Minister of Planning and Investment Bui Quang Vinh has suggested a number of solutions to develop private enterprises which should be the most important contributor to the nation’s economic growth and stability.

Vinh said in an interview granted to the Vietnam News Agency that one of the most important measures is to build centres for nurturing business innovations. The ministry is taking drastic measures to carry out this plan.

Secondly, it is advisable to create capital sources to support small- and medium-sized (SMEs) enterprises. The ministry has built a fund for this purpose, which has a budget of 500 billion VND (23.47 million USD) for this year, he said.

He also suggested facilitating businesses’ access to the market by fully equipping them with information on global economic integration challenges, helping them to build trademarks, and receive technological transfer from foreign partners.

Additionally, it is essential to establish and upgrade vocational schools, clarify and prioritise credit access policies for private businesses, he said.

The minister added that the revised laws on investment and enterprises, which are to take effect on July 1 this year, are expected to improve the business environment for the private sector.

Furthermore, his ministry will submit to the National Assembly for approval the law on SMEs and the law on support industry by the end of this year, further facilitate the establishment and operation of private enterprises.-VNA