PM sets forth measures to improve productivity at VDF 2017

VGP PM Nguyen Xuan Phuc stressed the need for resolutely reforming the State-owned enterprises at the Viet Nam Development Forum 2017 held on December 13 in Ha Noi.

Speaking at the event, the PM stressed that Viet Nam needs more support and consultancy from development partners, business community, foreign and domestic specialists to seek for suitable solutions and policies in the content of the fourth industrial revolution.

He proposed five measures to improve productivity and create leverage for sustainable development in the future.

Firstly, the nation is drastically reforming the banking system and financial market in a larger-scale, more transparent and competitive manner through such activities as enhancing the capacity of small and medium-sized enterprises, farmers and ethnic minorities in getting access to credits and loans.

Secondly, the Vietnamese Government encourages businesses and social resources to invest in education and training to upgrade labor skills and levels.

Other issues under Viet Nam's concerns are wage reform and economic restructuring. The nation is relocating the workforce from the agricultural sector, which accounts for 42% of the total labor force, to the industrial and service sectors.

Thirdly, the Government has raised the Total-Factor Productivity(TFP) by pouring more investment in science, applying advanced technology, increasing criteria for research and development, upgrading infrastructure, smart connection, boosting reform of legal institutions, accelerating State management capacity, improving the business environment and reducing transaction costs for the economy as well as upholding people and business' spirit for renovation.

Fourthly, the country is actively enhancing international integration in the spirit of strengthening internal forces, overcoming challenges and effectively exploiting opportunities from Free Trade Agreements.

Fifthly, the Vietnamese Government will consistently maintain socio-economic sustainability, stabilize the macro-economy, uphold democracy, struggle against corruption and successfully realize 17 sustainable development goals of the United Nations.

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