The PM appreciated the forum's theme "Leveraging Productivity Growth for Sustainable Development' which represented the opinions of both the Vietnamese Government and its development partners.
He noted that lifting productivity growth is a big challenge for Vietnam, requiring the efforts and innovation of Vietnam and the support and consultation from its development partners, the business community and international experts in order to put forth the appropriate solutions amid the strong development of science and technology.
The PM agreed with the suggestions that Vietnam should carry out a comprehensive reform of the State-owned enterprise sector, which holds a huge amount of capital of the national economy but has yet to bring about the results to match.
Reports at the forum showed that productivity growth has played a more decisive role in the GDP growth of Vietnam, as productivity growth has contributed 89% to the GDP growth in 2017, up from 66.3% in the 1990-2000 period and 61.9% in the 2000-2012 period.
The PM agreed that improving productivity is the basis for enhancing the competitiveness of all countries in the context of globalisation.
He also pointed out several tasks and solutions to continue leveraging productivity growth for sustainable development, including enhancing the efficiency of capital and resources; increasing labour productivity; improving total factor productivity (TFP), such as science and technology, infrastructure, legal framework, governance capacity, business environment, and others.
Delegates at the forum analysed the current situation in Vietnam and hindrances to the productivity growth in the country to develop specific solutions to promote productivity, one of the long-term solutions for Vietnam's sustainable development in order to escape the 'middle-income trap' and keep pace with developed economies.
PM Phuc appreciated and thanked the delegates for their opinions and initiatives for Vietnam, noting that the most important thing is action at all levels and sectors to realise the suggestions and initiatives.
The forum was co-chaired by Minister of Planning and Investment Nguyen Chi Dung and World Bank Country Director for Vietnam Ousmane Dione.
