SnapShots of APEC 2006

VIETNAM FULLY INDUSTRIALIZED BY THE YEAR 2020

Interview with Vice Minister Do Huu Hao

Ministry of Industry
Socialist Republic of Vietnam

Do Huu Hao is the vice-minister of the Industry of the Socialist Republic of Vietnam. During the past decade the ministry has been deeply committed to international integration and the market-oriented economy. The ministry espouses the goal of industrialization and modernization that should be achieved through improved competitiveness of the national economy.

After becoming the newest member of the world economic table by joining the World Trade Organization (WTO) on November 7, 2006, Vietnam prepares its economic framework for becoming fully industrialized by the year 2020. Vice Minister Do Huu Hao stressed this point during his speech at the Students’ Gala Dinner for the Voices of the Future Program held at the Hanoi University Guesthouse courtyard on November 16, 2006. Speaking in front of different international students and educators from APEC member countries, Mr. Do Huu Hao believes that conditions such as economic and political stability, sufficient government support, and the creation of friendly diplomatic policies are vital for the success of Vietnam. Given the previous conditions, the Ministry of Industry is set to implement the strategies that will springboard the country’s industrialization pace.

The economic growth rate is expected to increase from 33% in 2005, to 38% in 2010, and to 40% by the year 2020. This will be realized through proper emphasis on developing high technology and labor intensive industries, socio-economic development, and infrastructure. Streamlined implementing guidelines to actualize this vision include proper market orientation, technology transfer from other economies, and the creation of strategic financial center in different key areas of Vietnam. In this manner, the economy can focus on its competitive advantage and fix its human resource strategy, an area that a lot of economic experts and investors are concerned about.

Mr. Do Huu Ho explained that by moving some industries (textile and shoes) from the urban to the rural areas, this will help the Vietnamese people who live in the rural areas, because they will not have to expend much money on transportation and accommodation. Vietnam is working with other economies such as the ASEAN countries, the US, Japan, and the UK, who will help Vietnam realize its goal to industrialize the country. When asked about the foreign direct investment opportunities in Vietnam, he said that there are various kinds of opportunities in different sectors from the service sectors of hotel and restaurant services to the heavy and high-tech sectors of steel and computer production.

As a result of our interview, we felt it is important to address these issues because the lives of the Vietnamese people are affected by the expansion of Vietnam’s economic system. In today’s era of globalization it is important for Vietnam to cooperate with other economies in exchanging information, goods and services to make the lives of the Vietnamese people better and by making Vietnam a player in the world’s economy.

Written By: ( November 2006, Hanoi Vietnam)
Luis Voltaire D. Formilleza- Philippines (Left)
Ak Abdul Ba’asit Pg Hj Yahya- Brunei Darussalam (Right)