WB helps spur Vietnam’s economic growth (08/7)
08/07/2013 - 15 Lượt xem
They
suggested that Vietnam develop transport infrastructure and logistics
services, simplify regulatory procedures for cross-border trade, and
restructure agricultural and processing industry supply chains in order
to participate in global value chains.
According
to the experts, Vietnam’s trade growth fuelled by trade liberalisation
has reached a saturation point. Since 2003 the country has enjoyed an
annual average growth rate of 18 percent thanks to its constant effort
to improve the export structure, thus reducing raw material exports,
expanding the processing industry, and quickly accessing international
markets.
However,
they said Vietnam has been less successful in diversifying its exports
basket and in moving up the global supply chains. Its ability to escape
the “middle-income trap” is also predicated upon its ability to create a
more competitive and efficient economy.
They
highlighted a number of potential obstacles facing Vietnam, such as
domestic businesses’ widening trade deficits, sluggish trade
diversification, low added values of products, and technological
deficiencies.
The
experts said success will require considerable and sustained effort by
all stakeholders, with the government playing the role of a facilitator
and coordinator.
Political
commitment will be needed from the top leadership, given that the
recommendations will affect country competitiveness and directions of
social and economic development at large.
WB
Vietnam Country Director Victoria KwaKwa emphasised international
economic integration brings both opportunities and challenges.
She
said improving the quality of services, infrastructure, and trade will
play an important role in promoting the country’s key exports. To raise
added value in global supply chains, Vietnam should accelerate
administrative reform at a macro level, facilitate trade activities, and
seek to hone its competitive edge.
Source: VOV News
