WNAM REPORT: Prime Minister Pham Minh Chinh chaired a meeting in Hanoi on February 10 between permanent Government members and leaders of businesses to discuss solutions for private enterprises’ acceleration and breakthrough, thus contributing to fueling the nation’s rapid and sustainable growth in the new era.
In his opening remarks, the PM celebrated the strides made in 2024 across various sectors, crediting this success to the leadership of the Party, particularly the Politburo and Secretariat, under the guidance of the Party General Secretary. He acknowledged the collective efforts of the political system, people and businesses, as well as support from international friends. The business community, in particular, was praised for its vital role in these accomplishments.
He revealed that the Government has set growth targets for localities, ministries, agencies and state-owned enterprises, aiming for a national economic growth rate of at least 8%. This target is designed to build momentum for even bigger achievements, including double-digit growth in the years ahead, with the business community expected to play a pivotal role.
To gather insights and address institutional challenges, the permanent Government members will host a series of conferences with banks and state-owned, private, and foreign-invested enterprises. These discussions will zero in on both immediate and long-term actions needed to tackle legal, land-use, planning, and procedural obstacles, including those related to permits and regulations, he said.
Chinh encouraged businesses to actively engage in large-scale national projects, such as the North-South high-speed railway, standard-gauge railways connecting with China, urban railways, and the nuclear power project. He also highlighted opportunities in sci-tech, innovation, and projects exploring underground, marine, and outer spaces.
The Ministry of Planning and Investment reported that Vietnam is now home to over 940,000 active enterprises, more than 30,000 cooperatives, and over 5 million household businesses. Together, they contribute around 60% of the national GDP, account for 98% of the country’s total export turnover, and generate jobs to some 85% of the workforce nationwide.
Several large-scale Vietnamese firms have expanded their reach, achieving global and regional prominence and asserting their position in global supply chains. This has placed Vietnam firmly on the map as a rising star in industries like semiconductor manufacturing and innovation.
The PM already established special task forces to support businesses, as well as restructured the Steering Committee to tackle issues related to stalled projects.
Meanwhile, business environment is getting a major upgrade thanks to progressive policy reforms, including the approval and announcement of all 111 national, regional and provincial master plans.
To further stimulate consumer demand and ease financial burdens, the Government has extended deadlines for value-added tax (VAT), corporate income tax, personal income tax, and land rental payments. Additionally, a 2% reduction in the VAT rate has been introduced, offering tangible relief to firms and encouraging greater economic activity.
