First Vietnam Private Sector Forum opens in Hanoi

By Toan Dao   June 4, 2016 | 08:06 am GMT+7

More than 500 local private companies have gathered in Vietnam Private Sector Forum, which is held for the first time in Hanoi on Friday.

The forum is organized as the government considers the private sector as the driving force for the country’s development. Deputy Prime Minister Vuong Dinh Hue, other government officials and representatives from foreign organizations also attended the event.

Deputy Prime Minister Vuong Dinh Hue (standing) at the forum. Photo by VGP/Nhat Bac

Deputy Prime Minister Vuong Dinh Hue (standing) at the forum. Photo by VGP/Nhat Bac

Under the theme “Challenges, solutions and competitive advantages for Vietnamese private companies”, the attendants has discussed 10 topics including digital economy, agriculture, occupational training, distribution and logistics, financial market and capital mobilization, supporting industry, clean energy and energy saving, integration and globalization, start-ups and creativity, sector integration.

Information from the private sector and foreign partners at the event will be used in upcoming government’s proposals to the National Assembly in a bid to support private sector development in Vietnam with the target to have at least 1 million companies by 2020, the government said in a statement on Friday. Currently Vietnam has about 528,000 companies.

Addressing at the forum, Deputy Prime Minister Hue said the government pledges to continue improving business environment, creating favorable conditions for small and medium enterprises (SMEs) and startups to develop. The government is ready to hold regular dialogues with private companies to tackle any issues that they may face with. But Hue also emphasized that the government only provides its transparent support to those who “have potential to grow, can stand on their own feet and can develop through their creativeness”. He advised private companies to take advantage of the government’s supporting policies to develop.

The government will also allocate resources ‘in line with the market’, create equal access to the resources as well as enhance monitoring the use of the resources. Priority is placed on selling government ownership in state-run enterprises and pushing for more transparency in their operations. Private companies are allowed to operate in the sectors where they are highly competitive, according to the Deputy Prime Minister.

Along with the restructuring of the state-run enterprises, the government will issue policies to help develop startups and SMEs by operating a fund for SMEs as well as connecting foreign capital resources to support startups.

Hue reaffirmed the government’s commitments to further push for administrative procedure reform, relieve companies of ‘unofficial fees’ and ‘not to criminalize civil relations’.

Apart from business environment, the government will also speed up the process to remove obstacles in various markets including commodity and services, finance, labor, real estate and science and technology.

Issues discussed in the forum will be reviewed by the government with the goal to issue policies to support private companies’ growth as soon as possible, Hue said. He suggested the forum should be held annually.

In late April this year, Prime Minister Nguyen Xuan Phuc chaired his first business meeting with around 1,000 people in Ho Chi Minh City and met online with about 10,000 people across the country, including government officials and representatives from local and foreign companies.

 
 
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