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PM Phuc: Tectonic government must take initiative in coping with world changes
Anh Kiet - Huong Thanh 09:46, 2017/11/08
Tectonic government is the one serving the people and businesses, Prime Minister Nguyen Xuan Phuc made the statement while addressing the Vietnam Business Summit (VBS) 2017 in the central coastal city of Da Nang on November 7 morning, the second day of the APEC Economic Leaders’ Week.
In his opening speech, the PM extended his best regards to the delegates, representatives from organizations and businesses, experts and investors, from both at home and abroad, warmly welcoming them to the VBS 2017.

He expressed his belief that the VBS will offer participants with a true and comprehensive view about Vietnam’s economy and development policies, whilst  opening up numerous connection opportunities for successful investment and business in Vietnam, a country with huge development potential and vigorous reforms.
 
 
PM delivered keynote speech at Vietnam Business Summit
PM delivered keynote speech at Vietnam Business Summit. Photo: Hoang Nam

The VBS is an initiative of the Vietnam Chamber of Commerce and Industry (VCCI), aiming to help Viet Nam to make optimal use of the investment promotion opportunities while meeting with the leaders and chief executive officers (CEO) of leading companies in the region.

The VBS 2017, which is being held under theme “Vietnam – We Mean Business”, will focus on discussing business opportunities, with the participation of the leaders of ministries and sectors, directors of domestically and globally renowned firms, and representatives from international organizations.

The summit offers a platform for international investors to get an insight into the economic policies and the investment cooperation potential in Vietnam. Enterprises, from both at home and overseas, will meet and share information about the trade and international integration trends, as well as their cooperation experience in Vietnam and the APEC region.

Delegates at the VBS
Delegates attending the VBS

 
The VBS 2017 will focus discussion on six topics, including smart agriculture, financial services, health and education, infrastructure, tourism and exclusive economic zones, small and medium-sized enterprises, and startup and innovation.

A trade promotion exhibition, entitled “Vietnam – Trusted and Potential Business Partner”, is being held on the sidelines of the VBS on an area of approximately 1,100 square meters, featuring 80 pavilions representing 63 cities and provinces across Vietnam.

The exhibition aims to introduce Vietnamese localities and their investment incentive policies, whilst calling for investment in the sectors of agro-forestry and fisheries, industry, transport and tourism services. 

Prime Minister Nguyen Xuan Phuc has said that Vietnam is exerting efforts to improve itself, aiming to continue to be a trustworthy and promising business partner of countries as well as in the international business community.

The Government leader cited the survey data collected by AmChamSingapore in September 2017 that up to 56% of the businesses surveyed considered Vietnam as their best trade partner.

By implementing extensive economic reforms, Vietnam’s gross domestic product (GDP) has grown at an average annual rate of 7%, with the country’s income per capita in 2017 increasing by roughly US$2,300 (approximately US$6,800 as calculated by the Purchasing power parity), he said.

The PM noted that the rapidly growing income has made an increasing number of Vietnamese people into the middle class, thence changing the consumption structure of the economy and opening up opportunities for investors to seize and catch that changing trend.

As predicted, by 2020 Vietnam will join the leading group of the region with regards to the number of mobile users, he said, emphasising this as an important foundation and a big opportunity to help potential investors easily connect their products and services to the potential customers in Vietnam.

PM Phuc affirmed the determination to build a growth enabling and action- oriented Government in service of the people and businesses, whilst clearly announcing a number of the Government’s directions in the time ahead.

Accordingly, Vietnam will focus on developing the healthcare and educational systems, bridging the income gap, and improving the social security network aiming to protect the vulnerable residential groups from negative shocks, he stated. 

The country will also develop the startup and innovative economy via supporting and creating favorable conditions to foster and realize startup initiatives, the PM said, calling for the engagement of investors in the process as well as the establishment of more startup support funds and venture capital funds in Vietnam.

In addition, the PM affirmed that Vietnam will reform its tax policies in orientation towards improving the economy’s competitiveness, towards transparency, equality and efficiency in line with the high standards set by the Organization for Economic Co-operation and Development. 
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