PM Phuc underscores capital investment in the economy

On the theme “VBF-20 years of contributions towards socio-economic development goals by 2020”, the forum examined ways to increase productivity, promote private sector investment, improve business environment, and create favorable conditions for businesses.

In his speech, Prime Minister Phuc said the 4th industrial revolution is creating numerous opportunities for investors in Vietnam, adding that the country intends to sign a free trade agreement with the European Union, the Comprehensive and Progressive Trans Pacific Partnership Agreement, and the Regional Comprehensive Economic Partnership in the next two years.

The government is changing its management to create a favorable investment environment and digitizing public services to boost national growth. It will focus more on improving infrastructure, creating smart links, and reducing costs for enterprises and the economy, the government leader said.

“The government is fine-tuning institutions and policies towards increasing transparency, health, safety, and effectiveness, promoting law and governance, enhancing state governance and macro-economic management to maintain growth, and ensure social progress and people’s incomes. The business community provides momentum and a vehicle for the government to realize its vision and aspirations,” Mr. Phuc noted.

Minister of Planning and Investment Nguyen Chi Dung said that over the past 20 years, straightforward dialogues between the government and domestic and international investors have produced positive effects. His ministry will continue to counsel the government on cutting down troublesome administrative procedures for investment to meet the standards of the Organisation for Economic Co-operation and Development.

At the forum, international organization representatives and investors highly appreciated markedly improved investment environment in Vietnam and the country’s efforts to revise the Investment Law and Enterprise Law, which have received great acclaim from the business community.

However, they also underlined the need to improve regulations on public-private partnership (PPP) or land management, noting that if domestic enterprises get behindhand in joining production chains of FDI enterprises, they will find it more difficult to ensure their sustainable development.

Investors also expressed their keen interest in attracting the private economic sector’s greater investment in infrastructure.

Mr Vu Tien Loc, President of Vietnam Chamber of Commerce and Industry (VCCI) praised the government’s efforts to cut down some fees and charges that should have been abolished earlier.

Tomaso Andreatta, Vice President of the European Chamber of Commerce (EuroCham) proposed cutting down costs for enterprises, including unofficial costs and reducing overlapping or contradictory requirements of administrative units that have caused financial or tax wastage.

The VBF is a dialogue mechanism between the government and domestic and international businesses aiming to spur the development of the private sector and contribute to Vietnam’s economic growth.

VOV