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Private sector will become backbone of Vietnam's economy: commerce chamber chairman
Private sector will become backbone of Vietnam's economy: commerce chamber chairman
4/1/18
‘Private enterprises still need more support from the government to help them to cash in on opportunities during the country’s international integration process.’
Vietnam's business climate
has witnessed significant changes over the past year, according to Vu Tien Loc,
chairman of the Vietnam Chamber of Commerce and Industry.
Loc was speaking at the 2017 year-end session of the
Vietnam Business Forum (VBF) in Hanoi
on Tuesday.
“The private sector has also received more attention from
the government than ever before, but it is still not enough,” Loc added.
“Private enterprises make up nearly half of gross domestic product, but nearly
60 percent of them are unable to make a profit.”
“Private enterprises still need more support from the
government to help them to cash in on opportunities during the country’s
international integration process,” he said.
He believed that in the future the private sector will
become the backbone of the economy.
Administrative
procedures are still a big obstacle to business performance. The Vietnam
Provincial Competitiveness Index pointed out that in 2016, 35 percent of
surveyed companies spent at least 10 percent of their time on administrative
procedures, which one in four of them said was the biggest problem facing their
operations.
Hirohide Sagara,
co-chairman of the VBF Consortium's management board, acknowledged the economic
progress Vietnam
has achieved since joining the WTO in terms of foreign investment, living
standards and building a market economy.
At the same time, he said concerns remain related to
transparency, efficiency and labor productivity, adding that the VBF's year-end
session aims to tackle these concerns to promote growth in the private sector.
The VBF, which was established in 1997, is a channel of
policy dialogue between senior leaders of the Vietnamese government and the
business community, covering almost all economic fields in order to develop a
favorable business climate, mobilize private sector investment, and spur
sustainable economic development in Vietnam.
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