Businesses to enjoy more incentives: Cabinet meeting

Hanoi (VNA) – Cabinet members mulled over the Government’s draft resolution on business development during their regular meeting in Hanoi on May 5.

The document, together with the amended Investment Law and the revised Enterprise Law, is expected to create a breakthrough in administrative management and facilitate the operation of businesses, said Prime Minister Nguyen Xuan Phuc.

Under the draft resolution, FDI, State-owned and private enterprises will stand equal, the leader said, stressing that the Party, State and Government regard private firms as a momentum to raise the economy’s competitiveness and self-mastery.

Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said the resolution’s top objective is to consolidate businesses’ confidence.

In that spirit, it should clear up 300 petitions and difficulties raised during the recent dialogue between the PM and businesses, the official said, suggesting the document be adjusted annually.

Domestic private enterprises should be placed in the centre. However, he said, the restructuring of State firms also needs more attention in a bid to effectuate the 12 th National Party Congress’s Resolution.

While raising high consensus on targets and tasks set in the document, the Cabinet members proposed separating the State management function of ministries from their business management function in order to improve their operation efficiency and facilitate the development of enterprises.

The resolution should highlight the role played by the press which has accompanied businesses and assisted them in accessing information as well as in building brand names, they said.

Enterprises, for their part, should have their own spokespersons to make it easier for communication work during their operation, they said.

The participants also underlined the need for enterprises to strengthen their connectivity with associations and sectors.

The Vietnam General Confederation of Labour should play a role in the document as it represents labourers’ voice, Deputy PM Vuong Dinh Hue said, suggesting building indexes to assess the performance of enterprises.

Concluding the working session, PM Nguyen Xuan Phuc asked the Ministry of Planning and Investment to acquire these opinions to complete the draft resolution to submit to the Government and the PM early next week.

Under the document, Vietnam is expected to house 1 million businesses by 2020. The private sector is set to contribute about 48-49 percent to the national GDP.

It puts forth specific tasks and measures, focusing on administrative reform, the creation of a favourable climate for creativity in businesses and start-ups, ensuring the right to running business and the equal right to accessing resources and business opportunities, cutting business costs and protecting the legitimate rights and interests of enterprises.

Notably, the document suggests Chairpersons of People’s Committees in centrally-run cities and provinces hold quarterly dialogues with businesses and investors and set up hotlines.

Chairpersons must bear the responsibility before the Government if their staff get involved in corruption and bureaucracy, it states.

The draft resolution also rolls out credit solutions for small- and medium-sized enterprises and start-ups, and how to streamline administrative procedures in the tax and customs sector.-VNA