Key participants at the Vietnam Business Forum called for morespecific and practical solutions and measures to support the developmentof private, small and medium-sized, and foreign-direct-investment (FDI)enterprises.
Vu Tien Loc, Chairman of theVietnam Chamber of Commerce and Industry (VCCI), said the privateeconomic sector contributes nearly 50 percent to the national grossdomestic product.
In the long term, the privatesector must be Vietnam’s key growth driver to ensure the economy’sself-sufficiency and effective connections between the FDI sector andthe local economy, Loc continued.
To achievethat goal, representatives of the business community recommended theGovernment create action plans to encourage the development of theprivate economy.
Virginia B. Foote,Co-Chairperson of the VBF and Chairwoman of the United States-VietnamTrade Council, appreciated the efforts made by the Vietnamese Governmentand ministries to support the formation and development of the businesscommunity.
She underlined that despite positivechanges in the new Investment Law, there are still 267 sectorsrequiring FDI enterprises to apply for permission to conduct business.
It seems to be a measure to protect local privateenterprises, but according to Foote, in many countries the policy hasyet to produce more beneficial results than open policies.
Allowing private companies, especially those with access to capitaland human resources, to deeply integrate and operate on a fair playingground with FDI enterprises will benefit Vietnam’s economy,according to Foote.
At the forum,representatives of associations, FDI enterprises and internationalorganisations agreed that Vietnam’s policies have not been adequatelyeffective in promoting the development of advantageous fields inVietnam.
Public investment reform, theequitisation of State-owned enterprises, streamlining administrativeprocedures and other areas need concerted efforts, according toparticipants.-VNA
Vu Tien Loc, Chairman of theVietnam Chamber of Commerce and Industry (VCCI), said the privateeconomic sector contributes nearly 50 percent to the national grossdomestic product.
In the long term, the privatesector must be Vietnam’s key growth driver to ensure the economy’sself-sufficiency and effective connections between the FDI sector andthe local economy, Loc continued.
To achievethat goal, representatives of the business community recommended theGovernment create action plans to encourage the development of theprivate economy.
Virginia B. Foote,Co-Chairperson of the VBF and Chairwoman of the United States-VietnamTrade Council, appreciated the efforts made by the Vietnamese Governmentand ministries to support the formation and development of the businesscommunity.
She underlined that despite positivechanges in the new Investment Law, there are still 267 sectorsrequiring FDI enterprises to apply for permission to conduct business.
It seems to be a measure to protect local privateenterprises, but according to Foote, in many countries the policy hasyet to produce more beneficial results than open policies.
Allowing private companies, especially those with access to capitaland human resources, to deeply integrate and operate on a fair playingground with FDI enterprises will benefit Vietnam’s economy,according to Foote.
At the forum,representatives of associations, FDI enterprises and internationalorganisations agreed that Vietnam’s policies have not been adequatelyeffective in promoting the development of advantageous fields inVietnam.
Public investment reform, theequitisation of State-owned enterprises, streamlining administrativeprocedures and other areas need concerted efforts, according toparticipants.-VNA
