Monday, 11 Dec 2017

PM Phuc: "Enterprises should set a further view into the world"

Updated at Tuesday, 01 Aug 2017, 10:13
The Hanoitimes - Prime Minister Nguyen Xuan Phuc wishes that businesses should look beyond the world, produce and operate in the fields where the world needs, instead of focusing only on other Vietnamese large enterprises.
The second Vietnam Private Sector Forum (VPSF) began on July 31 with the participation of nearly 1,000 businesses, business associations, experts, and domestic and foreign organizations.

Under the theme “From Central Resolution 5 to the Action Program of the Private Sector in Vietnam”, the session will focus on discussions and dialogues between the government and the private sector in the key national spheres of agriculture, tourism, and the digital economy.


The VPSF is an initiative from the Vietnam Young Entrepreneurs’ Association and the Mekong Business Initiative (MBI), funded by the Asian Development Bank (ADB) and the Australian Government.

It is a bridge for the government, public authorities, and the private sector to get invoved in continuous and close consultation on public and private policies, based on the gathering and reflection of voices from enterprises. It also reflects the wish of the Government and the PM to be attentive to business community, including private businesses.

Following the VPSF 2017, VPSF and the Vietnam Young Entrepreneurs’ Association will issue a white book on VPSF forum and a set of indexes on business confidence. So far, the private economic sector has made  important contributions to national development in budget contribution and job generation.  

Since 2010, the sector made up over 43% of GDP. The State economic and FDI sectors accounted for 28.9% and about 18% of national GDP, respectively. In addition, the number of private enterprises also surged sharply, reached a record high in 2016 with 110,000. A large number of large-scale private economic groups and enterprises were founded. Private enterprises should continuously reform and increase competitiveness to contribute 50-60 percent of the national gross domestic product GDP).

Prime Minister Nguyen Xuan Phuc reiterated the target of building a facilitating Government which accompanies businesses, and protects all legitimate rights and interests of investors, in accordance with principles of the World Trade Organisation, bilateral agreements and the Government’s commitments.


The PM suggested focusing on the fields of global demand, such as agriculture, food, consumer products, and tourism instead of just concentrating on serving domestic companies as suppliers or subcontractors with low added value. It is necessary to expand international cooperation in trade, technological transfer, production and sales of products to the overseas markets, he recommended.
The Government pledges to create a transparent, safe and friendly business environment as well as create all favourable conditions for businesses, especially private and small-and medium-sized ones and startups to develop, he affirmed.

He asked ministries and relevant departments to hold periodical dialogues with businesses to promptly remove their bottlenecks. The PM directed localities to prepare all necessary conditions such as land and particular policies to enable investors to do long-term business. He hoped private enterprises will embrace links and anticipate risks and difficulties to promote innovation and actively engage in international integration.

According to the Ministry of Planning and Investment, in the first seven months of 2017, the country had more 72,953 new firms with a total registered capital of 690.7 trillion VND (30.39 billion USD), a respective year-on-year rise of 13.8 percent and 39 percent. Since 2010, the private sector has contributed over 43 percent of the GDP. The proportion of the State economic and foreign direct investment (FDI) sectors is 28.9 percent and 18 percent, respectively.

The PM affirmed that the ministries, agencies and localities in the country will continue to reform according to the orientation set by the Party and State with the main tasks of administrative reform. Facilitating businesses, creating a favorable environment, supporting start-up businesses, innovative businesses. Ensuring business rights, equally accessing to resources and business opportunities of businesses. Continuing to take measures to reduce business costs, protect the legitimate interests of enterprises.
Anh Kiet - D.Tung
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