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VBF – 20 years contribution and towards Socio-economic development goals by 2020

Date 13/12/2017 - 13:52:00 | 410 views
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(MPI) – On December 12th 2017, Ministry of Planning and Investment in collaboration with International Finance Corporation (IFC) and Vietnam Business Forum Consortium held the 2017 year-end Vietnam Business Forum (VBF) in Hanoi with topic: VBP – 20 years contribution and towards Socio-economic development goals by 2020. Prime Minister Nguyen Xuan Phuc attended and had a speech at the forum.

The minister of MPI Nguyen Chi Dung speaking at the Forum.
Photo: Duc Trung (MPI)

Over the past 20 years, VBF has always companied with the government, branches, business community in efforts to improve the business investment environment, raise the competitiveness, remove difficulties and obstacles, promote innovation and businesses start-up, develop enterprise. Vietnam business community has grown increasingly with the country, becoming much in quantity, strong in potentials and being the driving force to bring about continuously high GDP growth for the economy over the past 20 years, up to 8 times - the GDP reached US$ 27 billion in 1997 and is estimated to reach US$ 220 billion in 2017.

Speaking at the Forum, the minister of MPI Nguyen Chi Dung emphasized that, from the practice and from guidelines, the orientation of the state, the VBF's task forces and law experts in many specialized fields had made important contributions for Vietnam to step by step complete the legal system, asymptotic to international practices, with increased transparency, predictability, equality and non-discrimination. In which, the reduction, simplification of many administrative procedures brought new wind for the expansion of investment and business activities of enterprises. By the efforts of both sides, the government and the business community, Vietnam's investment environment has been improved.

In the new context, the government agencies changed their approach in advising, making and implementing policies, enhancing the role of people and businesses. The Ministry of Planning and Investment advised the government to issue important resolutions such as: Resolution No.01/NQ-CP on socio - economic management solutions; Resolution No.35/NQ-CP on supporting and developing enterprises by 2020; Resolution No.19/2017/NQ-CP on improving the business environment, enhancing the national competitiveness… Most recently, implementing Resolution No. 98/NQ-CP dated 03/10/2017 on promulgation the action program of the Government on implementation of Resolution No.10-NQ/TW dated 03/6/2017 of the 5th plenum of 12th Party Central Committee on developing the private economic sector toward an important driving force of the socialist-oriented market economy, the Ministry of Planning and Investment will advise and recommend the abolition of unreasonable regulations, minimizing barriers, reducing risks, eliminating discrimination in investment and business of enterprises.  

Panoramic of the forum. Photo: Duc Trung (MPI)

At the same time, the ministries, ministerial-level agencies, the Government’ agencies, the People's Committees of the provinces and cities directly under the Central Government and relevant agencies will continue reviewing, evaluating, proposing to abolish at least a third to a half of business conditions and current administrative procedures in the field of management which are hindering and creating difficulties for investment and business activities of enterprises.

The minister Nguyen Chi Dung said, enterprises also should take initiative, be more active in management innovation, corporate governance; strengthen production linkages, join value chains in the country, the region and the world; build brand name and reputation in business; take care of human resource development; study and apply science and technology; fulfill financial obligations to the state and legal regulations seriously; protect legitimate interests of the employees; ensure environment protection and sustainable development.

Speaking at the Forum, Mr Kyle F. Kelhofer, Senior Country Manager in Vietnam, Lao PDR, Cambodia of International Finance Corporation appreciated that Vietnam has successfully implemented VBF in recent years, by reviewing the recommendations of the business community, the Government issued many policies that contribute to creation of the linkages and values added to enhance and improve the business investment environment. Mr Kyle F. Kelhofer said that Vietnam's investment needs to be large-scale, thus requires the participation of the private sector, and IFC would like to support Vietnam to create an investment space for private investment.

Mr. Hirohide Sagara, Co-chair of Vietnam Business Forum Consortium also appreciated that Vietnam experienced the turning points and succeed in attracting FDI, created a connection with the world economy. Vietnam amended its Investment Law and Enterprise Law that has been highly appreciated by the business community. Mr. Hirohide Sagara believed that the recommendations of the business community in VBF would be cared about by the government to improve the business investment environment, facilitate private investment attraction, contribute to publicity, transparency and effective public administration reform.

Appreciated the direction and regulation of the government and the Prime Minister, Dr. Vu Tien Loc, VCCI’ President and VBF’s Co-chair said that there were many important milestones in the government’s effort to create a favorable business environment for the development of enterprises in 2017. Vietnam’s determination to build a government of action, creativity, integrity, development facilitation is being shaped from policy to specific actions. Recently, many important Resolutions have been promulgated such as Resolution No.19; Resolution No.35/NQ-CP. The year of 2017 was determined as the cost reduction year for enterprises; the Government, the Prime Minister always paid attention to the reform of administrative procedures, simplification of business conditions, reduction of inspection and examination of enterprises… The working group of the Prime Minister regularly supervised and accelerated the task performance of ministries, branches and localities.

The above efforts are creating more confidence for the business community. The International organizations recognized Vietnam's efforts to improve the business environment. According to the Global Competitiveness Report 2017-2018 of the World Economic Forum (WEF), Vietnam ranked 55/137 economies, up 5 ranks compared to the previous year and increased 20 ranks compared to five years ago. According to the World Bank's 2018 Business Environment Report, Vietnam was ranked 68/190 economies, increased 14 ranks compared to 2017.

The Prime Minister Nguyen Xuan Phuc speaking at the Forum. Photo: Duc Trung (MPI)

Speaking at the Forum, the Prime Minister Nguyen Xuan Phuc highly appreciated the contribution of VBF and business community in promoting the rapid and sustainable development of Vietnam’s economy, intensive integration with the regional and global economy. Vietnam's economy continues to grow strongly, achieved comprehensive results in all fields in 2017, in which it reached and exceeded 13/13 planned targets, created an atmosphere of excitement in business investment and the whole society, strengthening the belief of the people. Notably, GDP growth reached 6.7%, the highest level in 10 years. Macro economy was stable, inflation was controlled, exports increased sharply, the industrial sector recovered evidently, becoming the driving forces of economic growth. Trust, excitement and spirit of innovation, business start-up are spreading deeply and widely in the whole society. The number of newly established enterprises this year would reach a record level of over 120 thousand with additionally registered capital of over 3 quadrillion dongs, at the same time, there were 25,000 enterprises re-operating. FDI registered capital reached a record level of over US$ 35 billion, up 30%, realized capital reached US$ 17.5 billion, the highest level in the past 10 years.

The Prime Minister Nguyen Xuan Phuc emphasized that the government would focus on addressing six key issues to accompany with the business community to develop in the coming time: The first is to continue to maintain social and political stability, macroeconomic stability, make strong strategic breakthroughs, restructure the economy in association with growth model innovation, improving productivity, quality, efficiency and competitiveness, encourage innovation, start-up, develop businesses, promote sustainable growth. The second is to focus on improving the quality of institutions, policies and law, drastically reforming the administration, strengthening the discipline, improving the efficiency of law enforcement, direction and regulation in all branches and levels. The third is to promote  fighting and preventing corruption, waste, negativity, group benefits. The fourth is to encourage and promote development of private sector to make it become an important development engine of the economy. The fifth is to develop a start-up, innovative economy through support commitments and creating favorable conditions to foster, implement the ideas of starting a business. The sixth is to implement tax reform to ensure transparency, fairness and effectiveness, competitiveness to reach the high standards of the Organization for Economic Co-operation and Development (OECD)./.

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