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| A worker operates machinery at Viet Trung Agricultural Machine Limited Company in Hai Duong Province. The country plans to develop a high quality and professional workforce. — VNA/VNS Photo Tran Viet |
HA NOI (Biz Hub) — Viet Nam will not retain the advantage of cheap labour costs and target developing a high quality and professional workforce, Deputy Minister of Industry and Trade, Tran Tuan Anh, said.
Speaking at a recent meeting with a US delegation of Senator Assistants, Anh said Viet Nam was planning to step into a new development stage. Due to this reason, the country would not only improve its labour intensive economy, but also focus on high-tech industries, including precise mechanisms, electronics, the environment and consumer products within five years of a development plan.
Moreover, Viet Nam had also been conducting privatisation of State-owned enterprises. The percentage of privatised SOEs was expected to be 90 per cent by 2015.
He said that Viet Nam would take specific steps to build and implement international policies and conventions on intellectual property protection for both domestic and foreign firms.
The country would also improve its legal and institutional framework, and ramp up awareness in this area.
At the meeting, the two sides shared their views on how Viet Nam should manage its economic development strategy, and policies for attractive investment, especially since the Trans-Pacific Partnership (TPP) agreement was about to come into effect.
They also discussed the country's implementation of its commitment in the field of intellectual property, trade facilitation, customs simplification and the SOE privatisation process.
The US delegation said Viet Nam had the advantage of low labour costs, but it should consider that labour costs in the country would increase when Viet Nam becomes a part of the TPP agreement, which could lead to higher GDP growth. Foreign investors would then seek cheaper markets, such as Laos and Cambodia.
The two sides also discussed a trade facilitation process. The Deputy Minister said Viet Nam had implemented one-shop projects to facilitate import and export activities.
He also confirmed that Viet Nam had always supported the US enterprises in particular and other foreign companies in general for investing in the country.
He hoped that the delegation would also support the promotion of co-operation in industry and trade between the two countries. — VNS