Gov’t expects private sector’s higher GDP share

Private businesses were asked to improve competiveness and spare no effort to make up 50-60% of GDP, said PM Nguyen Xuan Phuc while concluding the second Viet Nam Private Sector Forum (VPSF).

At the forum, PM Phuc directly listened and responded to issues of concern on digital economy, agriculture, and tourism presented by businesses.

Mr. Phuc finalized that business confidence outcomes conducted at the VPSF signaled positive and improved signs.

The PM asserted the Government commits to making itself a constructive one which stands by businesses; protects legitimate rights of investors in line with WTO's principles, bilateral agreements.

According to Mr. Phuc, in the context of a constructive and active Government, the private sector must be innovative and unceasingly transform; raise competitiveness; avoid complacency; and strive for higher contribution to the national economy (50-60% of GDP)

Enterprises were urged to set far-sighted visions; rearrange production and activities in areas which the world has high demand, including agriculture, foodstuff, consumption goods, and tourism instead of opting to work as providers or subcontractors for big businesses.

Enterprises were asked to take active steps to beef up international cooperation via technological transfer, production, and goods consumption.

The Government would continue to improve the business environment towards equality, transparency, safety and create every condition for private enterprises, SMEs, start-up businesses to develop, affirmed PM Phuc.

Ministries, agencies, and localities were asked to listen to and make periodical talks with the private sector; timely resolve pressing issues especially amidst the fourth industrial revolution.

Localities were proposed to promote unity; share experience to uphold specifically competitive advantages; and prepare resources in land, infrastructure, and specific mechanisms as well as policies for investors.

They were asked to reclaim land, natural resources, policies, and mechanisms from weak investors and offer chances for competent investors who commit to do long term business and stand by localities and the Government.

Commercial banks were assigned to facilitate capital access for businesses and learn about business processes and challenges.

Private enterprises were asked to unite and uphold advantages; prepare for possible challenges; and participate in the international integration./.

Source: Online Newspaper of the Government of the Socialist Republic of Vietnam