Da Nang (VNA) – Representativesfrom a number of international organisations applauded Vietnam’s improvedbusiness climate and competitiveness at the Vietnam Business Summit that tookplace in central Da Nang city on November 7 within the framework of the APECEconomic Leaders’ Week 2017.

Philipp Rösler, Managing Director of the World Economic Forum (WEF), said thatthe Global Competitiveness Report 2017-2018 recently announced by the WEFranked Vietnam 55th overall, up five places from 2016 and 20 fromfive years ago.

Vietnam has made noted improvements in terms of technological readiness andlabour market efficiency, he said.

Such achievements demonstrate the wonderful cooperation between the public andprivate sectors in Vietnam, Philipp Rösler said, considering this a right wayto improve the country’s competitiveness in the future.

He held that Vietnam’s biggest asset is not oil and gas, infrastructure nortechnologies but its people, especially the youth. Therefore, improvingknowledge and capacity for young people is the best way to raise nationalcompetitiveness.

Victoria KwaKwa, the World Bank’s Vice Presidentfor East Asia and Pacific, also lauded Vietnam’s rapid and inclusive growth,saying Vietnam is one of the countries with open economy, attracting about over16 billion USD in foreign direct investment (FDI) each year.

ꦇ[Photos: Vietnam Business Summit held in Da Nang city]

She suggested the country pay more heed to training and investment in high-techsectors, especially innovations.

Vietnam should focus on enhancing economic competitiveness and productivity, aswell as product values, thus ensuring sustainable and inclusive growth, shesaid.

Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc saidwith a favourable geological and economic location, young, abundant labourforces, a growing economy and a growth-enabling and action-oriented Government,Vietnam’s business opportunities are coming.

Loc expressed his hope that international delegates and the world’s leadingbusinesses at the event will share solutions and make recommendations forVietnam’s institutional environment and business model, especially in smartagriculture, exclusive economic zones, digital economy and innovative start-up,which are being piloted in the country.

Established in 1989, the Asia-Pacific Economic Cooperation (APEC)forum comprises 21 economies, including Australia, Brunei, Canada, Chile,China, Hong Kong-China, Indonesia, Japan, the Republic of Korea, Malaysia,Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia,Singapore, Chinese Taipei, Thailand, the US, and Vietnam.

The APEC Economic Leaders’ Week 2017, which is underway in Da Nangcity, is the most important external event of Vietnam this year, with theparticipation of leaders from the 21 member economies.-VNA