Restructruring the economy and growth model in Vietnam

11/06/2016


Vietnam is now focusing on restructruring the economy and our growth model, with emphasis given a reform of the investment model, restructure the financial and banking systems and reform and reduce the number of state-owned enterprises. One of the main focus is to support and develop the business community.
Speaking at an online conference attended by some 10,000 enterprises, representing the nationwide business community, Prime Minister Nguyen Xuan Phuc asserted that businesses are “the driving force for national economic development,” and their legitimate rights and business right will therefore be protected.
PM Phuc said all businesses will have equal access to capital, natural resource, land, market and business opportunities, irrespective of their scales and business models.
And Resolution No.35 recently issued by the Government reflects the high level of determination to support and develop the business community, which requires ministries and state management agencies to drastically reform procedures to facilitate enterprises’ operations.

Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said that this is the Government’s first policy which has a long-term vision on business development.

The resolution affirms the important role of businesses, particularly private ones, in the nation’s industrialisation and modernisation cause, which also serve as a driving force to enhance the economy’s competitiveness in the integration process, Loc stated.

According to the business leader, what is the most impressive about the resolution is the new way of thinking which emphasizes drastic action and no backward-looking talks.

With the resolution, the Government is striving to be more conscientious and professional in supporting the business community, said Loc.

Not only the VCCI or associations, but businesses themselves are also encouraged to make recommendations on measures to address difficulties in administrative and institutional reforms related to enterprises’ operations.

To put the resolution into reality, he suggested the Government and ministries give detailed instructions and take specific action to reduce administrative burdens and abuses of power at local offices, to create a level playing field among businesses, he added.

Together with Resolution No.19 on improving the business environment and increasing national competitiveness, Resolution No.35 will surely bring about a lot of positive changes, helping the business environment in Vietnam meet regional and international standards.

Resolution 35 has also set the goals of raising the number of enterprises to 1 million in 2020 from 515,000 at present. The private sector will contribute about 50 percent of GDP. The social labour productivity will rise 5 percent per year. Every year, around 30-35 percent of Vietnamese enterprises will launch creative renovation activities.
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All comments [ 10 ]


Pack Cassiopian 11/6/16 14:48

the business community is motivation of the country's economy, especially when we're integrating to regional and international market.

Love Peace 11/6/16 14:49

they are working effectively and greatly contributing to country's development.

Deck Hero14 11/6/16 14:52

The Government has given resolutions to develop the economy, especially promoting the development of business.

John Smith 11/6/16 14:56

businesses, particularly private ones, are now recognized as the leading heads of the economy. They have been given the best conditions to develop.

Gentle Moon 11/6/16 14:57

It is a must to improve the view about small- and medium-sized enterprises in Vietnam as they generate 40 percent of total GDP and create jobs for 52 percent of the workforce, he noted.

LawrenceSamuels 11/6/16 15:00

the Government also encourages financial institutions to support the business to have budget for operations

Jane smartnic 11/6/16 15:02

Vietnam has a great chance to be come a developed country

yobro yobro 11/6/16 15:04

free trade agreements like the Trans-Pacific Partnership and the EU-Vietnam FTA which will take effect soon. Therefore, we should have more stronger businesses to protect and develop the productivity of Vietnam.

Only Solidar 11/6/16 15:09

The State has been creating a lawful frame that is convenient for all businesses to develop as much as they can.

MaskOf Zero 11/6/16 15:11

positive changes are made in Vietnamese economy, promising huge progresses in near future.

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