The Vietnam Business Summit (VBS) 2020, the largest annual trade and investment promotion event in the country, opened in Hanoi on November 12.
Held on the sidelines of the on-going virtual 37th ASEAN Summit and related Summits with the slogan “Vietnam - We Mean Business”, the summit offers a chance for policymakers and leaders of localities to introduce incentives to attract investment.
It is also an effective forum for company leaders to share their experience in international trade, shape future cooperation, and discuss new opportunities in the digital era.
Addressing the event, Deputy Prime Minister Truong Hoa Binh said Vietnam will support the development of digital and ICT infrastructure as well as high-quality human resources, so as to increase the digital economy’s proportion of GDP to 20 percent in 2025.
He said the Government will prioritise the development of projects to expand infrastructure networks in terms of number, quality, and synchronicity.
Meanwhile, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said logistics will be key for Vietnam to enter global value chains.
He noted that Vietnam’s logistics sector is currently a bottleneck blocking development as logistics costs are the highest in the region and among the highest in the world.
Cooperation in high-tech agriculture is also helping boost the production and quality of farm produce, he noted, emphasising the need for promoting the application of science and technology in the field which he said would help boost the export of products.
Dinh Thi Quynh Van, General Director of PwC Vietnam, said Vietnam is one of only a few countries posting positive economic growth this year amid COVID-19 and has targeted growth of about 6 percent next year.
She said that without the support of the Government, the pandemic could result in high unemployment and the collapse of a number of sectors.
Underlining that small businesses are among the hardest-hit groups, she said that in order to adapt to the “new normal” they need to operate in a more sustainable manner and restructure in the future.
High-quality human resources will be the main driver of the long-term growth of enterprises, she believes.
Touching on solutions to enhance the competitiveness of local businesses, especially in the context of digital transformation, Do Huy Binh, Director of the Smartlog company, said Vietnam is only in the first stage of building a foundation for digital transformation, and businesses in general are yet to approach and apply technology in an active manner.
COVID-19, however, has encouraged them to speed up the process, he went on, adding that local firms, mostly small businesses, hold more advantages in applying science and technology in a quicker manner.
Initiated in 2017, the VBS gathers together thousands of domestic and foreign investors and has become one of the most anticipated annual events for the investor community.