New PM to meet private sector in bid to remove business hurdles

By Toan Dao   April 19, 2016 | 06:45 pm GMT+7

Prime Minister Nguyen Xuan Phuc plans to hold his first meeting with private businesses later this month as part of his agenda to clear barriers facing enterprises and improve business environment, according to a government statement on Monday.

Restoring business confidence is one of the priorities Phuc laid out at his first working meeting with his new cabinet earlier this month, where he stated the government is determined to support enterprises that are struggling to survive in the current climate.

Data from the General Statistics Office shows that 20,044 companies temporarily suspended operations in the first quarter of this year due to business difficulties, rising 23.9 percent year on year. GDP growth in Q1 stood at 5.46 percent, lower than the 6.12 percent recorded in Q1 last year. The number of dissolved enterprises rose to 80,858 in 2015 from 60,737 in 2013.

The PM has asked Ministry of Planning and Investment and the Vietnam Chamber of Commerce and Industry to invite 300 private enterprises, 50 foreign-owned companies and 20 business associations including the American, European, Japan and Korea chambers of commerce.

Ministers of public security, planning and investment and finance, along with chairs of Hanoi and HCM City people’s committees, will attend the meeting.

Government agencies are working on outlines of current bottlenecks the private sector is facing and its proposed solutions. 

In the statement about the upcoming meeting, the government promises "to remove hurdles" for the private sector.

"When it comes to economic development, enterprises have to come first. Therefore, we need to provide the most favorable conditions for investors and enterprises to strive. In the coming time, we will try our best to be in the top 4 countries with best business environment in ASEAN," said Phuc last Sunday in Quang Tri central province.