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May 20, 2016 / 07:44

Newly-issued resolution helps facilitating enterprises by 2020

Vietnamese Government has issued Resolution on No.35/NQ-CP on supporting and developing enterprises by 2020. Accordingly, Vietnam will boost economic restructuring and enhance the quality of economic growth, with a focus on improving private sector competitiveness.

Under the resolution, by 2020 there will be at least one million operational enterprises with competitive capacity and sustainable development. The Resolution aims to establish at least one million Vietnamese businesses with competitive capacity and sustainable development. 
 



The private sector will contribute 48-49% of the GDP and 49% of the social investment capital. The Total Factor Productivity (TFP) will make up 30-35% of the GDP. The social labor capacity will rise 5% per year. Every year, around 30-35% of Vietnamese enterprises will launch creative renovation activities.

The Resolution highlights the establishment of a completed economic institution, creating a favorable business and investment environment for businesses to develop and become a development force for the economy.

It is necessary to ensure that the State protects people and businesses’ legal property and business freedom as regulated. Businesses have the rights to do business in lines that are not prohibited by law. The State guarantees the stability, consistency and easy-forecast of the policy, stabilizes the macro-economy, improves the business environment in a favorable, safe and friendly way.

The State ensures the fair treatment for all businesses regardless of their forms and economic sectors in getting access to resources such as capital, resources, land and investment as well as proposes specialized policies to support small and medium-sized enterprises, newly-established and creative ones.

The Resolution sets the goals of enhancing administrative reforms, facilitating businesses' operation, making the administrative reform as part of the e-Government establishment, and creating a favorable condition for newly-established enterprises.

It proposes reducing 50% of personal income tax in some fields, simplifying and reducing procedures on land, facilitating the commercialization of businesses’ products, renewing the lending process, reviewing sector and product development plans, lessening business expenditures for businesses and not criminalizing economic relations.

The private sector will contribute 48-49% of the GDP and 49 percent of the social investment capital. The Total Factor Productivity (TFP) will make up 30-35 percent of the GDP. The social labour capacity will rise 5 percent per year. Every year, around 30-35 percent of Vietnamese enterprises will launch creative renovation activities.

It is necessary to ensure that the State protects people and businesses’ legal property and business freedom as regulated. Businesses have the rights to do business in lines that are not prohibited by law. The State guarantees the stability, consistency and easy-forecast of the policy, stabilises the macro-economy, and improves the business environment in a favourable, safe and friendly way.

The State ensures the fair treatment for all businesses regardless of their forms and economic sectors in getting access to resources such as capital, resources, land and investment. The State devises specialised policies to support small- and medium-sized enterprises, newly-established and creative ones.