Vietnamlawmagazine

The Government needs to help local businesses improve their competitiveness on the global market, experts said at the Autumn Economic Forum 2015 that opened on August 27 in Thanh Hoa province.

Themed “Vietnam’s Economy: Integration and Sustainable Development”, the forum is expected to gather opinions of domestic and foreign experts to help the country in the process of international economic integration.

Chairman of the National Assembly’s Economic Committee Nguyen Van Giau at the Autumn Economic Forum 2015__Photo:VNA

“Vietnam should put in place structures, institutions and infrastructures that create a vibrant private-sector economy in which resources can flow quickly toward competitive firms,” said Sandeep Mahajan, lead economist of the World Bank in Vietnam.

Sandeep appreciated how Vietnam had taken advantage of opportunities to improve its global integration through deepening its cooperation with other countries, but proposed the country to help its businesses become more competitive and important in the global value chain.

Nguyen Van Giau, Chairman of the National Assembly’s Economic Committee, said domestic companies were unprepared to take opportunities and challenges from global integration, so they had to face tough competition from imported products that might make them lose market shares on the domestic market.

Nguyen Dinh Cung, Head of the Central Institute for Economic Management, blamed domestic firms for failing to compete on the global market.

He suggested the Government make more changes to improve the market conditions and allow enterprises to improve themselves. (VNS/VLLF)-