Running with the theme of "Restoring the economy and developing supply chain in the new normal", the Vietnam Business Forum presents an opportunity for the business community to propose solutions to carry out the Government’s Resolution on the Socio-Economic Development and Recovery Program.
Prime Minister Pham Minh Chinh attended and gave an important speech on February 21 at the annual Vietnam Business Forum organised by the Ministry of Planning and Investment in collaboration with the World Bank, the International Finance Corporation (IFC) and Vietnam Business Forum Alliance.
The purpose of the forum is to identify the responsibilities of State management agencies and the community in improving the local business investment environment, thereby promoting the development of the private sector and making positive contributions to the nation’s sustainable development moving forward.
It also indicates the companionship of both the Government and the business community to overcome difficulties, stabilise, and restore both production and business activities.
During the course of the conference, Minister of Planning and Investment Nguyen Chi Dung said that in 2021, with the participation of the entire political system, co-operation, consensus, support of the people and business community, friends, and international partners, the nation was able to yield important results.
Prime Minister Pham Minh Chinh attends the event
The macro-economy continued to remain stable, coupled with controlled inflation, with major balances of the economy being ensured. Import-export turnover surged by 22.6% to reach roughly US$670 billion, the highest figure ever, thereby making the nation one of the 20 largest trading countries in the world. In addition, FDI attraction in 2021 also saw a sharp increase of 9.2%.
From being a country with a very low vaccination rate, the nation has now become one of the six countries boasting the highest vaccination coverage rate globally. From October, 2021, the nation moved to change its position to the safe, flexible adaptation, and effective control of the COVID-19 pandemic, thus facilitating greater socio-economic recovery and development.
This indicates that the nation has caught up with and actively participated in major global trends, such as safe adaptation, door opening; recovery and development; green and digital transformation.
In the context of local businesses continuing to face difficulties and challenges caused by the strong outbreak of the fourth COVID-19 pandemic wave, the Prime Minister has issued a series of policies and solutions aimed at removing difficulties in production and business activities.
Minister of Planning and Investment Nguyen Chi Dung
The Government and PM Chinh have always paid close attention to listening and sharing to the business community, demonstrated by a host of conferences, dialogues, and meetings held in recent years.
In general, the implementation of policies and solutions which serve to support enterprises over recent times has been recognised and appreciated by the business community as this has contributed to alleviating the difficulties that they are suffering. It has also helped firms to maintain and stabilise production, business activities, and jobs for employees.
However, through monitoring and summarising recommendations presented by the business community, there remain some limitations and shortcomings in the implementation of policies and solutions to support businesses. The implementation of some policies therefore remains quite rigid and inconsistent in some localities, causing difficulties for beneficiaries.
In his speech at the forum, PM Chinh said that Vietnam will take a score of measures to recover the supply chains as well as business and production activities, while accelerate administrative reform, and developing different factors serving production such as capital, land, resources and science-technology markets.
The Vietnamese Government will make every effort to create an equal environment for all economic sectors, he underscored, saying that the country encourages private and foreign investments in the fields of high technology, support industries, smart agriculture, environmental protection, renewable energy, infrastructure building and social welfare.
Vietnam will utilize advantages from free trade agreements, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), EU-Vietnam Free Trade Agreement (EVFTA), and Regional Comprehensive Economic Partnership (RCEP) to expand markets and diversify business partnership, while strictly handling smuggling and trade fraud, he said.
He also asked ministries, sectors and relevant agencies to collect ideas from the business community and respond to their feedback.
He voiced his hope that the business community will continue to join hands with the Vietnamese Government and people to effectively carry out socio-economic targets for this year.
During the course of the forum, various representatives presented reports on the business community's contributions to economic recovery, role, and responsibilities of enterprises within the supply chain.
These reports focus on improving domestic production capacity and supporting industries, developing industrial clusters and value chains, whilst also enhancing linkages between foreign and Vietnamese enterprises.
Representatives of relevant ministries, sectors, and agencies gave feedback to the proposals and recommendations of business associations, while also giving an explanation on applying legal regulations related to investment and business. This is along with specific instructions on investment processes and procedures in order to create favourable conditions for enterprises when doing business in the country.
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