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Vietnam Today

PM opens first-ever Vietnam Business Summit

Released at: 18:53, 07/11/2017 APEC Viet Nam 2017

PM opens first-ever Vietnam Business Summit

PM Nguyen Xuan Phuc was speaking at the Vietnam Business Summit on November 7. Photo from apec2017.vn

Summit organized by VCCI on November 7 in Da Nang.

by Quang Huy

Prime Minister Nguyen Xuan Phuc delivered the opening address at the first-ever Vietnam Business Summit on November 7 in Da Nang, where he highlighted the determination of the Vietnamese Government to develop the country into a trustworthy and potential trade partner of the global business community.

“I would like to extend the warmest welcome to the Vietnam Business Summit, one of the many activities and events associated with this year’s APEC Summit, being held in Da Nang and Hoi An ancient town, which was built in the 17th century by merchant fleets from Japan, China, India, and European countries and laid the foundation for open trade for hundreds of years,” the Prime Minister said.

He provided those in attendance with the latest information on and outlook for Vietnam’s economy according to analyses and surveys by various global economic organizations.

“Reports from the World Bank Group pointed out that Vietnam’s economic transition over the past 30 years has been of significant importance in the process of implementing worldwide transformative economic policies, as evident through high GDP growth rates and increased personal income,” he said.

The World Economic Forum (WEF), he went on, ranked Vietnam 55th out of 137 countries in 2017 and the country has climbed 20 positions in the last 30 years, with a market scale reaching 31st out of 137.

“In the ten years since Vietnam joined the WTO, the country’s trade turnover has increased four-fold, reaching over $400 billion, or almost 175 per cent of GDP,” he added.

He also highlighted Vietnam as a destination for international investors, with major efforts made to improve the investment environment. It has attracted more than 4,200 foreign direct investment projects from 120 countries and territories, with capital of $310 billion, or 155 per cent of national GDP.

Dr. Philipp Rosler, Head of Regional and Government Engagement and member of the Managing Board at the WEF, expressed his appreciation of recent improvements to Vietnam’s business competitiveness.

“Vietnam made huge strides last year, rising five ranks, and in the last five years has risen 20 ranks, and we see a great business environment and great economic future for Vietnam,” Dr. Rosler said.

Those in attendance also had the opportunity to discuss issues of concern with four speakers: Prime Minister Phuc, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Mr. Vu Tien Loc, Vice President for the East Asia and Pacific Region of the World Bank, Ms. Victoria Kwakwa, and Dr. Rosler.

The conference featured six discussion sessions on smart agriculture, financial services for development, healthcare and education, and infrastructure connectivity, as well as SMEs, startups and innovation, special economic zones, and tourism potential.

The one-day event, organized by VCCI, aimed to provide information to the business community about the investment potential in various fields in Vietnam.

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