Vietnam bent on renewing itself: PM

Prime Minister Nguyễn Xuân Phúc deliver speech at the sidelines of the Vietnam Summit 2016 in HCM City yesterday. - VNA/VNS Photo Thống Nhất

He was speaking in HCM City on the sidelines of the Vietnam Summit 2016 set to open today.

Phúc also told representatives of global financial institutes and businesses both inside and outside the country that he hopes the summit will help them learn more about the development and integration policies and strategies of Việt Nam.

He wished that the summit helps businesses find more investment and co-operation opportunities in the country, the PM.

Việt Nam has recorded many great achievements in 30 years of renewal, he said. The country’s GDP topped US$200 billion in 2015 and its per capita income was around $2,100.

The country has actively speeded up its international integration process and contributed to the building of the ASEAN Community. It has signed and joined 14 free trade agreements, Phúc said.

To keep up with global economic development trends, Việt Nam was restructuring its economy, implementing “breakthrough steps” to renew its growth model, actively integrating and taking part in the global production and value chain, and increasing the capacity to raise economic developments to new heights, the Prime Minister said.

The Government was paying due attention to creating a legal framework in line with market mechanisms and international practices, he added.

Furthermore, he said, Việt Nam was actively working to improve its business and investment environment by building infrastructure, developing human resources and boosting fair competition to create ideal conditions for enterprises to invest and do business.

The Vietnam Summit 2016 will discuss various issues, including the nation’s position in the global economy, future of the manufacturing sector, rice production, industrial production and the investment environment.

The summit seeks to show international businesses that Việt Nam is determined to comprehensively reform its economy over the next five years.