Wednesday, January 15, 2020 | 19:45:00

(VOVWORLD) -The Vietnam Development Report 2019 “Connecting Vietnam for Growth and Shared Prosperity” was co-launched by the World Bank (WB) and the Ministry of Planning and Investment in Hanoi on Wednesday.

It presents a comprehensive overview of connectivity issues in Vietnam, using a set of new analytical tools and methodolgy to give policy options and investment strategies to support Vietnamese integration into global and domestic markets.

The report said that Vietnam is one of the most open economies in the world with a ratio of trade over GDP at 190%. By removing trade barriers, both tariff and non-tariff, and implementing FTAs commitments, Vietnam has obtained significant results in trade liberalization.

WB Country Director Ousmane Dione said that in order to connect Vietnam for growth and common prosperity, a number of issues have to be addressed. First is infrastructure utilization and better coordination between provinces. Second is to complete transportation planning for domestic value chains to support each other and integrate with global value chains. Third is to improve market access for less developing areas by connecting with economic hubs. 

Deputy Prime Minister Vuong Dinh Hue said that based on the report’s recommendations and opinions collected at the launch ceremony, ministries and sectors will consider appropriate revisions of policies for national economic development.

“The report has practical value for the Vietnamese government and sectors. I appreciate the WB and the Australian Embassy for compiling this report covering important recommendations for Vietnam’s policy making in the future,” Mr. Hue said.