Promote productivity and innovation for long-term and sustainable economic growth

Post date: Wednesday, Dec 13, 2023 | 15:40 - View count: 287

Speaking at the Plenary Session of the National Productivity Forum 2023 with the theme “Accelerating Vietnam’s Development with Productivity Driver”, Dr. Victor Tay, CEO Global Catalyst Advisory, RHT Consulting Asia, Board of Directors of the ASEAN-China Business Alliance, APO Expert said: “In the past 5 decades of Singapore, even though the policy prioritized economic development in each period is different, but promoting productivity is always the most important factor that the Government pays attention to and implements throughout the goal of increasing development speed and competitive strength”.

For a productive and innovation-rich economy, the application of science, technology and innovation is always considered the golden key for Singapore. Sharing Singapore’s successful experiences, Dr. Victor Tay said that Singapore is currently striving to perfect its image as a global city, in which highly qualified workers are promoted in all occupations, and encouraged to improve business capacity to capture potential opportunities in Asia, innovation and productivity growth enhancing an outstanding quality of life for its people.

Dr. Victor Tay, CEO of Global Catalyst Advisory/RHT Consulting Asia.

In his presentation, Dr. Tay emphasized the process of developing the productivity movement in Singapore over time from initial awareness to action, ownership and implementation. The Government is interested in developing investment in science and technology, strengthening research, promoting a comprehensive innovation ecosystem, encouraging businesses to apply advanced technologies, and improve competitiveness. Singapore also develops specific strategies for each field, focusing on 6 points: Strategy to support businesses in improving productivity and operational efficiency; Strategy to promote research and development to create new products and services; Invest in people, equip them with specialized skills to create more value; Keeping up with trends, accessing international markets; Connecting and building capacity among stakeholders; In particular, build an open policy environment, minimize legal barriers to support innovative business models, and apply standards as support tools.

Overview of the plenary session.

Within the Plenary Session, delegates also have the opportunity to hear presentations from international experts, specifically presentation on “Productivity Growth: The Foundation for a High-income Vietnam by 2045” by Dr. Andrea Coppola – Lead Economist and EFI Program Leader, World Bank (WB) in Vietnam; Presentation on “The Need for New Productivity Driver in Vietnam” by Ms. Gulimira Asanbaeva – Program Manager, Productivity Ecosystems for Decent Work, International Labour Organization (ILO)

Also at the plenary session, a panel discussion on solutions to accelerate Vietnam’s development with productivity drivers took place, recording many opinions from experts, businesses, and representatives of ministries and branches.