Vietnam needs to develop exports based on strengtheningcompetitiveness and creating higher added values, said a World Bank (WB)report.
The WB and the National Committee for InternationalEconomic Cooperation (NCIEC) jointly held a seminar on the report,themed “Trade Facilitation, Value Creation, and Competitiveness: PolicyImplications for Vietnam ’s Economic Growth,” in Hanoi on July 4.
According to WB Country Director in Vietnam Victoria Kwakwa, thereport showed that since reforms associated with Doi Moi in1986,Vietnam has recorded strong trade performance despite numerousdifficulties.
The country’s exports rose 34 percent in 2011, 18 percent in 2012 and nearly 20 percent in the first quarter of 2013.
Nevertheless, this robust performance belies major challenges,including: low technology embodied in exports, growing trade deficits,and modest domestic value addition. In addition, as trade liberalisationadvanced, the scope for increasing trade through the current avenuereaches its limits.
Deputy Minister of Industry and Trade LeDuong Quang stressed the need for Vietnam to have a new approach toimprove competitiveness and boost export growth.
He expressedhis hope that the report’s outcomes will make positive contributions toVietnam ’s making of policies relating to trade facilitation, tradecompetitiveness enhancement and international economic integration.
At the event, delegates proposed several recommendations such asestablishing the National Committee for Trade Facilitation (NCTF) todevelop and implement a national action plan for trade competitivenessenhancement and developing infrastructure and transport services.
Simplifying regulatory procedures to reduce time and cost and improvereliability of cross border trade, and restructuring supply chains tocapture value and to participate proactively in global value chains anddevelop supporting industries were also mentioned.-VNA
The WB and the National Committee for InternationalEconomic Cooperation (NCIEC) jointly held a seminar on the report,themed “Trade Facilitation, Value Creation, and Competitiveness: PolicyImplications for Vietnam ’s Economic Growth,” in Hanoi on July 4.
According to WB Country Director in Vietnam Victoria Kwakwa, thereport showed that since reforms associated with Doi Moi in1986,Vietnam has recorded strong trade performance despite numerousdifficulties.
The country’s exports rose 34 percent in 2011, 18 percent in 2012 and nearly 20 percent in the first quarter of 2013.
Nevertheless, this robust performance belies major challenges,including: low technology embodied in exports, growing trade deficits,and modest domestic value addition. In addition, as trade liberalisationadvanced, the scope for increasing trade through the current avenuereaches its limits.
Deputy Minister of Industry and Trade LeDuong Quang stressed the need for Vietnam to have a new approach toimprove competitiveness and boost export growth.
He expressedhis hope that the report’s outcomes will make positive contributions toVietnam ’s making of policies relating to trade facilitation, tradecompetitiveness enhancement and international economic integration.
At the event, delegates proposed several recommendations such asestablishing the National Committee for Trade Facilitation (NCTF) todevelop and implement a national action plan for trade competitivenessenhancement and developing infrastructure and transport services.
Simplifying regulatory procedures to reduce time and cost and improvereliability of cross border trade, and restructuring supply chains tocapture value and to participate proactively in global value chains anddevelop supporting industries were also mentioned.-VNA
