HCM City (VNA)🔥 – A rapidly growing economy needs a strong business force, along with a favourable environment for the operation of enterprises, said experts at a conference on Vietnam’s economic development prospects held in Ho Chi Minh City on May 17.
Victoria Kwakwa, Regional Vice President for East Asia and Pacific of the World Bank, suggested the Vietnamese Government seek strategic measures to increase the competitiveness of domestic businesses and improve labour productivity.
For a long time, Vietnam has relied on its cheap labour and dense population to boost production through attracting foreign direct investment (FDI).
However, participating experts noted that in the context that Vietnam is facing an aging population, labour productivity is the factor helping the country reach sustainable growth.
Jeff Pirie, Executive Director - Corporate Finance Advisory, Deloitte Southeast Asia, said that Vietnam has benefited a lot from its economic integration.
However, to take advantage of the opportunities, Vietnamese policy makers should reform institutions and policies in conformity with national development requirements, he added.
According to participating experts, the Vietnamese Government needs to carry out policies to improve the skills of labourers, tighten the relationship between businesses and vocational schools, and intensify the application of advanced technologies in domestic production.
Domestic enterprises were asked to cooperate with FDI enterprises to benefit more from global economic integration.-VNA
Intensifying the scale and health of the financial market should be one of the top priorities for Vietnam in its ongoing economic restructuring process, a finance official said.
Vietnam should enact large macroeconomic reforms in order to lift growth and catch up with other economies, Christine Largarde, Managing Director of the International Monetary Fund (IMF).
Vietnam is forecast to grow 6.8 percent in 2016 and 6.9 percent in 2017, according to a survey released by the United Nations Economic and Social Commission for Asia and the Pacific on April 28.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
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A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Illustrative image (Source: news.zing.vn)
