Mekong River countries can be next ‘kitchen’ and ‘factory’ of the world: summit

Leaders of the six countries that share the Mekong River gathered for the opening ceremony of the 6th Greater Mekong Subregion (GMS) Summit yesterday at the Vietnam National Convention Center in Hanoi.

Leaders of the GMS Summit discuss prospects for the economy at the opening ceremony on Friday in Hanoi. Photo by Giang Huy

It is the first time Vietnam has hosted the GMS Summit, which will include a new event called the GMS Business Summit, an initiative put forward by Vietnam to create an opportunity for 2,000 business leaders from different countries to meet and discuss development issues in the subregion.

A series of events will also offer leaders of the six Mekong River countries the chance to meet and discuss prospects for the economy and development drivers. Representative from Cambodia, China, Laos, Myanmar, Thailand and Vietnam will also examine and decide on the 2018 private sector action plan.

“Despite our achievements, the GMS remains a valley of growth potential in comparison with ASEAN, Asia and the world in terms of GDP per capita, infrastructure, technology capability, finance and human resources,” said Vu Tien Loc, chairman of the Vietnam Chamber of Commerce and Industry (VCCI), at the opening ceremony.

VCCI Chairman Vu Tien Loc delivers a speech at the opening ceremony of the GSM Summit on Friday in Hanoi. Photo by Giang Huy

GMS countries have great advantages in agriculture and tourism because of their important economic, political and resource bases, which can make them the new “kitchen” and “factory” of the world’s economy, according to Loc. However, the chairman of the VCCI also pointed out that there are challenges to overcome.

“The greatest challenge for GMS economies in terms of institutional quality and competitiveness is to reach international standards so they can connect to global supply chains,” said Loc. “What will drive the GMS in the future will be start-up spirit, the development of micro, small and medium enterprises and women-owned businesses,” he added.

Large, medium and small GMS businesses need to cooperate, stay connected and take the available opportunities to develop, according to Minister of Investment and Planning Nguyen Chi Dung.

The minister also appreciated the launch of the GMS Young Entrepreneurs Business Network and GMS Business Connect application, considering them practical and effective initiatives.