Cut red tape to help businesses thrive: PM

He was addressing a meeting between Cabinet members and state-owned enterprises Thursday after the Ministry of Planning and Investment reported that most sectors of the economy were languishing due to rising inflation, a plunge in orders from large export markets, and delays in public investment disbursement.

The Vietnam’s Purchasing Managers’ Index, which measures the country’s manufacturing activity and industrial health, has reported dismal figures throughout most of the year that have only recently seen slight improvements, according to reports from the meeting.

The S&P Global Vietnam Manufacturing Purchasing Managers' Index (PMI) moved back above the 50.0 mark for the first time in six months during August. At 50.5, the index was up from 48.7 in July and pointed to a marginal monthly improvement in business conditions in the sector.

Prime Minister Chinh said Vietnam requires a manufacturing revival and thus needs to prioritize it’s three main pillars of growth: investment, exports and consumption.

"Government bodies need to be bolder in making breakthroughs and escaping tardiness," said the PM

Chinh also called on banks to give state-owned enterprises more access to credit. He ordered authorities to meet with businesses representatives regularly every three months to understand their challenges and struggles.