Business
Prime Minister Nguyen Xuan Phuc: Private enterprises should “drop off the bowlines” and “set sail”
Speaking at the Vietnam Private Sector Forum on July 31, the Prime Minister stressed the government determination to facilitate the private sector’s growth.
Opening his speech, the Prime Minister Nguyen Xuan Phuc quoted the World Bank (WB) president Jim Yong Kim as saying that Vietnam is currently holding a bright future thanks to the executives of private enterprises, the people as well as geographical location. If the Vietnamese private sector’s potentials are fully harnessed, success will be attained, he said.
“I share the WB president view. The political determination, expectation and mindset on the private sector have been stronger and more comprehensive than ever. ” The prime minister stressed at the conference.
According to the Prime Minister, the private sector is a crucial driving force for economic growth, which has been stated in the resolution of the V plenum of the XII Party’s Central Committee. He urged barriers and prejudices on the private sector to be removed in order for the private sector to develop soundly and in the right direction. The government has set the target of acting to make the private sector an economic driving force.
Over the recent times, hundreds of trade promotions and dialogues with enterprises have been conducted. Private enterprises issue is high on the agenda of the prime minister and the government. From meetings with the private sector, policies and regulations have been issued; barriers including tax, bad debts, malfunctioning banks and unnecessary inspections have been addressed. The business environment and enterprises confidence have improved.
Referring to a study conducted by McKenzie consulting firm, the Prime Minister pointed out that private enterprises are three times more profitable than State-owned enterprises (SOEs). Therefore, private sector is the driving force for Vietnam’s economic growth.
The government has set the principle of letting the private enterprises to operate in any fields they have advantages of, creating the necessary environment for them to flourish and maximize their potentials. This is the right direction toward the objective of restructuring the economy.
” The great writer Mark Twain once said, twenty years from now you will be more disappointed by the things that you did not do than by the ones you did so. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover” the Prime Minister said.
The Prime Minister Nguyen Xuan Phuc at the forum.
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According to the Prime Minister, the private sector is a crucial driving force for economic growth, which has been stated in the resolution of the V plenum of the XII Party’s Central Committee. He urged barriers and prejudices on the private sector to be removed in order for the private sector to develop soundly and in the right direction. The government has set the target of acting to make the private sector an economic driving force.
Over the recent times, hundreds of trade promotions and dialogues with enterprises have been conducted. Private enterprises issue is high on the agenda of the prime minister and the government. From meetings with the private sector, policies and regulations have been issued; barriers including tax, bad debts, malfunctioning banks and unnecessary inspections have been addressed. The business environment and enterprises confidence have improved.
Referring to a study conducted by McKenzie consulting firm, the Prime Minister pointed out that private enterprises are three times more profitable than State-owned enterprises (SOEs). Therefore, private sector is the driving force for Vietnam’s economic growth.
The government has set the principle of letting the private enterprises to operate in any fields they have advantages of, creating the necessary environment for them to flourish and maximize their potentials. This is the right direction toward the objective of restructuring the economy.
” The great writer Mark Twain once said, twenty years from now you will be more disappointed by the things that you did not do than by the ones you did so. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover” the Prime Minister said.
