Enhancing competitiveness of local businesses

November 29, 2014 | 09:06

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A large number of Vietnamese policy makers, businesspeople and the World Economic Forum (WEF) experts gathered at the workshop “The role of businesses on enhancing national competitiveness in international integration” held in Hanoi on November 28.

Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said VCCI has implemented a series of activities to make businesses more competitive. It has developed a number of projects to improve business environment and management capacity and help them further access and exploit new markets.

In recent years, Vietnamese businesses and groups have invested abroad, however, the number is still modest. Around 95% of the more than 500,000 Vietnamese businesses operating abroad are small and less competitive.

Meanwhile Deputy Minister of Foreign Affairs Bui Thanh Son said that raising national competitiveness requires efforts of both the Government and businesses themselves, Son said.

For his part, WEF Managing Director Philipp Rosler said Vietnam should develop a stable financial framework and strong transport, science and technology and human resources infrastructure to deal with challenges in enhancing national competitiveness in the international integration process.

Besides, the country should develop proper fiscal policies to contain inflation and speed up administration reform to facilitate investors’ operation.

According to the WEF’s global competitiveness report 2014-2015, Vietnam’s competitiveness increases two spots from 70 to 68 among 148 economies.

Despite great efforts, Vietnam’s competitiveness is still too modest compared to regional countries.

VOV

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