Vietnam needs to establish a government-level agency to coordinate with relevant ministries on honing the country’s competitive edge in the internationally integrated economy.
World Bank (WB) representatives made the recommendation at a Hanoi seminar discussing trade promotion, value creation, and competitiveness on December 18.
WB experts said that although Vietnamese exports have recorded remarkable achievements, the country is still confronted with issues like trade deficits, low-added value products, overly restrictive regulation, and inefficient cooperation among relevant ministries.
The WB forecasts Vietnam’s exports will triple by 2020. To sharpen its competitive edge, Vietnam should focus trade infrastructure, logistics services, trade legislation, and the restructuring supply chains to increase added-value.
As Vietnam already has the National Committee for International Economic Cooperation (NCIEC), establishing another government-level agency is not necessary. Instead, the mandate for direction and coordination should be delegated to a unit within the NCIEC.
Luong Van Tu, former Deputy Minister of Industry and Trade, said that Vietnam’s export activities are supervised by a number of different ministries and agencies. The WB’s advice to establish a coordinating agency should be heeded. The Prime Minister needs timely recommendations to help devise policies and practical solutions with the capacity to deliver created value and better competitiveness. Mr Tu said Vietnam’s GDP growth rate now primarily relies on exports.
Coordinating agency needed to improve competition: WB
Vietnam needs to establish a government-level agency to coordinate with relevant ministries on honing the country’s competitive edge in the internationally integrated economy.
Source: VOV
