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Tuesday, December 6 2022
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Date 22/12/2020-13:41:00 PM
Promoting reforms and creating the most favorable investment and business environment for enterprises
(MPI) - With the theme of Opportunities and Challenges in a New Normal, the annual Vietnam Business Forum 2020 organized by the Ministry of Planning and Investment in coordination with the International Finance Corporation (IFC) and the World Bank (WB) took place on December 22nd, 2020. Deputy Prime Minister Pham Binh Minh attended and spoke at the Forum.
Photo: MPI

The business community will be a pivotal force to contribute to the successful implementation of the Plans and Strategies in the next period

The Forum focuses on assessing the world economic situation during the Covid-19 pandemic, analyzing the current situation and proposing solutions to facilitate businesses to restart their business and attract investment flows as well as promoting Vietnamese enterprises to deeply participate in the value chain with the commitment and support of foreign invested enterprises.

Speaking at the Forum, Deputy Prime Minister Pham Binh Minh affirmed that the Government respected and highly appreciated the contributions at the Forum, which have always accompanied the Government and the business community with many useful recommendations and initiatives to improve the investment and business environment in Vietnam during the past 23 years.It is expected that the business community will continue to be the core force to contribute to the successful implementation of development strategies and plans in the coming period.

Deputy Prime Minister Pham Binh Minh highly appreciated the Forum's theme and discussion sessions which were very suitable to the domestic and international real situation in the context of the Covid-19 pandemic continuing to develop complicatedly, causing severe consequences, global economic crisis and negative growth in many economies.Trade, investment, and tourism have stalled while the outlook for a recovery is very dim.

In Vietnam, the Covid-19 pandemic along with serious natural disasters, storms and floods, also made serious impacts, which slowed down the economic growth significantly.The business community experiences great difficulties in production, circulation, market expansion, finding partners and accessing capital sources.

Creating a favorable environment to help the business community soon recover and rise up

In 2020, Vietnam was assigned with many important international and regional responsibilities and heavy tasks, notably the role of ASEAN President and non-permanent member of the United Nations Security Council (term 2020- 2021).

In that context, the Government of Vietnam has shown high determination, with all efforts focused on realizing the dual goal: socio-economic recovery and development, striving to both achieve the highest growth and prevent and fight epidemics fiercely.

With the Government's drastic direction and the participation of the entire political system, especially the activeness of the business community, the implementation of the dual goals has initially achievedpositive results.Vietnam has well controlled the Covid-19 pandemic and continued to maintain the economy’s recovery momentum, and being highly appreciated by the international community.

According to the International Monetary Fund (IMF), the economic growth rate of Vietnam in 2020 may reach 2.4%, which helps Vietnam to stay in the group of high growth countries in the region and the world.

Deputy Prime Minister Pham Binh Minh affirmed that creating a favorable environment to help the business community to recover and grow quickly, and to regain the momentum of development in a normal was the top priority of the Government in guiding and administrating the macro-economy in 2020. In fact, a series of strong measures to support production, promote public investment, stimulate consumer demand, expand markets, and attract investment have been deployed.In addition, the Prime Minister has set up a Working Group of foreign investment cooperation promotion to provide advice on the development of internationally competitive mechanisms and policies to promptly grasp and effectively make use of opportunities to attract investment in a new situation.

Given the Government's determination, international integration in general and international economic integration in particular have been accelerated with many breakthrough steps such as signing and implementing the Free Trade Agreement between Vietnam and the European Union (EVFTA), signing the Regional Comprehensive Economic Partnership (RCEP), ending the negotiation of the Vietnam - UK Free Trade Agreement (UKVFTA), enhancing the implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and many other bilateral and multilateral free trade agreements.

Deputy Prime Minister Pham Binh Minh speaking at the Forum.Photo: MPI

Promoting reforms and creating the most favorable investment and business environment for enterprises

The above efforts of the Government are all towards the common goal of promoting reforms and creating the most favorable investment and business environment for enterprises, especially in a new normal, Deputy Prime Minister emphasized.

In the coming time, the Government of Vietnam will continue to consistently implement the goal of maintaining social and political stability, stabilizing the macro-economy, creating favorable conditions for production and business, and promoting growth in order to accompany and support as much as possible the business community to deal with the consequences of the Covid-19 pandemic, overcoming challenges and making the best use of opportunities in a new normal.

Along with that, the Government will actively and flexibly manages monetary policy associated with fiscal policy and other policies;supporting businesses, including SMEs, to access capital sources and investment and business opportunities;continuing to bolster domestic consumption by appropriate measures;prioritizing promotion of digital transformation, digital economic development, digital government, considering this as a breakthrough in rapid and sustainable development.

The Government will strengthen the encouragement of private investment, foreign direct investment, investment in infrastructure, and develop high-quality human resources to proactively welcome a new investment wave associated with effective participation into global value chains and transfer of advanced and environmentally friendly technology.

Boosting domestic and foreign trade and investment promotion activities in new forms to enhance the introduction of the market potential and attractivenessof the Vietnamese economy will be focused, thereby helping businesses expand their markets and network of trade partners, attracting high-quality investment projects.

Deputy Prime Minister Pham Binh Minh said that the new normal would create both intertwined opportunities and challenges, requiring the Government, the business community and the entire society to have new approaches, ways and measures in policy direction, administration and planning, as well as in formulating and implementing strategies and plans on socio-economic development, investment and business.

That is especially important when Vietnam prepares to enter the period of implementing the new socio-economic development strategy with the implementation of the Socio-Economic Development Strategy and Plan towards rapid, strong and sustainable development. The business community will be the core force to contribute to the successful implementation of the above Strategy and Plan.

The Forum will strongly promote its role as an important channel for policy dialogue between the business community and the Government; enhancing the spirit of creativity, innovation and breakthrough to frankly exchange, carefully analyze opportunities and challenges posed in the new normal, thereby making practical and feasible policy recommendations to help the Government make decisions to create the most favorable environment for the business community to recover and develop further in the coming time.

The Deputy Prime Minister requested the leaders of the ministries and line ministries to listen to and absorb the recommendations of the business community with a spirit of keeping learning and constructive attitude;actively exchanging and responding to concerns of the business community with the spirit of "win-win" for the common development goal of the country;continuing to make Vietnam an attractive and reliable investment and business destination for investors.

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