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Vietnam Today

GMS Business Summit underway

Released at: 17:13, 30/03/2018

GMS Business Summit underway

Photo: Ngoc Lan

Business Summit held in Hanoi on March 30 within GMS6 Summit.

by Ngoc Lan

Held within the framework of the GMS6 Summit, the GMS Business Summit opened on March 30 at the National Convention Center in Hanoi.

The Business Summit is an opportunity for leaders from Greater Mekong Subregion (GMS) countries and representatives from international and regional organizations, development partners, and businesses as well as scholars to share views on the key development issues for the subregion and discuss measures to enhance cooperation among stakeholders.

Minister of Planning and Investment Nguyen Chi Dung told the Business Summit that the GMS possesses potential with its more than 340 million people and the Summit provides a forum for businesses to share their vision and opportunities. “With its tight and efficient structure, cooperation within the GMS will play a decisive role in the development of each country in the region,” he said.

He also pointed out the challenges, which include widespread economic integration putting pressure on cooperative mechanisms in the bloc, the development of Industry 4.0, and fluctuations in the environment, climate, natural resources, and human resources.

“GMS enterprises need to continue to cooperate with each other to take advantage of existing opportunities, complement and support each other in developing together, create groups of enterprises that have competitive advantages, and gradually enter global markets and global value chains,” he told the gathering.

Meanwhile, Dr. Vu Tien Loc, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), took the opportunity to propose the establishment of the GMS Women Entrepreneurs’ Network and the GMS Start-up Network. “I hope that these networks will multiply GMS’s efforts in integration and development, together with various initiatives and programs to promote regional connectivity, facilitate trade, investment, and training, protect the environment, and foster sustainable development,” he said. “We would also like to propose further consideration be given to implementing the connectivity program through super-highway cables, the abolition of mobile phone roaming fees, and the establishment of an association to address cyber-security challenges among GMS countries.”

Mr. Oudet Souvannavong, Chairman the GMS Business Council and President of the Lao National Chamber of Commerce and Industry, said that in order for the GMS Business Council to participate effectively, the Private Sector Development Strategic Action Plan 2018, prepared by the Council with support from the Mekong Business Initiative (MBI), is aligned with GMS focus areas specified in the Hanoi Action Plan 2018-2020.

In transport and trade facilitation, he said, the focus will be on enhancing the GMS Freight Transport Association (GMS-FRETA)’s public collaboration, cross-border logistics, and the development of digital platforms as well as transit bonds. In agriculture, the focus will be on promoting agri-tech and cross-border supply chains, and in tourism on promoting marketing solutions for the GMS as one destination.

Regarding the environment, the focus will be on the promotion of smart cities, environmentally-friendly solutions, and disaster risk preparedness and management. In human resources development, the focus is on the certification of GMS training courses and the ASEAN Training of Trainers (ToT) program, among others. E-commerce will see the promotion of the digital economy, cross-border finance, and fintech solutions.

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