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Official Gazette

Saturday, August 13, 2022

PM urges firms to grasp opportunities arising from technology

Updated: 10:00’ - 03/05/2019
Prime Minister Nguyen Xuan Phuc urged firms to promptly grasp opportunities brought about by modern technology and markets in his address to the plenary session of the Vietnam Private Sector Economic Forum 2019 held in Hanoi on May 2.

He said making tireless efforts to seek new technologies, markets, materials while renewing operations and management is an important virtue of an entrepreneur, adding that integrity, along with patriotism, social responsibility and business ethnics are also needed.

The Vietnamese economy could be strong only when its firms become competitive globally, he said. 

Prime Minister Nguyen Xuan Phuc at the event__Photo: VNA

The PM described the private sector as one of the important driving forces of the economy, as the sector contributes nearly 42 percent of the national GDP, 30 percent of the State budget and employs nearly 85 percent of the workforce nationwide. 

Citing the role of the private sector in countries successful in economic reform, PM Phuc requested that agencies and administrations at all levels should try to further promote the sector’s role in Vietnam.  

He highlighted two groups of issues that need to be addressed promptly, one of which is how to help domestic enterprises, most of which have small scale, compete on the global market and millions of individual business households to shift to the company models to benefit themselves and society.

The second is how to create breakthroughs in removing the obstacles in the business environment such as the lack of mechanisms and policies for new business models, digital and sharing economy, manufacturing industry and organic agriculture. 

In his dialogue with enterprises on the occasion, the PM underlined the key words for the development of the private sector, which are “creating equality,” giving them “protection”, “encouragement” and “opportunities.”

The PM vowed to create favorable conditions, the space, resources and opportunities for the private sector. 

According to him, the government will build legal mechanisms, human resources, infrastructure and market to facilitate start-ups, especially in information and communications technology, multimedia and artificial intelligence, as well as issuing better incentives to attract angel investors. 

Further attention will be paid to smart telecom infrastructure, including 5G network, cashless payment, and other technical infrastructure, he said.

The PM informed that the government had approved a national support project for start-up ecological system and innovation till 2025, including establishing national start-up centers. It is due to adopt a national digital transformation project this year in support of start-ups.-(VNA/VLLF)


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