World Bank seminar on global awareness after economic crisis

A regional seminar on export competition was held in Hanoi on March 10 by the World Bank (WB) and the Development Institute of the Republic of Korea to share knowledge of global awareness of changes in the post-crisis era.

World Bank building

Addressing the event, former Minister of Trade (now the Minister of Trade and Industry), Truong Dinh Tuyen, emphasised that despite an increase in export volume, Vietnam suffered a reduction its export turnover due to fluctuations in goods prices caused by global economic downturn.

However, the country introduced a number of measures to boost exports and create more favourable conditions for local exporters. Vietnam also participated in free trade agreements to help the country increase its export growth. Thanks to the trade agreement with the US, Vietnam’s export turnover from the US has increased by 15 times and the country is expected to maintain its growth rate at 7.5 percent in the next ten years, from 2011 to 2020, he said.

Shahid Yusuf, an expert from the WB, who conducted much research on the East Asian economies, expressed his concern over the recovery of the global economy. “It is necessary to diversify and increase investment sources, as well as sharpen the competitive edge”, he said.

Yongding Yu, an economist from Beijing, said the global economy is recovering slowly, and cannot reach pre-crisis levels easily.

Other participants at the seminar focused their discussions on issues related to exports and competitiveness in Asia.

Tags: World Bank seminar, World Bank seminar Ha Noi

Posted by VBN on Mar 11 2010. Filed under Int'l Cooperation. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry