Vietnam has focused on maintaining macro-economic stability, controlling inflation, boosting GDP, and ensuring social security.
Institutional reform is considered the key to economic growth. Vietnam has strengthened administrative reforms, improved the investment environment, increased national competitiveness, and developed a responsive government.
Minister and Head of the Government Office Mai Tien Dung said "Vietnam has prioritized institution building. In its regular meetings, the government has discussed draft laws and decrees and worked closely with NA agencies to fine-tune legal documents. Laws concerning land, housing and the investment environment have been revised.”
Vietnam will continue to strengthen administrative reforms to be among the top ASEAN countries and meet criteria of OECD countries in term of the business environment.
Promoting the private sector
The government considers the private sector a driver of the national economy. It has implemented policies to help private enterprises by reducing taxes for SMEs, revising laws, providing capital and expanding markets. As a result Vietnam’s market attraction index has ranked 68 out of 190 countries.
President of the Vietnam Chamber of Commerce and Industry Vu Tien Loc said “Business barriers, ask-give mechanisms, and unfair competition are the major obstacles for the private sector. Removing these barriers and creating a transparent, fair environment will create the best ecology for private enterprises. The State’s incentives of reducing business fees and administrative procedures have helped the private sector.”
Fostering science and technology to take advantage of the 4th Industrial Revolution
In the last few years, Vietnam’s science and technology programs have focused on helping Vietnamese enterprises acquire new technology.
The State has provided enterprises with capital to modernize their technology, increase production, and prepare for international integration.
Minister of Science and Technology Chu Ngoc Anh said “With the government’s help, we will continue to improve the business environment and the capital market, apply technology more effectively, and promote innovation.”