President of VFF Central Committee Nguyen Thien Nhan (Source: VNA)
How to turn Vietnam into a new processing and manufacturing centre of the world after 2015 was the main topic of an international scientific seminar held in Hanoi on October 24 by the State Bank, the Vietnam Fatherland Front (VFF) Central Committee and the World Bank.
According to WB Country Director in Vietnam Victoria Kwakwa, Vietnam should carry out a synchronous strategy, increase investment in infrastructure and logistics and improve its human resources and market economy institutions so as to become a processing and manufacturing centre of the world.
She said the localisation of made-in-Vietnam products remains low, which shows the limited connectivity between Vietnamese businesses and the global value chain as well as the weakness of domestic private businesses.
Meanwhile, Yoshihisa Nishimuro, Vice President of the Japanese Business Association in Vietnam, suggested the Vietnamese Government set forth policies tailored specifically for manufacturing and processing to attract investment and more high-quality human resources from abroad.
President of the VFF Central Committee Nguyen Thien Nhan stated that Vietnam should make an accurate assessment of global trends and its resources.
The country could attract foreign companies thanks to its cheaper labour costs, but how long Vietnam could utilise this advantage should be studied thoroughly, he noted.
He also stressed the need to promote technology application.
Manufacturing and processing are working as a driving force for Vietnam’s economic growth, and many industrial experts said the country could become a new manufacturing and processing hub in the world in the next 20 years, given the shifting trend of multinational groups.-VNA
