HCM City (VNA) – How to capitalise on theadvantages and opportunities created by economic integration and makebreakthrough from growth drivers were the main themes of an economic conferenceheld in Ho Chi Minh City on March 12.

Participants said the intensive integration intothe global economy has helped Vietnam perfect institutions and align them withinternational norms. Opportunities and challenges posed by the participation inglobal supply chains have required Vietnam to adapt to the increasingly fiercecompetition in a world of free trade.

Deputy Minister of Planning and InvestmentNguyen Van Hieu said the country will have to step up reforming FDI attractionorientations and create a more favourable investment climate.

Aside from efforts by the Government, ministriesand sectors, businesses should also actively improve their governance andmanpower training to promote the capacity of integrating into the internationaleconomy, he noted.

Some experts shared the view that it will behard for many sectors with fast growth in 2018 to sustain their pace this year,including processing, agro-forestry-fishery production, exports, the domesticmarket’s purchasing power, tourism, and real estate.

Meanwhile, some institutional bottlenecksrelating to public investment or the project financing forms of build-transfer(BT) and build-operate-transfer (BOT) that haven’t been removed will affect thegrowth rate in 2019.

Dr. Tran Du Lich, a member of the PrimeMinister’s advisory group, said the main issues for Vietnam for many years tocome will still be growth quality and institutional reforms amid complexdevelopments in the global economy.

Therefore, the Government’s economic-financialpolicies will still need to ensure both growth quality and pace, he noted,adding that the annual growth rate is likely to average 6.9 percent in2019-2020 and 6.75 percent between 2016 and 2020.

Lich said with advantages in terms of economyand political stature, Vietnam can be considered an attractive destination forforeign investors. It has been working to perfect institutions, support privatebusinesses, and promote the development of small- and medium-sized enterprisesto boost the capitalisation of economic development chances.

He recommended that the change in mechanisms andpolicies, including those in the financial, monetary and banking sectors, shouldmatch developments in the market. 

The annual economic conference was held by theVietnam Economic Times in coordination with some ministries and sectors. –VNA