Business forum to promote sustainable economic development

Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc (Source: http://vneconomy.vn)

Loc, who is Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), informed the media of this news ahead of the event at a press conference in Hanoi on December 2.

VBF serves as a dialogue mechanism between the Government of Vietnam and the national and international business communities to improve business conditions necessary to foster the development of private enterprises, facilitate investment environment, and contribute to Vietnam’s sustainable economic growth.

The forum will discuss and collect opinions of business communities, review feedback from relevant agencies, as well as present forecasts for the economy and enterprise operations in 2019. 

According to Loc, Vietnam’s economy has recorded positive results, especially in terms of exports, foreign investment attraction, and business development. However, it is also concerned that enterprises need to be aware of preparing for further integration into the international economy. 

Vietnam's accession to the Comprehensive and Progressive Agreement for Trans Pacific Partnership (CPTPP) and the Vietnam-EU Free Trade Agreement not only brings opportunities and favoruable conditions for the local business community but also poses many challenges and pressure from market expansion and compliance with integration commitments.

The VCCI recommends that the Government step up reform, abolish unreasonable business conditions, and accelerate the restructuring of state-owned enterprises and encourage investment in the form of public-private cooperation, Loc said. 

Vietnam needs to prepare well to position itself in the global value chain in connection with a number of urgent requirements, such as improving the quality of human resources, investing for technology, and reforming economic institutions.

Vice Chairman of the European Chamber of Commerce in Vietnam (EurcoCham) Tomaso Andreatta, who is also co-chair of the VBF, said that global trade is changing rapidly, requiring businesses to change to adapt to and promote development. 

Vietnam should aim for a rapid yet sustainable growth in connection with environmental protection with lower costs, he said. 

Vietnamese businesses need to overcome restrictions to increase competitiveness, promote creativity, and catch up on business trends in order to survive and contribute more to the economy, he said.