Vietnam Business Development Forum focuses on private sector growth
The Ministry of Planning and Investment held the 2017 Vietnam Business Development Forum in Hanoi on June 22 to discuss how to develop the private economic sector robustly.
Vietnam Business Development Forum focuses on private sector growth (Source: VNA)
Hanoi (VNA) – The Ministry of Planning and Investment held the 2017 VietnamBusiness Development Forum in Hanoi on June 22 to discuss how to develop the privateeconomic sector robustly.
Speakingat the event, Director of the ministry’s Business Development Department Ho SyHung said the private economic sector contributes 43.22 percent to the grossdomestic product (GDP), accounts for 39 percent of the total social investment,and generates 11.9 percent of all jobs.
Meanwhile,the State economic sector contributes 28.69 percent to the GDP.
Interms of capital scale, 94.8 percent of firms nationwide are small- andmedium-sized ones with fixed assets averaged 7-8 billion VND (304,000 – 347,000USD) each, which was not higher during 2011-2015, making it hard for them tojoin the domestic value chain, according to the department.
In2016, the number of newly-established enterprises nationwide hit a new recordwith more than 110,000, up 16 percent annually. In the first five months of 2017,additional 50,534 firms were established which contributed around 1.2 quadrillionVND to the economy.
Onthe labour scale, up to 97.7 percent of firms are small and medium-sized enterprises.
DauAnh Tuan, head of the Vietnam Chamber of Commerce and Industry’s Department ofLegal Affairs, said major obstacles to businesses are consumer base, market,capital, labour, administrative procedures, land, unofficial fees and unsafelegal environment.
EconomistVu Dinh Anh underscored the importance of creating a fair business environmentby not discriminating against the private economic sector and foreign-investedfirms.
Participantslooked into ways to improve Vietnam’s stature on the back of research,innovation and development of high-quality products.-VNA
International Finance Corporation of the World Bank Group has confidence in Vietnam’s long-term economic prospects and commits to supporting its growth during difficult periods.
The Government hopes to hear from enterprises and international organisations to better design policies for business activities, Prime Minister Nguyen Tan Dung said at the 2014 Vietnam Business Forum that opened in Hanoi on December 2.
The Vietnam Business Development Forum 2017 will be held on June 22 by the Economy and Forecast Review run by the Ministry of Planning and Investment, with about 400 delegates expected to attend.
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
Vietnam has so far attracted 43,346 valid FDI projects with a total registered capital of 517.14 billion USD. The accumulated disbursed capital is estimated at nearly 331.46 billion USD, accounting for 64.6% of the total registered capital.
Vietnam Business Development Forum focuses on private sector growth (Source: VNA) 
