This is the second holding of the VBS, following the first in November last year on the sidelines of the APEC 2017 Summit in Da Nang, with theme “Vietnam - Trusted Business Partner: Connecting and Creativity”. The summit saw the participation of 1,200 enterprises and corporations from around the world.
It discussed Vietnam’s role in the regional and global value chain and introduced the policy environment and investment and business opportunities, especially in the fields of finance and infrastructure.
VBS 2018 also provided an overview of the economic situation and investment and business opportunities in key areas of Vietnam, and linked potential partners for cooperation and investment.
This was an opportunity for local and foreign enterprises to connect directly with leading business leaders in the ASEAN region and the world, receive updates on Vietnam’s economy in the global value chain and ASEAN, explore new business opportunities in key areas of investment attraction and international cooperation in Vietnam, and exchange opportunities and investment experience.
Speaking at the summit, Prime Minster Phuc noted that this is an excellent opportunity for international investors, ASEAN investors, and Vietnam to share experience and “connect and innovate” to open up new opportunities for cooperation in Industry 4.0.
WEF President Borge Brende congratulated Vietnam on its rapid growth in the past eight years, since the WEF was first held in Vietnam in 2010.
He was also impressed with Vietnam’s many economic reforms over the years, pointing to public debt control firstly, which ensures financial stability. The government has also taken steps to restructure State-owned enterprises and strengthen governance in weak groups.
His second impression is that Vietnam’s banking system has a solution to reduce bad debt, ensuring transparency in the financial market. Third is that the trade sector has grown rapidly, with participation in many FTAs, including the CPTPP, which was signed last November.
Finally, he was impressed with the improvements in Vietnam’s business environment. “Vietnam is continuing to reform for growth in the future,” he said.
Mr. Vu Tien Loc, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), told the summit that entrepreneurship and Industry 4.0 are new drivers of global economic development. “These topics have been heatedly discussed in Vietnam for the last two years and the country is expected to be a viable nation in Industry 4.0,” he said.
He also noted that efforts to reform institutions, the policy of building a constructive government, and putting citizens and businesses at the center are also becoming a new engine for Vietnam’s economy. “I expect that more and more foreign businesses will come to Vietnam and link with Vietnamese enterprises to build global value chains,” he said.