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INVESTMENTOPPORTUNITIES

The Prime Minister's speech made businesses rejoiced

Updated at Tuesday, 03 May 2016, 09:50
The Hanoitimes - The applause of the business community repeatedly appeared during Prime Minister Nguyen Xuan Phuc`s speech at the Vietnam Business Conference 2016.
Prime Minister Nguyen Xuan Phuc chaired Vietnam Business Conference 2016 with the themed "Vietnam Business - Motivation for economic development of the country". The meeting was held in Ho Chi Minh City-the country’s economic engine - in the context Viet Nam is accelerating international integration in which economic element as the core.
 
 
PM Nguyen Xuan Phuc made speech at Vietnam Business Conference 2016
PM Nguyen Xuan Phuc made speech at Vietnam Business Conference 2016

 
He went on to quote Presdent Ho Chi Minh as saying that the business community, the biggest force of GDP and job generation, should be given attention, listened and provided with favorable condition to grow. The Party and the State have deployed numerous guidelines and policies for business development, he stressed, admitting the prevalence of barriers to enterprises, which form the leading economic force.

The Vietnamese Government, said the leader, always protects the rights to asset and business of people and enterprises, does not criminalize economic ties, and facilitate enterprises' integration towards priding the country on “Made in Viet Nam" products. He said he believed that the conference would consolidate business people's confidence to move forward with production and business, thus contributing to national development.

A large number of delegates said that the business and investment environment has improved. Nevertheless, obstacles are still lying ahead including slow introduction of guiding documents for the Law on Investment and the Law on Enterprises (taking effect on July 1); possible legal loopholes; and authoritarian attitudes. In addition, enterprises are facing with high risks, cost burdens, fierce competition from international integration. Enterprises also blamed high capital costs, inappropriate interest rates, unreasonable tax and fees.
 
Prime Minister Nguyen Xuan Phuc met and talked to the delegates before the opening of the Conference
Prime Minister Nguyen Xuan Phuc met and talked to the delegates before the opening of the Conference

The business community proposed the Government speed up reforms in a drastic manner. Unsuitable business conditions and licenses which block  freedom to doing business and create risks and costs for enterprises must be removed, they suggested. Enterprises recommended the Government cut interest rates, apply tax cancellation, and generate a fair competition for all  economic components.

The meeting conveyed the message that business circle is the driving force of the economy. If the circle is strong, the country is powerful. The Government expected to learn obstacles against businesses, said PM Nguyen Xuan Phuc in his opening remarks. The Government also expected the businesses to partner with it to build up a favorable business environment conducive to them. Phuc affirmed that the Government pledged to protect businesses, not to criminalize economic relations, and create an equal playground for all businesses. The Government should also consider cutting down on taxes and beefing up partnership between domestic and foreign invested enterprises instead of just luring foreign direct investment.

Meanwhile, representatives of the US enterprises said Viet Nam should ratify the Trans-Pacific Partnership soon, foster administrative reforms, and apply international accounting standards. Chairman Tran Bac Ha of the Bank for Investment and Development of Viet Nam urged the Government to quickly promulgate legal documents guiding the implementation of the newly-amended Law on Investment and develop mechanisms to supervise public employees.

Hailing the progress of Viet Nam’s business environment and competiveness, Japanese business representatives suggested Viet Nam should give priority to investing in such fields like information technology, software, and agriculture in which the Japanese investors are interested.

Korean investors submitted several proposals related to foreign workers and grant of work permits in Viet Nam. They also suggested the establishment of a committee for institutional reforms led by the Prime Minister as well as the fast interventions of the Government in settling obstacles faced by businesses.
By Tuan Minh
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