Prime Minister pledges to create fair and friendly business environment

Wednesday, 2017-05-17 09:38:40
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Prime Minister Nguyen Xuan Phuc at the conference with the business community
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NDO - Prime Minister Nguyen Xuan Phuc has vowed that the Vietnamese government would continue to create a fair and friendly business environment as well as take action to enhance the competitiveness of Vietnamese enterprises.

The pledges were made on May 17 in a meeting with the business community which drew over 2,000 delegates to the National Convention Centre in Hanoi, and thousands more via teleconferencing.

PM Phuc said reforms would be made in a way to ensure equal opportunities in all economic sectors, in which equitisation of State-owned enterprises would be expedited to reallocate resources to more efficient enterprises.

In addition, the government would continue to streamline current regulations to reduce costs and other regulatory burdens for enterprises.

In his concluding remarks at the conference, PM Phuc emphasised the spirit of turning words into action by announcing that he had just signed a directive forbidding authorities from inspecting enterprises more than once a year.

He assured investors and entrepreneurs that his government would not only ensure their freedom to do business and innovate, but also protect their assets and capital so that they can expand their business activities.

This is the second time that a conference between the PM and enterprises has been held.

After the first meeting held in Ho Chi Minh City last year, the government issued a resolution known as Resolution 35, outlining measures to support and develop enterprises.

According to the Vietnam Chamber of Commerce and Industry (VCCI), 75% of surveyed enterprises consider Resolution 35’s measures as fairly positive, positive and highly positive while only 25% say they have not felt any positive impacts from these solutions.

VCCI said the resolution has bolstered the confidence of the business community, which is evident in the number of newly established enterprises hitting a record high of more than 110,000.

International organisations have also recognised Vietnam’s improvements in the past year.

According to the World Bank, Vietnam jumped nine places in the rankings on the ease of doing business while a Jetro survey shows that Vietnam remains an important investment destination for Japanese businesses.

In April, the credit ratings agency Moody’s upgraded Vietnam’s outlook from stable to positive, citing strong FDI inflows fostered by on-going economic reform and Vietnam’s stable macroeconomic environment.