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Vietnam Today

PM addresses ViEF plenary session

Released at: 17:16, 02/05/2019

PM addresses ViEF plenary session

Photos: Quang Phuc (VET)

Prime Minister Nguyen Xuan Phuc addresses plenary session of Vietnam Private Economic Forum.

by Minh Do

The plenary session of the Vietnam Private Economic Forum 2019 (ViEF) was held on the afternoon of May 2 at the National Convention Center in Hanoi after six seminars were held in the morning.

The major dialogue was attended by Prime Minister Nguyen Xuan Phuc, Mr. Nguyen Van Binh, Head of the Central Economic Committee, Deputy Prime Minister Truong Hoa Binh, Deputy Chairman of the National Assembly Phung Quoc Hien, and nearly 50 members of the Party Central Committee, including ministers, deputy ministers, and provincial leaders. Mr. Nguyen Thien Nhan, Secretary of the Ho Chi Minh City Party Committee, and Mr. Hoang Trung Hai, Secretary of the Hanoi Party Committee, attended as guests.

In his opening address, Prime Minister Nguyen Xuan Phuc said the consistent policy of the State is to build a multi-component economy. In the presence of numerous leaders, local central agencies, international visitors and scientists, more than 2,500 entrepreneurs will address obstacles and removing barriers and challenges.

Prime Minister Nguyen Xuan Phuc addresses the conference

After more than 30 years of renovation, Vietnam has witnessed many economic achievements, with 2018 being the fourth consecutive year newly-established enterprises have had record amounts of capital. The private sector creates more than 42 per cent of GDP and many businesses have affirmed their brands and are trusted by customers.

Though there has not been a full assessment made, the past two years have shown that the private sector aspires to rise. “The sector has a very important role in the economy and needs to find a way to activate it better,” the Prime Minister said.

Two years out from the next Party Congress, the Forum is an opportunity for the government to listen to comments on further developing private enterprises, he added.

He also suggested issues to promote the interests of the business community. These are how small businesses can reach the world and millions of individual business households can create advantages for themselves and society. It is a difficult problem but a desire to reach major markets and conduct innovation will be an important driving force.

The Prime Minister also answered the question “To make private businesses grow, what decisions does the Prime Minister and the government have to make for startups to grow stronger?” In recent years, the government and the Prime Minister have discussed innovation with universities and young businesses. “Our country has a new startup movement that has been successful but is not strong,” he told the gathering. “In the coming year, we will decide how to make starting a business better.”

In terms of human resources, it is necessary to focus on quantity and quality, meeting the requirements of Industry 4.0, opening new industries, and introducing new trends in education such as artificial intelligence. This will also attract and retain investors.

In terms of infrastructure, the government and ministries are focusing on smart telecommunications infrastructure.

In terms of markets, new ones must be created and changes made to the procurement of product innovation and the testing on new business models.

The Prime Minister also said that the government has recently approved the project “Supporting the ecosystem of national innovation”, establishing innovation and creative centers. The government will approve a national digital transformation project this year, setting a foundation for successful startup models.

Prime Minister Nguyen Xuan Phuc visits the Exhibition of Private Economic Achievements 2019

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