An overview of the meeting. VNA/VNS Photo

Prime Minister Phạm Minh Chính on September 21 asked Deputy PMs, ministers, and heads of sectors to thoroughly deal with difficulties facing businesses, explaining that settling their difficulties means coping with those of the economy, and the growth of businesses is the way to the country's development.

Chairing a meeting between Cabinet members and leaders of twelve leading private economic groups and enterprises on measures to boost the country's socio-economic development, he also noted that this meeting, the first of its kind held so far, showed the Party and State's great attention to private businesses, which he described as an important driving force for the growth of the national economy.

The private sector contributes about 45 per cent of the country's GDP, generating about 30 per cent of the State budget revenue, employing 85 per cent of the workforce, and paying about 35 per cent of the total corporate income tax. This is a large force that has accumulated sufficient capacity in terms of capital scale, technology level, and corporate governance, with brands reaching out to regional and world markets.

The leader recognised the great contributions from the private sector to the country's successful fight against the COVID-19 pandemic and post-pandemic economic recovery, as well as social welfare activities.

Emphasising that the country has never had such a fortune, potential, position, and international prestige as it does today and is entering a new development period, Chính expressed his hope that private enterprises would continue upholding their patriotism, tradition, and solidarity, together with their peers from all sectors to create new breakthroughs in national development.

He said he hoped Vietnamese businesses would take the pioneering role in innovation and actively engage in the implementation of strategic breakthroughs, renovating traditional growth motivations, taking science-technology and renovation as a new growth motivation of the country, together with the country developing rapidly and sustainably, striving to achieve major targets towards the 100th founding anniversary of the Communist Party of Việt Nam in 2030 and the one hundredth National Day in 2045.

Particularly, they should join hands in completing iconic projects such as the North-South Expressway, the expressway system, and the project to build and upgrade houses for the needy, and poverty reduction, he said.

According to the Ministry of Planning and Investment, currently Việt Nam has more than 930,000 operating businesses, 98 per cent of which are small- and medium-sized, with 14,400 cooperatives and more than five million business households.

Along with the strong growth in number, Vietnamese enterprises have continuously developed and expanded their scale in terms of capital, revenue, profit, and labour efficiency, demonstrating their role as the main force in managing and organising production resources, creating products, goods, and services for society, promoting the growth and development of the country's economy and society.

Particularly, a large number of large-scale private firms have developed and clinched their role as an important driving force of the economy, such as Thaco, Hoà Phát, Sovico, and TH.

After nearly 40 years implementing the "Đổi Mới" (Renewal) scheme, Việt Nam has risen up to be among the world's top 40 leading economies, top 20 countries in terms of the trade scale, and an important link in 16 free trade agreements (FTAs) connecting 60 key economies in the region and the world.

The scale of the economy increased from US$26.3 billion in the early years of Đổi Mới to more than $430 billion in 2023. Việt Nam is considered by the United Nations and international friends as a success story and a bright spot in poverty reduction, constantly improving the material and spiritual life of the people.

However, the world is witnessing many major changes, the emergence of new industries, and changes in policies of major economies, leading to shifts in investment flows, and adjustments in the structure of trade and investment. This poses both risks and challenges but, at the same time, brings new opportunities and fortunes to countries.

The new context is also raising new requirements in the country's economic development such as green and sustainable growth, with the goal of achieving net-zero emissions by 2050, requiring efforts to attract investment and create breakthroughs for pioneering industries such as semiconductors, AI, and green hydrogen; growth based on science - technology, innovation, promoting new growth drivers coming from the circular economy, digital economy, and even new economic models.

At the meeting, Cabinet members looked into businesses' ideas on difficulties facing them and proposals on solutions, while listening to their opinions on measures to implement national-scale projects and deal with major problems of the country with an aim to make Việt Nam a developing country with modern industry and high middle income by 2030, and a developed country with high income by 2045 as set by the 13th National Party Congress.

Nguyễn Phương Thảo, Chairwoman of the Sovico Group, President and CEO of Vietjet, expressed her hope that the PM would trust private firms and offer them optimal conditions in law, mechanisms, and the business environment to build strong economic groups with national and international brands, helping boost the growth of small- and medium-sized enterprises and startups. She hailed the Government's e-visa policy and showed her hope that Việt Nam would become an aviation centre and a driving force of the aviation sector in the region and the world.

Lê Văn Kiểm, Chairman of KN Holdings, asked for more favourable conditions for the firm to develop new-generation industrial park projects. He said he hoped ministries, sectors, businesses, and localities would continue to simplify administrative procedures and processes, especially those related to industrial park planning and infrastructure development.

Meanwhile, Đặng Minh Trường, Chairman of Sun Group, proposed the application of special mechanisms to attract private firms' engagement in projects that motivate socio-economic development, including land use mechanisms.

PM Chính pledged that the Government would continue building and perfecting mechanisms for businesses' smooth operation, strengthening decentralisation and delegation of power to ministries, sectors, and localities, and drastically cut down administrative procedures.

Stressing that the people and businesses are the centre and subject of institutional completion, the leader asked the business community to take the pioneering role in six aspects, including innovation, application of science and technology, focusing on traditional growth drivers, promoting new growth motivations such as the digital economy, green economy, circular economy, knowledge-based economy, sharing economy, and mitigating climate change. They should pioneer in participating in global value chains and supply chains, contributing to building corporate brands and national brands, as well as in creating jobs and improving livelihood for people and social security activities.

He also expected businesses to take the lead in infrastructure development, especially digital, transport, socio-economic, cultural, and green infrastructure. They should support one another for common development.

The Government leader asked ministries and sectors to listen to and respond to requests of businesses in the spirit of shared risk and harmonised interest among the State, the people, and the enterprises. They should organise thematic conferences with businesses to discuss issues related to land use, environment, finance, tax, and investment to deal with problems in the fields. VNA/VNS