Favorable conditions for private sector to feed national growth

(VOVWORLD) -The private sector’s contributions to national development, including the state budget and job generation, have been acknowledged. At Monday’s Private Sector Forum, businesses talked with the Prime Minister and leaders of ministries, sectors, and localities about how to promote the potential of the private sector to effectively contribute to national growth.
Favorable conditions for private sector to feed national growth - ảnh 1

The CEO Confidence Index (CEO.CI) survey, conducted for the first time at the second Vietnam Private Sector Forum 2017, reported 58% confidence overall. Investors and enterprises confidence in the business environment was 46% and in business efficiency was 64%.

Truong Gia Binh, Chairman of the FPT Corporation, said if business conditions were more open, the private sector would have a higher growth rate – 15-50% annually. Private businesses want equal access to resources.

Nguyen Trung Chinh, Chairman of the CMC Corporation, suggests: “One of the most important things needed is fair competition mechanisms. Businesses need access to resources like land and capital and government programs. The private sector consists of small businesses which make up a big proportion of the economy. The government should create incentives for them.”

The government has supported the private sector by asking commercial banks to reduce the interest rate to 0.5% per year. Insurance and Built-Operate-Transfer (BOT) policies will be reviewed to further reduce business costs. Vice Governor of the State Bank of Vietnam Dao Minh Tu said: “It’s an urgent task to reduce official and unofficial expenses for SMEs. One measure is to cut interest rates and give businesses more access to loans. We’ve done it for many years and gained positive results. We intend to cut interest rates even more for SMEs.”

With the efforts being made by the government, ministries, and sectors, Vietnam’s economy is expecting new achievements.  

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