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ECONOMY

Vietnam to prosper with private sector capable of competing globally: PM

Updated at Thursday, 02 May 2019, 19:21
The Hanoitimes - The government is committed to ensure favorable environment for stronger development of the private sector, especially start-ups.
Vietnam’s economy would prosper with private enterprises that are capable of competing globally, according to Prime Minister Nguyen Xuan Phuc. 
 
Phuc at the plenary session of the Vietnam Private Economic Forum 2019 held on May 2.
Prime Minister Nguyen Xuan Phuc Phuc at the plenary session of the Vietnam Private Economic Forum 2019. Source: VGP. 
“After more than 30 years of economic reform, Vietnam has achieved significant results, in which the private sector has emerged as a driving force and makes up 40% of the country’s GDP,” stated Phuc at the plenary session of the Vietnam Private Economic Forum 2019 held in Hanoi on May 2. 

Phuc said 2018 was a fourth consecutive year that Vietnam witnessed a record high of newly-established enterprises and the total registered capital.  

Nevertheless, Phuc raised the question on how Vietnam’s small and medium enterprises (SMEs) could compete on international markets with globally-recognized brands, and how to encourage millions of business households to formalize into enterprises for better contribution to the society. 

“With such a huge ambition, innovation and technologies would be key,” Phuc stressed. 
 
Overview of the plenary session. Source: VGP.
Overview of the plenary session. Source: VGP.
According to Phuc, innovation is not purely technologies application but also efficient resources allocation and focusing on one’s strength. 

Additionally, Phuc requested a breakthrough in the business environment to eliminate restrictions, as the legal framework has not fully reflected actual practices. 

“The private sector would help the government solve such bottlenecks,” he continued. 

The PM said the government is committed to ensuring favorable environment for stronger development of the private sector, especially start-ups. 

“There would be no discrimination between economic sectors, especially in resource allocation, while the legal system is in place to protect legitimate rights of enterprises,” he added. 

In the context of the Fourth Industrial Revolution, Phuc expected a strong focus on developing human resources and smart infrastructures such as the fifth-generation (5G) network, cashless payment, among others, as long-term solution for development. 

More importantly, Phuc said the government would create an environment to pilot new business models and technologies, referring to the newly approved national program for supporting an innovative start-up ecosystem through 2025. 

“Through this program, more innovative centers would be established nationwide with the most open polices,” Phuc concluded. 
Nguyen Tung
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