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Saturday, January 23, 2021

Forum seeks ways to enhance enterprise competitiveness for global integration

Updated: 12:00’ - 02/12/2015
Administrative reform and anti-corruption work should be further improved for the country to integrate into the world economy, said Minister of Planning and Investment Bui Quang Vinh at the 2015 Vietnam Business Forum (VBF) held on December 1 in Hanoi.
Minister of Planning and Investment Bui Quang Vinh speaks at the 2015 Vietnam Business Forum in Hanoi__Photo:

He pointed to the importance of raising the competitiveness of enterprises and improvement of mechanisms and policies so that Vietnam could take up opportunities offered and overcome challenges posed by the trade agreements to which it is a member.

Vinh proposed improvement of the legal system to support domestic enterprises to enhance their competitiveness, and asked for more effective settlement of such problems as low productivity, cumbersome public administrative apparatus and corruption in the coming time.

Foreign-invested enterprises in Vietnam had grown strongly while domestic enterprises remained weak, the minister said, urging for cooperation and linkages between the two sides for the best development.

Vinh said his ministry had completed six decrees and three circulars guiding the laws on enterprises and investment, thus creating favorable conditions for enterprises in implementing these laws.

Vietnam Chamber of Commerce and Industry (VCCI) Chairman Vu Tien Loc said institutional reforms of local governments did not meet businesses’ expectations yet, citing a VCCI survey which showed that complicated administrative, customs and tax procedures were still barriers to private enterprises, especially the bigger ones.

He said local private enterprises should seek to cooperate with big multinational companies and work transparently and with innovation while the Government should support them with favorable policies.

Addressing the forum, VBF co-chairperson Virginia B. Foote, praised the significant progress in many important issues made for the business community. However, she suggested more improvements in anti-corruption, administrative reform and cash transactions between enterprises.

Meanwhile, American Chamber of Commerce Chairwoman Sherry Boger said she saw very few Vietnamese enterprises in global supply chains and rather many cases of corruption.

She suggested a limit on cash transactions but further electronic transactions as a way to fight corruption in Vietnam, while an efficient customs administration and trade facilitation are essential for domestic enterprises to join global supply chains.

The forum focused discussions on 10 groups of key issues relating to trade, investment, banking, capital market, agriculture, education and training, infrastructure and governance transparency, and human resources.- (VNS/VLLF)

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