The Viet Nam Business Forum 2018 attracts Government leaders and many representatives from domestic and foreign enterprises in Viet Nam. — VNA/VNS Photo Minh Quyet
The midterm Vietnam Business Forum 2018 between the Government and the business community began in Ha Noi on Wednesday.
Speaking at the opening ceremony, Minister of Planning and Investment Nguyen Chi Dung said 2018 marked the 30th anniversary of the first foreign investment in Viet Nam.
The Government agencies from the central to grassroots levels and the business community have been trying their best to improve the business environment, including through 21 years of co-operation through the VBF, he said.
Many legal documents were issued and many policies updated over the years to help businesses overcome difficulties, create an open investment environment and attract more investment, he said.
He noted that the domestic and foreign business communities in Viet Nam had grown together with the country in terms of both numbers and strength.
They have been an important driving force behind the country’s consistent and rapid economic growth, he said.
Dung said the country’s GDP reached US$220 billion last year, eight times the 1997 figure, and is expected to reach $300 billion in 2020.
Source: VNA
The contribution of foreign direct investment to these achievements cannot be gainsaid, he said. There are 128 countries and territories with investments of over $326 billion in Viet Nam. The FDI sector accounts for 20 per cent of the GDP, 50 per cent of industrial production and 72.6 per cent of exports, creating 36 million direct jobs and 5-6 million indirect ones.
"Technological innovation, social concern and globalisation are the driving forces behind the development of enterprises in the industry 4.0 era. It is also the basis for changes in the thinking of the Government to create a conducive business environment," he added.
Vu Tien Loc, chairman of the Vietnam Chamber of Commerce and Industry (VCCI) and co-chair of the VBF, said Viet Nam had taken important steps towards trade liberalisation and opening up of the economy through the signing of the Comprehensive and Progressive Trans-Pacific Partnership, completing the legal review of the Viet Nam-EU Free Trade Agreement, and implementing the WTO Agreement on Trade Facilitation.
With the 10 other FTAs Viet Nam has signed, Viet Nam can get regular and favourable access to a wide range of markets around the world and strongly improve its economic institutions, he said.
"The effect of reform and the efforts to open the door has brought new credibility to the business community and a new face to the investment environment in Viet Nam.”
The forum, titled “Linkages between Domestic and FDI Businesses towards Common Goals,” was organised by the Ministry of Planning and Investment, the World Bank, the International Finance Corporation, and the VBF Consortium.
The event included three main sessions on building value chains, addressing technological challenges and developing financial resources for sustainable growth.
The forum serves as a dialogue mechanism between the Government and businesses for improving business conditions, which is necessary to foster the development of private enterprises, facilitate the investment environment and contribute to sustainable economic growth. — VNS