Vietnam determined to ensure healthy, ethical markets: PM

"The Communist Party and the State will protect businesspeople of integrity but will not tolerate wrongdoing and fraud that undermine the trust and assets of citizens and erode the culture, mortality and reputation of investors and businesses," he said Wednesday morning at the Vietnam Entrepreneur Day (October 13) celebrations.

The government has cracked down on several major frauds and violations in the private sector this year, with leaders of property developers Van Thinh Phat, Tan Hoang Minh and FLC arrested for alleged fraud in the bond and stock markets.

Chinh reiterated the Party’s target to have at least two million businesses by 2030 and for the private sector to contribute 60-65% of GDP.

Amid the negative forecasts about the global economy and rising inflation in many countries along with supply chain disruptions, natural disasters and diseases, Vietnam will likely face more challenges than opportunities, he said.

But the government will support businesses with innovative management and building a light and efficient system, the PM said.

It will implement many solutions to ensure macroeconomic stability, control inflation, boost growth and maintain economic balance, he said.

It will also create favorable conditions for businesses to have fair access to resources and allow private companies to participate in infrastructure projects via public-private partnerships, he added.

Tran Ba Duong, Chairman of the Truong Hai Auto Corporation, said on behalf of businesses in the country that Vietnamese entrepreneurs will display their patriotism and responsibility with practical actions.