Seminar aims to sharpen Vietnam’s competitive edge

December 1, 2008 in Uncategorized
Tags: Add new tag, aims, competitive, edge, Seminar, sharpen, Vietnam’s

HCM City (VNA) – Prof. Michael E. Porter, who is generally recognised as the father of the competitive strategy, chaired an international seminar entitled “Global competitiveness and competitive advantages of Vietnam ” in Ho Chi Minh City on Dec. 1.

The event, hosted by the PACE Institute of Directors, brought together 200 officials, leading executives, scholars, policy makers and economists from Vietnam and other regional countries.

Vietnam has experienced an impressive rate of development over the past two decades, though its reforms are not strong enough to transform Vietnam into a country with an average income, said Prof. Porter, who is now considered the world’s most influential living strategist.

Porter put forth a plan of action aimed at improving Vietnam ’s competitive edge, with priority placed on reducing corruption, improving infrastructure facilities, and reforming both the financial market and administrative procedures.

Vietnam should reduce the risk of corruption by simplifying its regulations, applying high-end information technology, tightening the management of State-owned enterprises, accelerating its equitisation process and promoting transparency, he added.

Prof. Porter told the participants that Vietnam also should ensure a focusing of purpose when investing in infrastructure and establish a national investment fund to support important infrastructure projects amidst an increasing flow of investment pumped into this field over recent years.

The professor pointed to the need for Vietnam to continue opening its financial market under its World Trade Organisation (WTO) commitments and building an effective and independent financial management mechanism, making use of external sources where necessary.

For the long term, Prof. Porter suggested that Vietnam focus on agricultural development to turn itself into one of the world’s biggest suppliers of food and foodstuffs or invest in warehouses and seaports to become a leading global cargo transit centre.-