The business community is the main actor that pushes Vietnam to realize the country’s socio-economic development targets, according to Deputy Prime Minister Trinh Dinh Dung.
Overview of the conference. Source: Ngoc Thuy.
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Dung also referred to the unfavorable global business environment over the last few years, leading to the 10-year low of world’s economic growth.
“This has not stopped Vietnam from maintaining positive economic growth, as the country still remains a spotlight in terms of economic development in the region,” Dung added.
Nevertheless, Dung admitted Vietnam’s economy still has to address major challenges for development, including low productivity, limited corporate governance, imperfect legal framework for business and investment, high logistics and administrative costs, among others.
Moreover, the ratio of enterprises to population in Vietnam remains low at 1:140, indicating one enterprise for every 140 citizens.
The rate is significantly lower than the average in ASEAN with one enterprise per 80-100 citizens and developed countries including the US, Japan or EU with one business per 10 – 12 citizens.
According to Dung, Vietnam remains steadfast on maintaining growth policy of rapid and sustainable economic development, preventing the economy from being left behind and narrowing development gap between the country and regional peers.
Dung stressed the government would continue to maintain stable socio-economic conditions, which play a key role in mobilizing resources for development in the context of growing global uncertainties.
Additionally, the government gives priority to restructuring the economy towards greater quality and competitiveness, Dung added.
“A centerpiece of the move is the restructuring of public investment and state-owned enterprises, the finance and banking sector, while facilitating stronger growth of the supporting industries to move higher in the ladder of the global value chain,” he stated.
Vietnam also focuses on developing the infrastructure and considers education key for the country’s sustainable development, Dung asserted.
In parallel with such efforts, it is essential to revise the legal framework towards greater transparency and fairness, laying a strong foundation for capital mobilization from within the economy and abroad.
Dung also noted Vietnam to continue its extensive integration effort in global economy by participating in a number of free trade agreements, including the upcoming EU – Vietnam Free Trade Agreement (EVFTA).
“A multilateral world is a perfect environment for Vietnam’s sustainable development and also serves as a the country’s new driving force in the future,” Dung concluded.
Staying on the topic of sustainable development, Minister of Planning and Investment Nguyen Chi Dung added internal issues of Vietnam’s economy is causing negative impact on the growth quality and also productivity.
Minister Dung urged government agencies to continue reforming administrative procedures and taking advantage of the e-government model.
Chairman of Vietnam Chamber of Commerce and Industry (VCCI) said the government has achieved positive results in improving the business environment, especially in removing obsolete and inefficient business conditions.
However, more attention must be given to relieving the burden of having to acquire various types of licenses and certificates for companies.
