Vietnam needed more efforts to solve difficulties and carry out long-term goals for improving the economy’s efficiency and competitiveness in the coming years, the Vietnam Business Forum (VBF) said on May 27 in Hanoi.

The goals were completion of the framework of regulations for investment, improvement of administrative procedures, development of infrastructure, human resource training and facilitating investors, representatives from Vietnam Ministry of Planning and Investment (MPI), the World Bank (WB) and the International Finance Organisation (IFC) said at the VBF, which took place ahead of the mid-year Consultative Group meeting of donors for Vietnam.

MPI Minister Vo Hong Phuc, Acting WB Director Alain A. Barbu and IFC Director of Simon Andrews noted impacts like price hikes and inflation on the economy and highlighted the Government’s prompt adoption of Resolution 11 to stabilise the macro-economy, curb inflation and ensure social security.

Chairman of the European Businesses’ Association (Eurocham) Alain Cany expressed his belief in Vietnam’s capacity to maintain its competitiveness and sustainable growth, affirming Eurocham’s efforts to raise Vietnam’s image as a destination for trade and investment for both European and Vietnamese firms.

He emphasised five main areas for this year, including completion of regulations for investment, protection and increase of legal execution for intellectual property rights, improvement of infrastructure and energy supply sources, and administrative reform.

Amcham Chairman Christopher Twomey shared his view on how to improve the business climate and promote socio-economic development in Vietnam .

He stressed that the environment for business would be most effectively improved through Government moves to maintain balance between short-term economic development and support for long-term growth, in order to create an attractive environment for companies.

At the VBF, representatives of the Vietnamese Government and the business community discussed issues relating to banking, capital markets, business challenges and infrastructure./.