Viet Nam is trying to improve itself: PM

November 07, 2017 | 15:34

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Prime Minister Nguyen Xuan Phuc has said that Viet Nam is exerting efforts to improve itself, aiming to continue to be a trustworthy and promising business partner of countries as well as in the international business community.

Photo: VGP

The Government leader made the statement while addressing the Viet Nam Business Summit (VBS) 2017 that opened in the central coastal city of DaNang on the morning of November 7.

He cited the survey data collected by AmChamSingapore in September 2017 that up to 56% of the businesses surveyed considered Viet Nam as their best trade partner.

By implementing extensive economic reforms, Vietnam’s gross domestic product (GDP) has grown at an average annual rate of 7%, with the country’s income per capita in 2017 increasing by roughly US$2,300 (approximately US$6,800 as calculated by the Purchasing power parity), he said.

The PM noted that the rapidly growing income has made an increasing number of Vietnamese people into the middle class, thence changing the consumption structure of the economy and opening up opportunities for investors to seize and catch that changing trend.

As predicted, by 2020 Vietnam will join the leading group of the region with regards to the number of mobile users, he said, emphasising this as an important foundation and a big opportunity to help potential investors easily connect their products and services to the potential customers in Viet Nam.

PM Phuc affirmed the determination to build a growth enabling and action- oriented Government in service of the people and businesses, whilst clearly announcing a number of the Government’s directions in the time ahead.

Accordingly, Viet Nam will focus on developing the healthcare and educational systems, bridging the income gap, and improving the social security network aiming to protect the vulnerable residential groups from negative shocks, he stated.

The country will also develop the startup and innovative economy via supporting and creating favorable conditions to foster and realize startup initiatives, the PM said, calling for the engagement of investors in the process as well as the establishment of more startup support funds and venture capital funds in Viet Nam.

In addition, Viet Nam will reform its tax policies in orientation towards improving the economy’s competitiveness, towards transparency, equality and efficiency in line with the high standards set by the Organization for Economic Co-operation and Development, he affirmed.