16:09 | 12/10/2016 Economy- Society
(VEN) - The Southeast Region Economic Forum 2016 on making the most of opportunities to promote regional links and growth was held in Ho Chi Minh City. Participants talked about economic potential, challenges and opportunities to promote intra-region linkage, contributing to creating a single economic space with significant breakthroughs.
Party Central Committee’s Economic Commission Deputy Head, Cao Duc Phat, stated that Southeast Vietnam is one of the key economic development regions. Some provinces and cities in the region such as Ho Chi Minh City, Dong Nai and Binh Duong have led the country in terms of gross domestic product (GDP) growth, foreign direct investment (FDI) attraction and business environment improvement.
The southeastern region has recorded high economic growth in recent years in various fields such as electronics, software, trade service, logistics, finance, telecommunications and tourism; as well as expanded trade and economic cooperation with many countries in Southeast Asia and the world.
Foreign investors have invested in almost all potential sectors in the region. According to the Ministry of Planning and Investment’s Foreign Investment Agency Deputy Director, Dang Xuan Quang, foreign investors invested in 11,537 projects with total registered capital of US$140.2 billion by August. That accounted for 57.4 percent and 48.4 percent of the country’s total projects and capital, respectively.
However in the context of deeper international economic integration, the southeastern region has faced many challenges and difficulties as the region’s economic development has not met its potential and advantages; while growth quality, human resources, infrastructure and regional connectivity are in need of improvement.
Economists and businesses talked about the region’s development potential, especially intra-region linkage at the forum.
The southeastern region needs to review and complete the economic development planning, overcome difficulties facing pided administrative boundaries, promote growth model transformation and clarify incentives for key economic areas.
Promoting the construction of infrastructure, building plans to link sub-regions in order to establish large-scale production areas, calling for more investment, developing value chains and improving the competitiveness are all mentioned as necessary.
To promote the potential and advantages of southeastern provinces and cities, the region should increase linkages with other regions to expand markets and create supply chains. They should also look to enhance trade and economic cooperation with other countries in Southeast Asia and the world.