ASEAN countries need to pursue innovation-based growth

May 12, 2017 | 09:14

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ASEAN countries need to pursue innovation-based growth to maintain dynamic development and enhance competitiveness instead of only relying on natural resources and cheap labor.

The World Economic Forum on ASEAN. Photo: VGP

PM Nguyen Xuan Phuc made the above statement at the opening ceremony of the World Economic Forum on ASEAN (WEF-ASEAN) in Cambodia on May 11.

The Government chief suggested the forum to form a working group to study and propose policies on education, vocational training and business startup encouragement.

As a dynamic member of ASEAN, Viet Nam achieved the annual growth rate of 6% over the past 30 years and the economy is projected to expand from 6.5-7% between 2017 and 2020.

Viet Nam, promising market with more than half of the population aged below 35 and around 52% using the Internet, have joined various free trade agreements and worked with other ASEAN members to build an common market.

The country is striving to move forward through improving the quality of growth and grasping opportunities of the 4th industrial revolution in order to increase productivity and competitiveness and advance to higher positions of the global value chain.

PM Phuc reaffirmed his resolve to build a constructive Government, accelerate institutional reform, create a favorable environment for businesses and people, especially the young generations, and promote the startup spirit and innovations.

This year’s forum was attended by over 750 delegates, including Cambodian PM Samdech Hun Sen, Lao PM Thongloun Sisoulith, Philippine President Rodrigo Duterte, Ministers from ASEAN countries, Japan and the Republic of Korea and leaders of international organizations and companies in the region and the world.

VGP

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