Illustrative photo (Source: VNA)

Hanoi (VNA) – The annual Vietnam Business Forum (VBF) is expected to provide a communications channel between the Government, domestic and international business communities to boost competitiveness amid global integration.

State officials and representatives from the International Finance Corporation, the World Bank and associations of Vietnamese, European, Korean, Japanese and Australian businesses will attend the event, Vietnam Chamber of Commerce and Industry (VCCI) Chairman Vu Tien Loc told a press conference on November 30

The forum takes place as Vietnam has concluded negotiations of the Trans-Pacific Partnership and several free trade agreements alongside the formation of the ASEAN Economic Community by the year end.

Participants will discuss relevant legal frameworks and corporate demand in order to enhance overall competitiveness of the economy.

According to the VCCI Chairman, the National Assembly issued new laws on investment and entrepreneurship during 2015. Legal documents and policies to reduce administrative procedures and boost interaction among the Government, enterprises and grassroots businesses have also been put into effect.

The law has made it clear that all legal documents related to the economic climate must take into account businesses’ feedback via the VCCI.

Under Resolution 19/2014-2015, the Government is striving to be ranked among the top four ASEAN members in terms of its business environment in 2016.

Mr Loc also pointed to the importance of disseminating practical information on global integration affairs, international commitments and new trade pacts.

He said issues such as the minimum wage, social insurance, extra working hours and imports of used machinery are on business communities’ radar.

The VBF is scheduled to take place on December 1.-VNA