(VOVworld)- After 30 years of renewal, Vietnam has become a middle income country with a dynamic market economy and is fully integrating into the world, Prime Minister Nguyen Xuan Phuc said at a session on the future of production in Davos, Switzerland, on Thursday.

PM Nguyen Xuan Phuc and WEF President Klaus Schwab (Photo: VNA)

At the session, part of the 47th World Economic Forum Annual Meeting, Mr. Phuc said that Vietnam can no longer count on dwindling natural resources and cheap labor to sustain rapid growth in the era of the fourth industrial revolution.

He said Vietnam is revising its growth model and improving its labor productivity and economic competitiveness while developing sectors with high added value, scientific and technological applications, and highly-skilled workers.

PM Phuc said businesses are at the center of Vietnam’s renovation and the Government will work to spur development, serve the people and businesses, and strive to create a favorable business environment.

“We’ll focus on developing human resources, science, and technology to keep pace with the fourth industrial revolution and make science and technology a driver of sustainable growth,” said Mr. Phuc, adding “With about 60% of its population of working age, Vietnam will be in a “golden population” period for at least another 20 years. Consequently, Vietnam is stepping up its renovation of education and training to build a skilled workforce. About 52% of Vietnam’s people are using the Internet and there will be 1 million Vietnamese workers in the IT sector by 2020. This will help Vietnam attract large IT groups like Fujitsu, Intel, Samsung, and Siemens who want to expand their investment in Vietnam.”

PM Nguyen Xuan Phuc also met with President of the World Bank Jim Yong Kim, Director General of the World Trade Organization Roberto Azevedo, and Chairman of the Chinese Alibaba Group Jack Ma on the sidelines of the WEF Meeting.