Prime Minister attaches great value to private sector’s role in speech to VBF
By Duc Tuan
December 14, 2017 | 11:29 PM GMT+7
The increased investment on the part of firms could be seen as a vote of confidence in the government’s leadership, Prime Minister Nguyen Xuan Phuc said at the Vietnam Business Forum (VBF) recently held.
Prime Minister Nguyen Xuan Phuc in the Vietnam Business Forum. Photo: VGP/Quang Hieu
PM Phuc said he was pleased to see the business community has made more and more recommendations and good initiatives at the macro or micro level, together with the Government, to shape and make Vietnam better.
Appreciating the contribution of VBF over the past 20 years, PM Phuc stressed that Vietnam's strong economic growth has created the excitement in business investment, and strengthened the faith of the people. He highlighted expected GDP growth of 6.7 per cent this year, the highest rate in over nine years.
"With faith, excitement and spirit of innovation, start-ups are spreading widely in the whole society," PM said and cited: “ New business registration in this year will hit the record of over 120.000 enterprises with the registered and additional capital of over VND3 million billion (US$132.27 billion).”
Stating some international organizations’ reviews on Vietnam's business environment with the increasing ratings, PM acknowledged that Vietnam has to do more to further improve its business environment and competition capability in accordance with OECD's high standards, especially for the closer and better corporation between FDI and domestic enterprises.
The PM also pointed out new trends which will impact on the business model and ideas of the Vietnamese business community in the future such as the rapid rise of the middle class in Vietnam, technological change in the industrial revolution era 4.0, automation and artificial intelligence.
For the future development of the business community, PM stated that the Government will focus on addressing a number of issues such as prioritizing investment in infrastructure development, creating smart and effective connections to reduce transaction costs and enhance the competitiveness of enterprises, investors and the economy. Besides, the Government is determined to maintain macro and social and political stability and is focusing on improving the quality of institutions and policies.
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