World Economic Forum on East Asia: Golden Chances for Vietnam’s Businesses

The 19th World Economic Forum on East Asia (WEF on East Asia 2010) is scheduled to take place in Ho Chi Minh City from June 6 to 7, 21010. This is the first WEF on East Asia to be held in a developing country like Vietnam. Previous forums were hosted by major economies like Japan, South Korea, China, Malaysia and Singapore. This event proves that other countries and the international community are increasingly interested in Vietnam-a friendly, dynamic and fast-growing country.

WEF on East Asia is one of four WEF regional economic forums (in addition to Africa, Latin America and the Middle East). WEF on East Asia is organised annually to strengthen and expand economic and commercial relations amongst countries inside the group and between the East Asia with the rest of the world.

Under the theme “Rethinking Asia’s Leadership Agenda”, the forum will focus on four main thematic pillars, namely Asia’s Leadership Agenda, Global Risks, Asia’s Green Growth Agenda and Asia’s Future Growth Agenda. With its international significance and reputation, the forum will gather nearly 400 delegates like senior government leaders, business leaders, scholars and news agencies across the world. The meeting has some 20 sessions, including five plenary sessions, more than 10 parallel discussion sessions and side events such as an exhibition on Vietnamese business and vision, a seminar on “Enhancing Vietnam’s Competitiveness for Sustainable Development,” and an introduction of released publications on Vietnam.

WEF is a very prestigious forum and Vietnam’s maiden host not only has economic significance but also attests Vietnam’s position on the world international arena. In addition, the assumption of the ASEAN Presidency and the host of the great anniversary of 1,000th birthday of Thang Long – Hanoi, WEF on East Asia is a major event with regional significance in the context that Asia is becoming a driving force for post-crisis global growth recovery. This is a chance to promote the image of Vietnam – a dynamic country which is very successful in coping with the global economic and financial crisis and has a strategy to reach a new plane.

Following its entry to the WTO in 2007, Vietnam accelerated its doi moi (reform) process and international integration while opening up more investment opportunities for international business community in the Vietnam market. Like many regional countries, Vietnam was negatively affected by the global financial and economic crisis. Thanks to drastic measures to boost economic growth together with ensuring social security, the Vietnamese economy has continuously made positive progresses and become a reliable address for investors. Especially, in 2009, while most countries suffered an economic slump, Vietnam was amongst a few countries with positive growth, reaching 5.32 percent. Macro-economy is basically stable; foreign affairs and international economic integration continue to be expanded; and the poverty rate has been reduced to some 12 percent. Currently, Vietnam is actively completing its market economy regime, creating the fair competing environment, stepping up and improving the effectiveness of international economic integration to make Vietnam an industrialised nation in 2020.

According to Mr Sushant Rao, Head of the WEF in Asia – Pacific, the selection of Vietnam for holding the WEF on East Asia 2010 is a right decision of the WEF Board of Directors. With numerous economic and social development achievements and potentials, WEF will this year choose Vietnam as a “typical country” for reviving the economy, hoping Vietnam will share its experience in building national competitiveness as well as rapidly developing the business community. The voice of Vietnam has weighed up after the country joined the WTO, successfully hosted the APEC Summit and is now assuming the ASEAN chairmanship. Other countries and the international community are showing increasing interests in Vietnam. Through this forum, WEF wants to bring business leaders to Vietnam, not only to witness evolutions in the Vietnamese business environment and business sector but also learning about Vietnam’s secrets of success in the past time.

As for Vietnam, the WEF on East Asia 2010 will be a golden opportunity for domestic enterprises to meet and exchange with leading regional and international corporations to forge business relations and approach new ideas to shape their development strategies. Especially, this is also a good chance for small and medium enterprises to contact and exchange with large business entities to learn their experience, share business projects or investment projects, etc.

Focusing its contents on current burning concerns, the WEF on East Asia 2010 is expected to create a new progress and unify important orientations for post-crisis economies. This is the opportunity for businesses and investors to approach, expand partnerships and understand development ideas and economic trends in the region and on the globe. Besides, the forum will also promote the development of East Asian economies – the world’s fastest-growing region. More importantly, after this forum, East Asian countries will further strengthen cooperation in solving global challenges like climate change, economic crisis and poverty prevention to look to a prosperous and stable community.

VCCI

Tags: World Economic Forum, World Economic Forum on East Asia