Vietnam has benefited from the Republic of Korea’s experience to boost the development strategy until 2020 at an international conference held on Sept. 29 in Hanoi.

Coming under the framework of a RoK Government-funded project titled Sharing Korean Development Experiences with Vietnam , the conference aimed to share medium and long-term socio-economic development strategies.

"Vietnam will reform its methods for developing over the next five years with a focus on modernisation as a key basis for country development and creating high productivity and efficiency," Ministry of Planning and Investment's Development Strategy Institute director Ngo Doan Vinh said.

The project has also allowed Vietnamese policy makers to garner knowledge in specific areas including science, technology, human resources, labour, job development, environmental protection and agriculture development.

At the event, Hankyong National University president Kim Sung Jin said the project would contribute to exploring ways to overcome challenges and achieve goals in the next 5-10 years in Vietnam 's social and economic development strategies.

"In the course of passing through a final stage of take-off, faced with various challenges, Vietnam is expected to undergo a deeper round of reforms and structural adjustments, as shown in the case of Korea 's development experience," Kim said.

He added that besides domestic financial investment, Vietnam should have policies for attracting foreign investment with preferential and monetary tightening policies in the next future development strategies.

The event was co-organised by the Ministry of Planning and Investment's Development Strategy Institute and the Korea International Cooperation Agency in Vietnam. /.