VBF 2017: dialogue for development

Thousands of recommendations were raised during 40 VBFs

Today, the twentieth annual Vietnam Business Forum (VBF) took place in Hanoi under the co-chairmanship of Minister of Planning and Investment (MPI) Nguyen Chi Dung, World Bank country director Ousmane Dione, IFC senior country manager Kyle F. Kelhofer, and VBF board member Hirohide Sagara.

Prime Minister Nguyen Xuan Phuc also attended and talked at the forum.

Lauding VBF’s contributions over the past 20 years, Minister Dung said that VBF has become a key platform of policy dialogue between the Vietnamese government and the local and foreign business communities.

The minister went on to talk about VBF’s contributions to creating a favourable business environment that attracts private sector investment and stimulates sustainable economic growth. Simplifying administrative procedures and enhancing the legal system aims to implement international practices, enhance transparency, and promote equality for all businesses—all to facilitate businesses’ evolution in Vietnam.

“During these two decades, VBF has posted significant achievements in the public-private dialogue, reinforced the business community and investors’ belief in Vietnam’s business climate. This forum has become a good model and experience for other countries to apply,” confirmed Nguyen Chi Dung.

Highly appreciating VBF’s contributions to Vietnam’s development, PM Phuc affirmed that the economy has been developing sharply, reaching good outcomes in all fields and fulfilling the goals set forth in all 13 indicators. GDP growth hit 6.7 per cent in 2017, the highest growth over the last ten years.

"Faith, excitement, and the spirit of innovation, entrepreneurship is spreading across the whole society," said the PM. "The number of newly established enterprises this year will reach a new peak, with more than 120,000, carrying newly registered and additional capital of over $132 billion"

“Each dollar of investment capital in the economy not only benefits businesses but is also a "vote of confidence" for the government, a sign of appreciation for its efforts to reform all levels and sectors of the economy. It is also a source of encouragement for the government and the business community to jointly develop in the common house of Vietnam,” emphasised PM Phuc.

Concerning the policy and legal framework, MPI has provided advice to the government on issuing many important resolutions, such as Resolution No.01/NQ-CP on major tasks and solutions guiding and directing the realisation of the plan for socioeconomic development, Resolution 35/NQ-CP to support and develop enterprises by 2020, as well as Resolution 19 to continue improving the business environment and national competitiveness.

Therefore, Minister Dung committed to collaborating with related agencies to accelerate the process of reviewing and removing 30-50 per cent of business conditions and administrative procedures, which are currently hampering investment and business.

At the forum, representatives of the business community have made various recommendations to improve productivity and other factors to strengthen industries, facilitate private funding to improve fiscal conditions, enhance business environment for private businesses to achieve breakthroughs. Almost all recommendations were acknowledged by Vietnamese ministries and branches and contributed to reform and build up macroeconomic development policies.

"Rules, integrity, and seizing opportunities for innovative and sustainable development" is expected to be the theme of VBF 2018.

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