The banking system also operates under state control, he said, noting that the country now has macroeconomic and microeconomic institutions, and many experienced experts who underwent training in the former Soviet Union.

According to Kharinov, with a population of nearly 100 million, Vietnam has become a manufacturing hub for Asia and companies from the US as well. He took the example of Apple that has set up a plant in the country. The official likened the presence of major brands in Vietnam to that of the whole world.

Regarding the Vietnamese workforce, mainly untrained, the official said big groups view this as an advantage as they can offer training at their factories.

He lauded the reward system in Vietnam and suggested companies operating in the country align with the existing systems, frameworks, and order there.

Corporate owners would be foreigners, but directors are often Vietnamese to develop an effective reward system, thus promoting labourers' performance, he said./.