Listening to Voice of Business Community on Perfecting Economic Institutions

11:10:24 AM | 10/9/2019

This is the ‘guideline’ of the campaign “Enterprises and businessmen contribute ideas for better economic development mechanisms and policies” jointly launched in Hanoi by the Central Economic Commission, the Central Committee of the Vietnam Fatherland Front and the Vietnam Chamber of Commerce and Industry (VCCI).

Upholding role and position of Vietnamese businesses and entrepreneurs

Mr. Nguyen Van Binh, Member of the Politburo, Secretary of the Party Central Committee, Head of the Central Economic Commission, and Head of the Steering Committee of the Campaign, said the Party and the State of Vietnam always attach great importance to raising enterprises’ awareness of politics, economic construction and social responsibility.

74 years ago, President Ho Chi Minh also always expressed his valiant will and intense desire for national independence and how to make the country develop and prosper. He also always attached great importance to the role of entrepreneurs and enterprises as ‘peacetime warriors’ in the cause of national reconstruction after a tough and difficult national resistance war.

“This is also clearly shown in the resolutions of the Government with the spirit of “of entrepreneurs, for entrepreneurs” as in Resolution 11-NQ/TW (on perfecting the socialist-oriented market economy), Resolution 12-NQ/TW (on continued restructuring, renovation and improvement of SOE performance); and Resolution 10- NQ/TW (on developing the private economy into an important driving force of the socialist-oriented economy),” said Mr. Binh.

VCCI President Vu Tien Loc expressed that businesses and entrepreneurs are the main players that carry out economic policies, a source of inspiration and an important contributor of ideas for building institutions and policies on national economic development. Over the past three decades, Vietnamese businessmen have joined hands with the Government in contributing initiatives in early years of reform, such as "three-fourths of the plan in industrial enterprises" and "agricultural contracting.”

"With the above important implications, this campaign ‘Enterprises and businessmen contribute ideas for better economic development mechanisms and policies’ is considered an important economic event because this is the first time the Party and the State organized such a large-scale and extensive campaign to gather opinions of the business community and entrepreneurs nationwide,” he said.

Vietnamese businessman - Peacetime warrior

After 30 years of renovation with the “first wave of reforms”, Vietnam has made a miracle and inscribed its name on the world map as a model of successful transformation from centrally planned economy to a market economy, and also a model of successful transformation from a poor, war-torn country into a middle-income country (albeit at a low level). In particular, the business community and entrepreneurs of Vietnam have played a very important enabling role, Dr. Loc added.

Currently, Vietnam has more than 700,000 businesses, 5.2 million business households, and nearly 6 million business entities. The Vietnamese business community is still growing, but is meanwhile facing numerous hardships in production and business. Therefore, in the coming time, Vietnam needs to formalize and treat business households as corporates and develop them in line with the Law on Enterprises and the Law on Investment “By doing so, we can upgrade the Vietnamese business system on the one hand and improve business quality on the other,” Dr. Loc recommended.

He affirmed that VCCI will seriously implement the campaign through a network of nearly 500 business associations of all industries, localities and units. This is also an opportunity for the business community to "self-correct", self-reposition, restructure, strengthen connectivity, upgrade management and technology, carry out digital transformation and internationalization, uphold business ethics and culture, raise labor productivity and competitiveness towards sustainable development standards, and promote social responsibility.

Mr. Tran Thanh Man, Secretary of the Central Party Committee, Chairman of the Central Committee of the Vietnam Fatherland Front, and Deputy Head of the Steering Committee of the Campaign

Not only are enterprises and businesspeople governed by policies and mechanisms, but they must have a voice and involvement in perfecting and developing policy mechanisms. Only by doing so, can mechanisms and policies promptly and closely reflect realities of life, create the healthiest, most transparent and favorable business environment for enterprises to operate effectively.

Dr. Tran Dinh Thien, member of the Prime Minister's Economic Advisory Group

Currently, businesses are the most important force of the market economy and the ‘red nucleus’ is private businesses. However, this majority and important economic force is really being pressured in many directions, for example, being discriminated: Incentives are only for other forces such as FDI firms or unfair access to resources by State-owned enterprises and private enterprises.

In Industry 4.0, growth drivers will come from hi-tech services, information technology, digital commerce and digital economy. This will form strong digital businesses and entrepreneurs. The world has witnessed many successful startups becoming giants like Alibaba, Amazon, Apple and Samsung. Therefore, approaching, starting a business, getting rich in a digital business environment is also an interesting open suggestion for Vietnamese startups.

Anh Phuong