Hanoi (VNA) - Deputy Prime Minister Pham Binh Minh attendedthe Vietnam Business Forum (VBF) 2020 in Hanoi on December 22, with the theme“Challenges and Opportunities in the New Normal”.

Held annually, the forum was organised by the VBF Consortium in cooperationwith the Ministry of Planning and Investment, the World Bank Group (WB), andthe International Finance Corporation (IFC), bringing together key decision-makingGovernment officials, business leaders, and representatives from internationalorganisations and business associations, including the European Chamber ofCommerce (EuroCham), the American Chamber of Commerce (AmCham), the KoreaChamber of Business (KoCham), and the Japanese Chamber of Commerce and Industry(JCCI) in Vietnam.

In his opening remarks, the Deputy Prime Minister spoke highly of theposition and importance of the annual VBF as an ongoing policy dialogue betweenthe Government and the domestic and foreign business communities. It reflectsVietnam’s commitment to improving legal systems and providing favourablebusiness conditions to facilitate the development of private enterprises andcontribute to the country’s sustainable economic growth.

The VBF has put forward numerous valuable initiatives for the effectiveimplementation of economic and financial policies to promptly respond to theneeds and meet the expectations of the business community, particularly at thistime of COVID-19, he said, adding that such efforts are held in high regard bythe Government.

This year’s theme is relevant to the COVID-19 situation, he believes, asthe pandemic is wreaking havoc on Vietnam’s economy and the global economy atlarge. A significant number of companies have filed for bankruptcy or suspendedoperations.

With great determination, however, the Vietnamese Government has beenworking relentlessly and making every effort to maintain its economicachievements and fulfil this year’s twin goals of bringing the coronavirusunder control and sustaining positive GDP growth, which is projected by theInternational Monetary Fund (IMF) to reach 2.4 percent, he said.

The Government has been consistent in undertaking measures to maintainpolitical and economic stability, further enhancing the business environment,attracting investment, and making the most of free trade agreements (FTAs) Vietnamhas signed. It has, at the same time, accelerated trade promotions to bringVietnamese products closer to the world, he noted.

Director of the Vietnam Chamber of Commerce and Industry (VCCI), Vu TienLoc, said Vietnam is among only a few countries to post positive economicgrowth this year, with GDP projected at 2-3 percent. Trade revenue totalled489.1 billion USD in the first 11 months, a year-on-year increase of 3.5percent.

The global economy is likely to face various challenges next year andVietnam will be no exception. The business community voiced an expectation thatthe Government will promptly adopt specific solutions to remove bottleneckshindering businesses from taking advantage of opportunities brought about bythe FTAs, to rebound and thrive further./.