At the session, which forms part the 47th World Economic Forum Annual Meeting, he noted that Vietnam can no longer count on exhausting its natural resources and cheap labour force to achieve fast and sustainable growth in the era of the fourth industrial revolution.

He informed participants that the country is renewing its growth model and improving growth quality, labour productivity and economic competitiveness while developing sectors with high added value, scientific and technological applications and highly-skilled workers.

He affirmed that businesses are positioned as the central part of Vietnam’s renovation course and the Government will work to stimulate development, serve the people and businesses, as well as strive to create a fair and favourable business environment for businesspeople.

Up to 110,000 new businesses were set up in 2016, he said, reporting on the country’s 2020 goal of having over 1 million new enterprises and assisting 600 businesses with 2,000 projects in creative start-up with a view to helping businesses’ access innovative technologies. In addition to that, Vietnam will speed up international integration to nurture renovation and creativity.

In 2017, Vietnam will host the APEC Summit under the theme “Creating a new driving force for a common future”, which is facilitating discussions on promoting economic linkages and raising competiveness in the digital era and offering a good chance for businesspeople and investors to seek partnerships, he stressed.

The World Economic Forum (WEF) Annual Meeting 2017 started in Davos, Switzerland, on January 17.

It brought together 3,000 participants, including 50 State leaders, government officials from 70 countries worldwide, and representatives from international organisations, such as the United Nations and the World Trade Organisation.

Scheduled to run until January 20, the meeting consists of 446 sessions, discussing global matters, such as inclusive growth, the fourth industrial revolution, international cooperation models and immigration.