Businesses play key role in socio-economic development: MPI Minister

(MPI) - The business community, particularly private enterprises, play an important role in the country's socio-economic development, said Minister of Planning and Investment Nguyen Chi Dung at a meeting in Hanoi on September 21 between the Government and enterprises on measures to boost the country's socio-economic development.

Minister of Planning and Investment Nguyen Chi Dung speaks at the conference. Photo: VGP

Emphasising that the Government, the Prime Minister, ministries, sectors and localities always support and accompany with businesses to carry out new and difficult tasks, Minister Dung expressed his hope that enterprises continue upholding their pioneering spirit and join with the Government to successfully realise the country's development goals with a motto of "businesses' success are also the country's success".

Vietnamese enterprises and entrepreneurs, as major production and economic drivers, always play pivotal roles. After nearly 40 years implementing "Doi moi" (Renewal) and numerous policies and guidelines of the Party and the State, currently Vietnam has more than 930,000 operating businesses, of which 98% are small and medium-sized, with 14,400 cooperatives and more than 5 million households.

In 2023, the private sector contributed about 46% of the country's GDP, generating 30% of State budget revenue, and creating jobs for 85% of the labourers. This is a large force that has accumulated sufficient capacity in terms of capital scale, technology level and corporate governance, with brands reaching out to regional and international markets, becoming important driving forces of the economy such as Vingroup, Thaco and Hoa Phat.

A number of large private firms have proactively transformed, taking bold steps towards new industries, innovating its growth model by focusing on green and circular growth, and gradually becoming a leading force that drive many important industries and sectors. Thousands of SMEs and households have benefited from business links with these leading enterprises.

Stating that the world is now witnessing many major changes, the creation of new industries, and changes in policies of major economies, leading to the shift in investment flows and adjustments in the structure of trade and investment, Minister Dung said that this poses both risks and challenges but at the same time, brings new opportunities and fortunes to countries, setting new requirements for the the development orientation.

Overview of the conference. Photo: VGP

"Not only we strive to achieve development targets but also to reach green and sustainable growth. It is also essential to both develop traditional business sectors, and focus on attracting investment and creating breakthroughs for pioneering industries; growth based on science, technology and innovation, promoting new growth drivers coming from the circular economy, digital economy and new economic models", he added.

To successfully carry out the above-mentioned goals and tasks, at the same time address difficulties and obstacles and maximise the potential and leading role of private enterprises, especially large ones, Minister Dung suggested ministries and sectors to implement key tasks to stabilise macro-economy, control inflation, ensure major balances of the economy, create a favorable investment and business environment, and offer fairness in access to resources and support policies.

He called for perfection of mechanisms, policies and laws, and a favorable and transparent environment to implement large-scale and hi-tech projects, at the same time focusing on reviewing overlapping policies and legal regulations; listen to and amend business conditions, standards and technical regulations that are no longer suitable to reality, thus soon settling difficulties facing businesses.

The minister urged major enterprises join with State-owned corporations to invest in new areas that meet the requirements of shifting towards green, circular growth and sustainable development trends such as electric vehicles, semiconductors, artificial intelligence (AI), hi-tech agriculture and net-zero emissions. At the same time joining hands in completing key projects such as the North-South high-speed railway, urban railway, Vientiane-Hanoi expressway, Vientiane-Vung Ang railway and renewable energy and offshore wind power.

Minister Dung asked Vietnamese businesses to take the pioneering role in innovation, digital transformation, and application of science and technology; international integration and FDI investment; effectively tapping the country's resources; research and implementation of breakthrough socio-economic policies along with social security; high-quality human resources training and smart governance./.

Bao Linh

Ministry of Planning and Investment

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