Vietnam is set to focus on developing its human resources, science, and technology in order to keep up with the fourth industrial revolution, Prime Minister Nguyen Xuan Phuc told participants at a World Economic Forum discussion on Thursday.

Speaking at a debate session on the future of production as part of the 47^th WEF in Davos, Switzerland, PM Phuc asserted that Vietnam cannot continue to rely on exhausting natural resources and its cheap labor force to achieve fast and sustainable growth amid the 4.0 industrial revolution.

Instead, he told participants that the Southeast Asian country is renewing its growth model and improving growth quality, labor productivity and economic competitiveness while developing sectors with high added value, scientific and technological applications, and highly-skilled workers, according to the Vietnam News Agency.

The Vietnamese premier said businesses are positioned as the central part of Vietnam’s renovation course and the government will work to spur development, serve the people and businesses, and strive to create a fair and favorable business environment throughout the country.

PM Phuc also briefed the debate participants on Vietnam’s goal of more than one million new enterprises by 2020, given that 110,000 new businesses were formed in 2016.

The government also aims to support 600 businesses with 2,000 projects in creative start-ups with a view of helping businesses’ access novel technologies.

“In addition to, Vietnam will speed up international integration in order to nurture renovation and creativity,” the premier said.

PM Phuc also informed participants of the upcoming 2017 APEC Summit in the central city of Da Nang, themed “Creating new driving force for a common future.”

The summit will focus on discussions promoting economic linkages, raising competiveness in the digital era, and offering opportunities for businesspeople and investors to seek partnerships, he stressed.

Meeting foreign media, tech CEOs

On the sidelines of the annual WEF meeting, PM Phuc also met with foreign media, affirming that Vietnam always welcomes international media to the country to cover its development and global integration.

The Vietnamese head of government also had an open and candid dialogue with CEOs of several leading global IT groups on the meeting’s sidelines, the Vietnam News Agency reported.

Speaking to the tech executives, the premier underlined that information-technology is booming in Vietnam, particularly in the fields of industry, agriculture, transport, healthcare, and education. 

He added that country has become one of the fastest growing information-technology and telecom markets in the world over the past decade.

The WEF annual meeting runs from January 17 to 20 and brings together 3,000 participants, including 50 state leaders, government officials from 70 countries worldwide, and representatives from international organizations, such as the United Nations and the World Trade Organization.

The meeting consists of 446 sessions, discussing the global matters, such as inclusive growth, the fourth industrial revolution, international cooperation models, and immigration, according to the Vietnam News Agency.

This is the first time Phuc has attended the WEF as a head of government.

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