Businesses need to raise competitiveness: experts

Policy makers and businesses must keep abreast of the latest developments in the global economy to ensure local enterprises are competitive, said Vu Khoan, former Deputy Prime Minister, at a conference in Hanoi on March 9.

"The world is changing. If we don't change, we will lag behind," he told the seminar, which was looking at how the business environment has changed since the country joined the World Trade Organisation (WTO) five years ago.

Khoan said the current global financial crisis has resulted in profound changes in countries' economic models, particularly regarding external affairs.