Viet Nam commits to creating most favorable business environment: Prime Minister

Prime Minister Pham Minh Chinh made that above statement while chairing a conference with foreign direct investment (FDI) firms on Saturday.

The event saw the participation of Standing Deputy Prime Minister Pham Binh Minh, Ministers and heads of ministerial-level agencies, Chairmen of provincial and municipal People's Committees and representatives from foreign business associations and firms operating in Viet Nam.

Pham emphasized that after 35 years of "Doi Moi" (renewal), the nation's GDP increased to US$400 billion this year from around US$4 billion.

Viet Nam has been named in top 20 international traders, he said, adding that the country has signed 15 free trade agreements involving 60 nations and territories.

The Government leader noted that Viet Nam pledges to create the most favorable business environment towards the standards of the Organization for Economic Cooperation and Development (OECD), including:

(1) Maintaining socio-political and macroeconomic stability

(2) Removing the bottlenecks of the economy in terms of legal institutions, infrastructure and human resources

(3) Developing supply chains, reducing transaction costs, especially logistics and administrative costs

(4) Building an legal environment and system of stability, high predictability, transparency and accountability

(5) Being friendly in cooperation, attentive comments; joining hands in solving difficulties and challenges

Pham ordered ministries, agencies and localities to continue comprehensive review of difficulties faced by foreign firms, based on which completing institutions and policies regarding foreign investment cooperation.

He urged authorities to double efforts in improving the business environment and accelerating administrative procedure reform to attract more investments and facilitate production and manufacturing.

The Government chief asked for giving priority to developing sectors such as green transition, innovation and digital transformation, supply chain diversification and technological innovation.

It is necessary to establish an enterprise database that meets international standards to connect and support foreign investors, he reiterated.

Pham required foreign business associations and enterprises to strictly comply with Viet Nam's law, and regulations on security and defense.

He called on them to uphold social responsibility  focusing on improving the material and spiritual life of employees./.