Vietnam’s industrial competitiveness has seen the sharpest increase among 118 nations in the world, jumping up 14 places in four years.

This was affirmed by Wilfried Luetkenhorst, Managing Director of the United Nations Industrial Development Organization (UNIDO) at a meeting in Hanoi on December 13 to announce the Vietnam Industrial Competitiveness Report 2011.

The Industrial Competitiveness capacity is not, or at least not completely, dependent on a nation’s reserve of natural resources, he said, adding that any competitive advantages can be created.

Mr Luetkenhorst recommended that Vietnam focus on fields with higher technological added value.

At the event, Minister of Industry and Trade Vu Huy Hoang said the report will help policy makers formulate industry and trade policies to meet the nation’s requirements in its industrial development. He said the report also recommends some useful policies for Vietnam.

Deputy Minister of Industry and Trade Le Duong Quang suggested Vietnam take the opportunity to overcome the challenges of global integration by analyzing and assessing its industrial competitiveness.

The analysis lays a firm foundation for policy makers to address core sectors and improve business competitive edge, he said.

The Vietnam Industrial Competitiveness Report 2011 considers industry a core factor in the nation’s economic growth, pointing out that promoting production and manufacturing plays an important role in generating jobs and income.

Source: VOV