Deputy PM Pham Binh Minh attends Vietnam Business Forum 2020 hinh anh 1Deputy PM Pham Binh Minh (front, centre) speaks at Vietnam Business Forum 2020 on December 22. (Photo: VNA)

Hanoi (VNA) - Deputy Prime Minister Pham Binh Minh attended the Vietnam Business Forum (VBF) 2020 in Hanoi on December 22, with the theme “Challenges and Opportunities in the New Normal”.

Held annually, the forum was organised by the VBF Consortium in cooperation with the Ministry of Planning and Investment, the World Bank Group (WB), and the International Finance Corporation (IFC), bringing together key decision-making Government officials, business leaders, and representatives from international organisations and business associations, including the European Chamber of Commerce (EuroCham), the American Chamber of Commerce (AmCham), the Korea Chamber of Business (KoCham), and the Japanese Chamber of Commerce and Industry (JCCI) in Vietnam.

In his opening remarks, the Deputy Prime Minister spoke highly of the position and importance of the annual VBF as an ongoing policy dialogue between the Government and the domestic and foreign business communities. It reflects Vietnam’s commitment to improving legal systems and providing favourable business conditions to facilitate the development of private enterprises and contribute to the country’s sustainable economic growth.

The VBF has put forward numerous valuable initiatives for the effective implementation of economic and financial policies to promptly respond to the needs and meet the expectations of the business community, particularly at this time of COVID-19, he said, adding that such efforts are held in high regard by the Government.

This year’s theme is relevant to the COVID-19 situation, he believes, as the pandemic is wreaking havoc on Vietnam’s economy and the global economy at large. A significant number of companies have filed for bankruptcy or suspended operations.

With great determination, however, the Vietnamese Government has been working relentlessly and making every effort to maintain its economic achievements and fulfil this year’s twin goals of bringing the coronavirus under control and sustaining positive GDP growth, which is projected by the International Monetary Fund (IMF) to reach 2.4 percent, he said.

The Government has been consistent in undertaking measures to maintain political and economic stability, further enhancing the business environment, attracting investment, and making the most of free trade agreements (FTAs) Vietnam has signed. It has, at the same time, accelerated trade promotions to bring Vietnamese products closer to the world, he noted.

Director of the Vietnam Chamber of Commerce and Industry (VCCI), Vu Tien Loc, said Vietnam is among only a few countries to post positive economic growth this year, with GDP projected at 2-3 percent. Trade revenue totalled 489.1 billion USD in the first 11 months, a year-on-year increase of 3.5 percent.

The global economy is likely to face various challenges next year and Vietnam will be no exception. The business community voiced an expectation that the Government will promptly adopt specific solutions to remove bottlenecks hindering businesses from taking advantage of opportunities brought about by the FTAs, to rebound and thrive further./.