Prime Minister pledges to continue accompanying businesses

Prime Minister Nguyen Xuan Phuc pledges to continue accompanying businesses.

At a dialogue with enterprises in Hanoi on December 23, the PM raised four issues for the business community to discuss.

Firstly, the PM asked businesses to report difficulties that they encounter in production and business such as planning, access to land and credit, employment, administrative procedures, taxes, customs, licences, and water and electricity supply, particularly overlapping inspection procedures.

Secondly, he wanted to know about challenges and pressures that businesses face in the context of global economic downturn, national economic integration, and the Fourth Industrial Revolution, as well as businesses’ proposals on ways to help businesses increase resilience and competitiveness. The PM also asked the business community to recommend solutions to help the Government accomplish the goals for 2020 and the next five years.

Thirdly, the PM requested businesses to voice their ideas about breakthrough changes in incentive mechanisms for them.

Finally, he invited businesses’ initiatives on improving interactions between ministries and localities, and sharing effective business models and good practice of localities.

According to Minister of Planning and Investment Nguyen Chi Dung, businesses have actively contributed to the country’s gross domestic product (GDP) and export growth over the past time. They are an important link in developing highly-competitive products, establishing value chains, and promoting Vietnamese trademark in the global market.

Businesses have become a core force in generating jobs, improving workers’ incomes, reducing poverty, and ensuring social stability.

Particularly, businesses play a crucial role in the innovation and entrepreneurship ecosystem. Many private firms have been successful in creating Vietnamese trademarks in information technology on the global startup map, such as FPT, Vingroup, TTC and Phenikaa University.

With the determination to bring Vietnam's business environment and competitiveness into the top group of the Association of Southeast Asian Nations (ASEAN), the Government reiterated its commitment to continue accompanying businesses – the pioneering force in the economic front – to grow stronger.

Each year, Vietnam has over 126,000 newly-established firms. The figure in 2019 is expected to reach 136,000 with total registered capital of about 1,700 trillion VND (73.3 billion USD), raising the total number of active businesses to 760,000. The country aims to have one million businesses in 2020.

In 2016, the Prime Minister held the first dialogue with businesses right after taking office. Afterwards, the Government for the first time issued a resolution to support and develop businesses.