At the second Vietnam Private Sector Forum (Photo: VNA)
Hanoi (VNA) – Private enterprisesshould continuously reform and increase competitiveness to contribute 50-60percent of the national gross domestic product GDP), Prime Minister Nguyen XuanPhuc said while addressing the second Vietnam Private Sector Forum held inHanoi on July 31.
He reiterated the target of building afacilitating Government which accompanies businesses, and protects alllegitimate rights and interests of investors, in accordance with principles ofthe World Trade Organisation, bilateral agreements and the Government’scommitments.
The PM suggested focusing on the fields ofglobal demand, such as agriculture, food, consumer products, and tourism insteadof just concentrating on serving domestic companies as suppliers orsubcontractors with low added value.
It is necessary to expand internationalcooperation in trade, technological transfer, production and sales of productsto the overseas markets, he recommended.
The Government pledges to create a transparent,safe and friendly business environment as well as create all favourableconditions for businesses, especially private and small-and medium-sized onesand startups to develop, he affirmed.
He asked ministries and relevant departments tohold periodical dialogues with businesses to promptly remove their bottlenecks.
The PM directed localities to prepare allnecessary conditions such as land and particular policies to enable investorsto do long-term business.
He hoped private enterprises will embrace linksand anticipate risks and difficulties to promote innovation and actively engagein international integration.
The second Vietnam Private Sector Forum wasorganised by the Vietnam Young Entrepreneurs' Association and the MekongBusiness Initiative.
A survey launched before the forum openedindicates that 65 percent of businesses questioned expressed their hope for agovernment of action.
The year 2016 marks a great stride for theprivate sector with the establishment of 110,000 businesses.
According to the Ministry of Planning andInvestment, in the first seven months of 2017, the country had more 72,953 new firmswith a total registered capital of 690.7 trillion VND (30.39 billion USD), a respectiveyear-on-year rise of 13.8 percent and 39 percent.
Since 2010, the private sector has contributedover 43 percent of the GDP. The proportion of the State economic and foreigndirect investment (FDI) sectors is 28.9 percent and 18 percent, respectively.-VNA
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A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
At the second Vietnam Private Sector Forum (Photo: VNA)
