Vietnam seeks ways to engage more deeply in global value chains

Illustrative photo.Vietnam has successfully integrated in several global value chains. (Photo: VNA)

Hanoi
(VNA)
– Vietnam has successfully integrated in several global value chains and
can increase its added value by policy reforms and initiatives in the fields of
transport, services, border procedures and regional integration, said Ousmane
Dione, World Bank (WB) Country Director for Vietnam.

He made the
statement at a workshop held by the WB in Hanoi on September 7 to release two
reports, titled “Vietnam at a crossroads: Engaging in the next generation of
global value chains” and “Enhancing enterprise competitiveness and SME linkages.”

Deputy Minister of
Industry and Trade Do Thang Hai said that the two reports provide Vietnam with
measures to participate in the new generation of global value chains as well as
tightening linkages between domestic and foreign enterprises.

The “Vietnam at a
crossroads: Engaging in the next generation of global value chains” report
shows that Vietnam can continue its growth as an export platform with the focus
on outsourcing and assembling, and take advantage of the  current 
wave  of  growth 
to  climb  the 
value  chain  into higher value-added functions.

The report
recommends Vietnam improve coordination between ministries and sectors, create
favourable conditions for domestic and foreign business to exchange
information, and support domestic suppliers.

If achieving a
higher position in global value chains, Vietnam can attract more big foreign
investors, thus helping generate more jobs and open up more opportunities for
domestic suppliers.

To that end, the
country has to have a comprehensive reform initiative pack, including narrowing
infrastructure-related gap, developing competitive service markets and
liberalise regulations on foreign direct investment, streamline border
procedures, and boosting cooperation with developed countries.

Meanwhile,
according to the “Enhancing enterprise competitiveness and SME linkages”
report, Vietnam should support the development of enterprises which have
potential in “invented-in-Vietnam” products.

On this occasion,
Ousmane Dione chaired a talk on Vietnam’s main issues in engaging in the next
generation of global value chains and linking with foreign-invested
businesses.-VNA



Link http://news.c10mt.com/search/label/vietnambreakingnews and http://news.c10mt.com


Links Topics : http://news.c10mt.com/2017/09/vietnam-seeks-ways-to-engage-more.html