Can Tho works to remove institutional barriers for growth
A symposium was held in the Mekong Delta city of Can Tho on May 9 seeking to remove institutional barriers to spur local socio-economic development during the national industrialization and modernization.
Can Tho (VNA) – A symposium was held inthe Mekong Delta city of Can Tho on May 9 seeking to remove institutional barriersto spur local socio-economic development during the national industrializationand modernization.
Vietnam has implemented the renewal process for30 years, but, its economic development has fallen short of expectation due toeconomic institutional barriers.
Experts pointed to the need to correctly identifyeconomic institutional barriers along with acquiring international experience torealise the nation’s goal of industrialization and modernization.
From the local angle, representatives from the Institutefor Socio-economic Development Studies in Can Tho said economic institutionalbarriers have created “bottlenecks” in the city’s economic development, such asthe declining investment from 60.26 percent to 50.7 percent in 2006-2010 and2011-2015.
The Incremental Capital-Output Ratio (ICOR)continuously increased from 2.3 in 2002 to 4.5 in 2012, indicating theineffective use of capital and imbalanced transfer of labour and economicrestructuring.
The total-factor productivity (TFP) tends toslow down on-year, which stood at 22.94 percent in 2006-2010 and 24.5 percentin 2011-2015.
Other bottlenecks include difficulties inattracting foreign direct investment (FDI), low-quality business environment,weak logistics systems, and small-scale service businesses.
To address them, the institute suggested implementingmore effectively the Politburo’s Resolution 45 on building an industrial citywith the Mekong Delta playing the central role and the southern key economiczone playing the leading role.
It is also necessary to develop infrastructure,airports, seaports, transport systems, trade services, and start-ups, whilejoining the global supply chain to expand exports and launching direct airroutes to other Asian countries to promote tourism and lure investment.
Apart from taking advantages of science-technologycentres, Can Tho should focus on investment in high-quality human resources toprovide skilled workers for the Mekong Delta and labour exports.
Nguyen Minh Toai, Director of the Can Tho Department of Industry and Tradevoiced concerns about asynchronous legal regulations, causing difficulties forsocio-economic activities.-VNA
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At the workshop (Photo: VNA)
