Prof. Porter made these remarks at a reception given by Prime Minister Nguyen Tan Dung in Hanoi on November 30.

He also made a number of suggestions on how to increase the nation’s labour productivity, develop subsidiary industries, restructure State-owned enterprises and enhance the equitization process.

The Vietnam Competitiveness Report 2010 was compiled by a number of domestic and foreign agencies with specific recommendations that can be added to Vietnam’s socio-economic development strategy in the next decade, he said.

PM Dung spoke highly of Prof. Porter’s attendance at a seminar on the Vietnam Competitiveness Report 2010 and his lecture in Vietnam.

Vietnam is assessing its socio-economic development during 2001-2010 and devising its strategy for the 2010-2020 period with rapid and sustainable development targets, said the Vietnamese PM.

Vietnam welcomes the Vietnam Competitiveness Report which provides figures, analyses and recommendations to complete the national socio-economic development strategy for the 2010-2020 period, he said.

The PM went on to say that the nation attained an annual average growth rate of 7. 2 percent from 2001 to 2005 and 7 percent in the 2005-09 period and the figure is expected to be 6.7 percent in 2010.

However, PM Dung said, there remain shortcomings and weaknesses in the economy, citing that slow competitiveness of the economy has failed to meet the national integration need for rapid and sustainable development.

The PM said the socio-economic development strategy for 2010-2020 period targets an average growth rate of 7-7.5 percent with ensured social justice, social welfare and environmental protection.