PM Phuc to deliver keynote address at VN Reform and Development Forum 2019

The outcomes of the forum will serve as input for the Government to design socio-economic development strategy for the next decade. Graphics designed by VGP

The forum will be held by the Ministry of Planning and Investment in collaboration with the World Bank, AusAID and Viet Nam’s development partners.

Prime Minister Nguyen Xuan Phuc is expected to deliver his keynote address at the plenary session of the forum with three sessions: Heading towards modern and integrated market economy institutions; Innovation to overcome middle-income trap; and Action for a prosperous Viet Nam.

This year’s agenda will be more inclusive than the previous forums, ranging from institutional reforms to innovation in order to figure out priorities and actions for Viet Nam to achieve future prosperity, according to Nguyen Chi Dung, Minister of Planning and Investment.

Dung said leading experts have shared with Viet Nam about new approach to improve national competitiveness through transparent tax and monetary policy, transparent institutions as well as social harmonization.

They recommended that Viet Nam should pursue innovation-based economy with a focus on human and infrastructure development, improvement of productivity, and building a resilient economy in which all people could benefit from development process, he added.

According to the United Nations Development Program, Viet Nam’s research and development expenditure only accounts for 0.19 GDP compared to 2% of China and 3% of Japan, generating direct impact on productivity.

Besides, Viet Nam is one of the most vulnerable countries to climate change and it is forecasted that climate change will result in economic loss for at least 2.5% to 4% of the national GDP.

In term of education, foreign experts recommended Viet Nam should step up investment in training innovation skills, Dung said.

Dung expressed his belief that the above examples shows Viet Nam needs to seriously take into account recommendations from the forum in order to fix legal loopholes and related matters.

The outcomes of the forum will serve as input for the Government to design socio-economic development strategy for the next decade, he added./.

By Quang Minh