Vietnam to have 1 million businesses by 2020: Deputy PM

Deputy Prime Minister Vuong Dinh Hue speaks at the Vietnam Private Sector Forum in Hanoi on June 3, 2016.

Vietnam currently has 900,000 registered companies, but only around 520,000 of them are really operating, Hue said at the Vietnam Private Sector Forum in Hanoi.

The government is therefore trying to improve the business environment, ensuring its convenience and fairness for all kind of economic sectors, the deputy premier underlined.

“The government will support the existing businesses, boost the startup movement and help the private sector to develop sustainably,” Hue said.

The Vietnam Private Sector Forum provided an opportunity for more than 500 local private companies to voice their challenges for development to the government in search of support from the state.

After the forum, Hue met with 100 young entrepreneurs, who were honored for their outstanding startups in 2016, at the government’s office.

“Young entrepreneurs are important motivation for developing the country,” he said. “The Vietnam Private Sector Forum and the honoring of the 100 excellent startup entrepreneurs are therefore meaningful events.”