UN advises Vietnam to rethink industrial policies
Vietnam and the UN have released the 2011 Vietnam Industrial Competitiveness Report. The document says that in order to restructure the industrial sector, the Vietnamese government should focus on five key areas. These include re-thinking industrial policies and strategies; diversifying high-value added industrial products; developing human resources for industrial production; developing new technologies; and directing foreign investment to the manufacturing sector. According to the report, free trade is one of major momentums for economic growth, but not enough for economic restructure. The report also advised the Vietnamese government to give priority to developing its high-tech industries. Deputy Minister of Industry and Trade Le Duong Quang suggested that Vietnam meet the challenge of global integration by analyzing and assessing its industrial competitiveness with 10 other countries. He said this report will create a firm foundation for policy makers to address core sectors and sharpen their competitive edge.