Overview of the Vietnam Business Forum 2018 (Source: VGP) Hanoi (VNA) – The Vietnam Business Forum (VBF) 2018 kicked off inHanoi on December 4, with discussions focusing on the theme of “Sharingopportunities in the world of changing trade”.
VBFserves as a dialogue mechanism between the Government of Vietnam and the domesticand foreign business communities with the aim of improving business conditions tofoster the development of private enterprises and provide the optimal investmentenvironment for Vietnam’s sustainable economic growth.
Inhis opening remarks, Minister of Planning and Investment Nguyen Chi Dungaffirmed that despite impacts of the rapidly changing regional and globalsituations on the national economy, the Government has taken drastic measuresto implement set targets such as stabilizing the macro economy, stepping upadministrative reform, and improving the business and investment environment.
Theseefforts worked, with the macro economy stabilised, inflation curbed below 4percent, and this year’s economic growth likely to surpass the set goal of 6.7percent, Dung said.
Besides,new enterprises numbered around 130,000 in 2018, social investments was estimatedat 1.89 quadrillion VND (81.27 billion USD), FDI disbursement hit 18 billionUSD, and total export turnover approximated 240 billion USD.
Theminister attributed the achievements to contributions by the business communityand both domestic and foreign investors.
However,he pointed to several challenges still facing the nation, including inflationpressure, growth quality, labour productivity and competitiveness, climatechange, and middle-income trap.
Therefore,he called on the business community to expand their engagement in the makingof socio-economic development policies and in business and investmentactivities.
TomasoAndreatta, Co-Chairman of the VBF Consortium, hailed positive changes theVietnamese Government has made to create a stable business environment andencourage start-ups, citing the promulgation of Resolution No.19 on improvingthe business environment and national competitiveness and Resolution No.35 onsupporting and developing businesses by 2020.
He said the business community has acknowledged and appreciated efforts of ministries,sectors, and localities in reducing business and investment conditions,reforming specialised inspections, and simplifying administrative procedures.
Inthe context of rapidly changing trade, the US-China trade tension may bringabout benefits for Vietnamese enterprises, he said, advising Vietnam to seekways to take advantage of this opportunity to maintain its economic growth.
Sharingthe same view, Chairman of the American Chamber of Commerce (Amcham) in HanoiMichael Kelly cited statistics of a recent survey on US enterprises in China assaying that one third of the respondents removed or is considering the removalof their production factories to other countries.
Meanwhile,half of foreign enterprises from other countries are considering plans to moveout of China and Southeast Asia is considered as their best choice. This is abig opportunity for Vietnam, he said.
However,it is not all good to draw a lot of investment capital into the country ifforeign-invested enterprises, which are accounting for over 70 percent ofVietnam’s export value, leave the country, he noted.
Thatis why businesses need to see continuous and visible progress of issuesdiscussed during this VBF’s sessions, he said, proposing ineffective administrativeprocedures be controlled, and the legal framework and taxation be stablised andpredictable.
Chairmanof the Vietnam Chamber of Commerce and Industry Vu Tien Loc, who is alsoCo-Chairman of the VBF Consortium, stressed the need for Vietnam to step up ITapplication in all fields, citing that the country climbs 81 places in ease ofpaying taxes in the World Bank’s Doing Business 2019 thanks to the sector’sexpanded IT application.
MinisterDung affirmed that the Vietnamese Government and ministries and sectors willexert more efforts to implement socio-economic development goals, improve thebusiness and investment climate, increase the national competitiveness, step upinnovations and start-ups, and attract foreign investment selectively.
Thecountry will also pay more attention to boosting the public-private partnershipin the infrastructure field, and improving education and human resourcestraining in the digital era, he added.-VNA
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