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Official Gazette

Wednesday, January 22, 2020

Government furthers support for enterprises

Updated: 17:00’ - 17/05/2016
>>Nation looks to improve business climate and competitiveness

From now to 2020, enterprises, particularly private ones, will play the key role in increasing competitiveness and independence of the economy.

Vietnam is set to have one million enterprises by 2020__Photo:

This is set forth in Government Resolution No. 35 dated May 16, on support and development of enterprises by 2020.

Accordingly, Vietnam is set to have one million enterprises by 2020, including large-sized and capital-intensive ones.

The private sector is expected to make up 48-49 percent of the gross domestic product (GDP) and 49 percent of total investment.

In addition, the total factor productivity is set to account for around 30-35 percent of GDP, and the social labor productivity is expected to increase 5 percent annually.

The Government highlights the importance of administrative reform to facilitate enterprises, urging related state agencies to implement Government Resolution No. 19 dated April 28, on major tasks and solutions to improve the business environment and national competitiveness during 2016-17, with a vision towards 2020.

It requests provincial-level People's Committees to hold dialogues at least twice a year with the enterprise community and the press and set up hotlines and online Q&A meetings on their e-portals.

Within 2016, the Ministry of Finance must work with related ministries and agencies to draft and submit to the Government a report for submitting to the National Assembly a resolution solving difficulties of enterprises. It is also directed to propose enterprise income tax reduction for small- and medium-sized enterprises. The Ministry will cut down half of the current personal income taxes for employees in the fields of information technology, and hi-tech agriculture and agricultural processing.- (VLLF)

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