World Bank chief executive officer Kristalina Georgieva has praised the steps that the Vietnamese government is taking to make it easier for business to open, operate and terminate operations.
Georgieva told the media on March 23 that the bank was pleased with the progress that is being made to create conditions for start-ups and small and medium-sized enterprises to flourish and to increase in numbers and presence in Vietnam.
Earlier the World Bank CEO met Prime Minister Nguyen Xuan Phuc and discussed Vietnam’s state-owned enterprise, financial sector and taxation reforms, as well as efforts to increase domestic resources mobilisation and ensure better conditions for the private sector to be an engine of growth.
She said if Vietnam wanted to sustain high growth rates of 6-6.5% in the future, it had to continue with protecting macroeconomic stability and advancing reforms that can increase productivity and support growth.
Georgieva said the government should pay close attention to strengthening the predictability of the regulatory environment, transparency and conflict resolution mechanisms, stressing that governance reforms are relevant to not only businesses but also citizens as a whole.
The World Bank chief executive also underlined another factor of attractiveness that is clean air, clean water and good sanitation, adding that it is keen to support Vietnam to achieve such goals.
She praised Vietnam’s economic performance last year as impressive against the backdrop of a world experiencing slow growth, low investments and heightened unpredictability of policies in some major economies.
However, Georgieva also warned that some of Vietnam’s traditional drivers of growth such as low-cost labour and exports will not always be advantageous, remarking that Vietnam needs to set a new course that builds on new drivers of growth, which are directly dependent on the speed of reforms.
According to the World Bank leader, Vietnam should concentrate on the skills that will be needed in the future and that means much more attention to life-long learning and improving the quality of education.
Source: Nhandan.com
Key words: World Bank, chief, praise, Vietnam, reform to support, businesses
