A production line of Traphaco Company. The company has set up one of its factories with a 100ha farming area for medicinal plants in Lào Cai Province's Sa Pa Town, that employs about 600 local farming households. — Photo enternews.vn

HA NOI (Biz Hub) — Enterprises that engage in inclusive business could tap into new markets and ensure their business efficiency, according to a conference held in the capital city on Wednesday.

Ho Sy Hung, head of the Ministry of Planning and Investment's Enterprise Development Agency said it was necessary for countries including Viet Nam to facilitate inclusive business – a sustainable business model that benefits low-income communities.

Promoting this business initiative in Viet Nam would speed up the country's achievement of Sustainable Development Goals (SDGs), he said.

Viet Nam has made increasing efforts to improve the environment for inclusive business with a focus on facilitating development of the private sector and supporting small- and medium-sized enterprises.

Since 2000, the private sector has been performing a greater role in the nation's economy. In 2015 alone, the sector contributed about 48.3 per cent of the country's GDP while their investments made up 38.5 per cent of the total social investment capital.

Over past years, the sector has also created more jobs for local people including low-income earners, he noted.

Participants at the event also discussed how the momentum of SDG implementation could be leveraged to improve the environment for inclusive business at the national level.

They also underlined the need for closer co-operation to build ecosystems for inclusive business, speeding up the achievement of the SDGs.

Several firms that have been involved in inclusive business shared their stories at the event.

Ecofarm representative Nguyen Hong Quang, said his company has engaged in inclusive business by creating links between enterprises, farmers, the Government and scientists.

The company has been working to boost technology transfer and research and development activities, help farmers access soft loans and technical support besides building agriculture co-operatives, Quang said.

Meanwhile, Traphaco Group chairman Nguyen Huy Van said as a medicine manufacturer, his company has set up one of its factories with a 100ha farming area for medicinal plants in Lao Cai Province's Sa Pa Town, that employs about 600 local farming households. — VNS