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Private sector is vital for Vietnam’s economy
Nguyen Tung 10:46, 2017/12/12
Since the beginning of the year, Vietnam’s business environment has been transformed progressively, while institutional reform and private sector development are important for economic growth.
This was statement of the Chairman of Vietnam Chamber of Commerce & Industry (VCCI) Dr. Vu Tien Loc at a press conference before the opening of Vietnam Business Forum (VBF)  2017 on December 12. As such, the Prime Minister Nguyen Xuan Phuc is expected to participate in the event. In particular, this year VBF 2017 will mark the 20th anniversary of VBF Vietnam.


2017 is also marking 30 years of foreign investment in Vietnam and the birth of the Law on Foreign Investment. With this being said, in 20 years, VBF has been effective companion for the Vietnamese government and the business community in general. 

According to Mr. Vu Tien Loc, Vietnam is one of the few countries in the world having annual discussion between business community and the government through VBF’s mechanism. Therefore, VBF will continue to play a helpful and constructive role, not just to complain but to also work to identify and implement solutions, and be a strong advocate for a better business environment and a stronger private sector in Vietnam. 

Looking back for a period of 20 years, there have been many recommendations from the business community being resolved, many solutions to improve the business environment were submitted to the Vietnam’s government. As such, significant achievements in attracting foreign investment to Vietnam are partially thanks to these VBF. “Never before has the role of enterprises being highly regarded as present, and for the first time private sector is seen as important driving force” – Loc said. 

Many government’s resolution to facilitate the development of enterprises, improving the competitiveness and national business environment such as Resolutions 19 and 35. “Policies and regulations of the government are aimed to encourage private sector development, improving business environment. Provinces/cities have committed and determined to achieve the target of facilitating new enterprises establishement”.

On the global scale, Vietnam’s ranks in world measures such as Doing Business of the World Bank or the Global Competitive Index of the World Economic Forum (WEF) have increased. In previous VBFs, Mr. Loc once said the private sector was not having appropriate attention, but this year, the business community has been transformed progressively. “Private enterprises have a stronger belief in future development” – Loc revealed. 

Under the government’s pressure, there are strong transformation from ministries and administrative agencies from all levels. As such, government agencies have been actively reducing business conditions and reforming administratrive procedures. For example, the Ministry of Industry & Trade has announced plan to cut hundreds of business conditions recently. 

In provincial level, there have been numerous discussion between government agencies and enterprises to remove difficulties and support them in business operation. With the government’s action and determination, business enteprises have been optimistic about the business environment in the coming time. VBF Vietnam will continue to be the companion for government in future, as the trend of reform and improving business environment are inevitable at all level of administrative agencies. 
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