Illustrative image (Source: news.zing.vn)
HCM City (VNA) – A rapidly growing economy needs a strong business force, along with a favourable environment for the operation of enterprises, said experts at a conference on Vietnam’s economic development prospects held in Ho Chi Minh City on May 17.

Victoria Kwakwa, Regional Vice President for East Asia and Pacific of the World Bank, suggested the Vietnamese Government seek strategic measures to increase the competitiveness of domestic businesses and improve labour productivity.

For a long time, Vietnam has relied on its cheap labour and dense population to boost production through attracting foreign direct investment (FDI).

However, participating experts noted that in the context that Vietnam is facing an aging population, labour productivity is the factor helping the country reach sustainable growth.

Jeff Pirie, Executive Director - Corporate Finance Advisory, Deloitte Southeast Asia, said that Vietnam has benefited a lot from its economic integration.

However, to take advantage of the opportunities, Vietnamese policy makers should reform institutions and policies in conformity with national development requirements, he added.

According to participating experts, the Vietnamese Government needs to carry out policies to improve the skills of labourers, tighten the relationship between businesses and vocational schools, and intensify the application of advanced technologies in domestic production.

Domestic enterprises were asked to cooperate with FDI enterprises to benefit more from global economic integration.-VNA