Photo: KIm Phuong/VNA

(VOVworld)- The National Committee on International Economic Cooperation and the World Bank have released a report urging Vietnam to develop a national program of action to improve its competitiveness. Although Vietnam has made progress in export growth and increasing world market share, the country needs to tackle trade deficit and low technology content. A senior economist from the World Bank, Nguyen Minh Duc, said that Vietnam should prioritize border trade regulation improvement while restructuring its supply chain to fuel export growth:“The report calls for an immediate drafting of a national program of action on competitiveness based on infrastructure, logistic, supply chain restructuring and cross border trade regulation simplification. Infrastructure and customs service top the list in our work plan and requires efficient coordination from central and local level.”    
Earlier, the National Committee for International Economic Cooperation (NCIEC) and World Bank Vietnam held a workshop in Hanoi on Thursday to discuss a report called “Vietnam: Trade Facilitation, Value Creation, and Competitiveness”. According to the report, Vietnam has had impressive economic achievements after the renewal process but is facing the challenge of maintaining its growth rate. Since the tax barrier was reduced, a legal framework for cross-border trade and closer collaboration on infrastructure and logistics have not received sufficient attention. The World Bank’s report recommends that Viet Nam implement comprehensive reform of internal policy and institutions and liberalize external trade. The report said that improving technological capability for future growth can help Vietnam maintain high export turnover and gradually industrialize the economy. Vietnam needs strong institutions and adequate human resources. According to experts, infrastructure improvement and trade services will enhance competitiveness in the long term and re-structuring the logistic chain will add value to exports.