Further improving the business environment and facilitating the private sector’s development were part of the focus at the Vietnam Business Forum

In his speech at the forum, Prime Minister Nguyen Xuan Phuc said the Government will prioritise investment in infrastructure towards smart and efficient connectivity to improve transparency, and help businesses cut cost and boost competitiveness, while encouraging capital flow into education and technology.

David John Whitehead, Chairman of Mavin Group told the reporter that the Government's effort to facilitate is remarkable, and that he had faith on the Prime Minister's words for the sake of foreign businesses in Vietnam.

 Investors and experts called for closer and more effective coordination between the private and state sectors. They said in the context of limited capital, it is necessary for Vietnam to set up an obvious legal framework for public private partnership.

They said the country also needs a financial market which is strong enough to mobilize capital from the private sector for infrastructure development.

Pham Hong Hai, CEO of HSBC Vietnam said: "Normally, many countries introduce risk sharing policies so that investors do not have to take risks for the entire project. The success in one project will increase their confidence to invest in other projects with higher risks. Moreover, allowing investors to join in a project will increase its transparency."

The Vietnam Business Forum, which opened in Hanoi on December 12, is an annual dialogue between the Government and business community.

Apart from financial issues, participants at the forum gave recommendations relating to the auto, pharmaceutical and cigarette production. Their proposals will be submitted to the Government for consideration.-VNA