PM: An institution better suited to the market economy enables Vietnam to resist "shocks" from outside

At the 2nd Vietnam Economic Forum, PM Nguyen Xuan Phuc said that the institution is the decisive element for Vietnam to withstand shocks from the outside in the context of close integration nowadays.

Besides, the PM also noted some other issues to help strengthen the competitiveness of the national economy:

First, productivity should be boosted;

Second, the application of science and technology should be promoted, especially the solutions from the 4.0 technology. The PM mentioned the Alibaba Group, whose e-commerce payment alone reached US$1 trillion. Vietnam should find a way to develop the digital economy;

Third, the restructuring process of the economy should take place in every level, every sector, every enterprise to improve the competitiveness of the country and the products;

Fourth, such costs as public investment costs or business costs should be cut;

Fifth, corruption should be fought against more fiercely for better transparency;

Last, the national education should be more innovative, and the vocational education should be better focused.

At the forum, the PM also shared some good news. The competitiveness of Vietnam, evaluated by the World Bank, has increased by five steps. The business investment environment in Vietnam has increased by 14 levels. The innovation index has increased by 11 levels.

Also, Moody's credit rating of Vietnam’s banks has shifted from being stable to positive, and the Vietnamese Dong is one of the most stable currencies in Asia.

Furthermore, the issue of socio-economic development in the context of more severe global warming and climate change scenarios have also been thoroughly discussed.

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