 1,200 businesses from around the world.

Source: VNE

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