Hanoi (VNA) – As Vietnam envisions itself as becoming a prosperousnation by 2045, the Government is working to speed up administrative reform toimprove the business climate, Prime Minister Nguyen Xuan Phuc has affirmed.

Attending the Vietnam Reform and Development Forum (VRDF) 2018 held in Hanoi onDecember 5, PM Phuc said that Vietnam was lifted from one of the world’slargest recipients of foreign aid to a middle-income country. It hasproactively integrated into the global economy and always stands ready to shareexperience in settling global issues.

However, Vietnam still runs grave risk of being left behind and falling intothe “middle-income trap”. Despite concerted efforts to remove the threebottlenecks of mechanism, infrastructure, and human resources quality which bareconomic development, the outcomes are a far cry from the Government’sexpectations. In fact, they have not yet met the requirements of economicdevelopment, the PM underlined.

He expressed his hope that partners and sponsors will continue their supportfor Vietnam so that the country can grow beyond the “middle-income trap” in thecontext of increasing globalisation.

Touching on the human resources issue, PM Phuc said that the Government islooking for effective measures to build a high-quality workforce servingsustainable growth as labourers are billed as the key to future success.

Smart and digital infrastructure will be paid due attention to improve the capacityof connecting economic resources, he noted.

At the forum, PM Phuc laid stress on promotinginnovation and the application of the Fourth Industrial Revolution, as well asstrengthening the private economic sector; detailing that they are importantdriving forces for domestic economic growth in the next decade as they can helpto improve the competitive edge of the nation.

The VRDF is an alternative to the Vietnam Development Forum (VDF), which was formerlyknown as the Consultative Group (CG) meeting and more recently the VietnamDevelopment Partnership Forum (VFPF). The first Vietnamese CG meeting was heldin Paris in 1993 and since 1999 it has been held in Vietnam, co-chaired by theMinistry of Planning and Investment and the World Bank’s Vietnam branch.

Instead of serving as a platform for discussion between the VietnameseGovernment and donor agencies on development policies, the VRDF gathersinternational experts who come to share their experience and offer recommendationsto the Vietnamese Government.

The forum is expected to devise specific proposals for the Government’s reformpolicies. –VNA