CATEGORIES

© Copyright 2004; Hanoitimes - Economic and Urban Newspaper;

The tribune of Hanoi People’s Committee

Publication Permit: 29/GP-CBC

Editor - in - Chief: Nguyen Thanh Loi

Managing Editor: Ta Thu Giang

Email : thugiang@hanoitimes.vn

Head Office: 21 Huynh Thuc Khang Street, Dong Da District, Hanoi

Branch Office: 221 Tran Phu Street, Ha Dong District, Hanoi

WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Investment / News
Prime Minister Nguyen Xuan Phuc: Private enterprises should “drop off the bowlines” and “set sail”
Ngoc Thuy - Bao Ngan 12:04, 2017/08/01
Speaking at the Vietnam Private Sector Forum on July 31, the Prime Minister stressed the government determination to facilitate the private sector’s growth.
Opening his speech, the Prime Minister Nguyen Xuan Phuc quoted  the World Bank (WB) president  Jim Yong Kim as  saying that Vietnam is currently holding a bright future thanks to the executives of  private enterprises, the people  as well as geographical location. If the Vietnamese  private sector’s potentials are fully harnessed,  success will be attained, he said.
 
The Prime Minister Nguyen Xuan Phuc at the forum.
The Prime Minister Nguyen Xuan Phuc at the forum.
“I share  the WB president view. The political determination, expectation and mindset on the private sector have been  stronger and more comprehensive than ever. ” The prime minister stressed at the conference.
 
According to the Prime Minister, the private sector is a crucial driving force  for economic growth, which has been stated in the resolution of the V plenum of the XII Party’s Central Committee.  He urged barriers and prejudices on the private sector  to be removed in order for the private sector to  develop soundly and in the right direction. The government has set the target of acting to make the private sector an economic driving force.
 
Over the recent times, hundreds of trade promotions and dialogues with enterprises have been conducted. Private enterprises issue is high on the agenda of the prime minister and the government. From meetings with the private sector, policies and regulations have been issued; barriers including tax, bad debts, malfunctioning banks and unnecessary inspections have been addressed. The business environment and enterprises confidence have improved.
 
Referring to a study conducted by McKenzie consulting firm, the Prime Minister pointed out that private enterprises are three times more profitable than State-owned enterprises (SOEs). Therefore, private sector is the driving force for Vietnam’s economic growth.
 
The  government has set the principle of letting the  private enterprises to  operate in any fields they have advantages of, creating the necessary environment for them to flourish and maximize their potentials. This is the right direction toward the objective of restructuring the economy.
 
” The great writer Mark Twain once said, twenty years from now you will be more disappointed by the things that you did not do than by the ones you did so. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover” the Prime Minister said.
Comments
Other news
12:17, 2025/02/25
Vietnam eyes top 3 in investment environment in ASEAN next 2 years: Party Chief
A key objective is to trim off at least 30% of administrative procedures and cut both business costs and unofficial fees.
18:03, 2025/02/22
Vietnam attracts South Korean tech investment at SEMICON Korea 2025
The event provided a platform for Vietnam to showcase its semiconductor potential and reaffirm its commitment to developing high-tech industries and strengthening international cooperation.
16:46, 2025/02/20
Swedish group plans US$1 billion investment in Binh Dinh recycling plant
By creating a large number of jobs and promoting a green economy, the initiative is important in establishing Vietnam as a global hub for the circular textile sector.
10:52, 2025/02/13
Samsung plans to invest in AI, semiconductors in Vietnam
Vietnam will continue improving its investment environment and driving strategic breakthroughs in order to usher in a new era of economic development.
17:20, 2025/02/07
Vietnam's data center construction costs among the lowest in Asia Pacific
The country has a lot of potential to become one of the most important data markets in the region.
21:05, 2025/02/03
Bright prospects for FDI inflows into Vietnam in 2025
Market size, growth potential, low labor costs, and stable political and social conditions continue to be Vietnam’s selling points in attracting foreign investors.