Statistics showed that accounting for over 70% of Vietnam’s total export turnover, the foreign-invested (FDI) sector continues to expand its dominance, underscoring the need for stronger leadership from domestic economic groups to rebalance growth.
The PM asked leaders of ministries, ministry-level agencies, and provincial-level People’s Committees to prioritise sufficient capital and human resources for the resolution implementation, using public investments to lead private ones and leveraging state resources to catalyse those of people and businesses.
The Party and State always pay special attention to supporting businesses, with a focus on refining institutional and legal frameworks, and creating a favourable environment for investment and business development. All enterprises, regardless of sector, are entitled to fair and equal treatment, Prime Minister Pham Minh Chinh noted.
The Politburo’s Resolution No.68 is expected to be a historic catalyst, helping remove institutional bottlenecks and pave the way for the private sector to thrive and significantly contribute to the country’s economic advancement.
Bac Ninh province, a major investment magnet and industrial hub in the north of Vietnam, earned 26.13 billion USD from exports in the first nine months of 2020, up 6.8 percent year-on-year.
Despite many difficulties and challenges, the growth of private businesses will be the highlight of Vietnam’s economy in the long term, heard a forum in Ho Chi Minh City on January 6.
There is room for the private economic sector to further develop, Prime Minister Nguyen Xuan Phuc affirmed during a reception for representatives from the Vietnam Private Business Association in Hanoi on June 17.
The first edition of the White Book on Vietnamese businesses compiled by the General Statistics Office (GSO) is expected to be released later this month, according to the GSO.
Vietnam needs a strategy to promote the development of private firms with a focus on quality, as their contribution to the economy remains modest, attendees heard at a conference in Hanoi on March 15.
Vietnam will provide all possible conditions it can for international investors, donors and organisations to get involved in developing transport infrastructure in the country, said Transport Minister Nguyen Van The.
Inaccessibility to bank loans is one of the main factors that has prevented private small and medium-sized enterprises (SMEs) from further development, experts said.
Places with stable and favourable policies which promote business linkages are magnets for foreign investment, said Chairman of the Japanese Business Association in Vietnam Sagara Hirohide.
Vietnam and the European Union (EU) will push ahead with the review of legal documents towards the signing and application of their bilateral free trade agreement (EVFTA) in 2018.
