The remark was made by Prime Minister Nguyen Xuan Phuc at the opening of the VBS 2017 in Da Nang on November 7 within the framework of the Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Week 2017 hosted by the central coastal city.
Themed “Vietnam: We Mean Business!” the summit is the initiative by the Vietnam Chamber of Commerce and Industry (VCCI) to help Vietnam maximise its investment promotion opportunities when meeting top leaders and businesses’ CEO’s in the region.
The conference will be held annually in Vietnam, starting this year, mainly dealing with business opportunities. The VBS 2017 conference is attended by leaders from many ministries and sector, as well as directors of national and international companies and representatives of international organisations.
Addressing the opening, PM Phuc emphasised the potentials and strengths of Vietnam as one of the most dynamic economies of the region and the world, stressing that Vietnam is determined to build a supportive government to serve the people and businesses, while promoting international integration, maintaining stable macro stability, facilitating institutional reform and legal policies, pursuing sustainable development, and attaching importance to creating jobs and improving people's income.
Stating that the aspiration to be rich is the key to maintaining the movement of a positive spur between growing middle class and overall economic growth, the government leader suggested the conference to focus discussion on how to improve the quality of institutions, policies and law; encourage private sector’s development; improve governance capacity; stabilise the macro economy in the direction of sustainable growth; and ensure unceasing social progress to pull up the low income population to converge with medium and good income population.
He also urged for the development of a creative startup economy through commitments to support and create favourable conditions to nurture and realise startup ideas.
Vietnam is committed to protecting innovative ideas in startup and enforcement of intellectual property rights within the framework of the Intellectual Property Law and frameworks of FTAs in which Vietnam participates, he said, adding that the dynamics of its economics, open policies about the Internet, and business advantages are creating great opportunities for startups in Vietnam.
Vietnam is looking forward to the participation of many more investors, more startup support funds and more venture capital funds operating in Vietnam to join in the exciting startup wave in the country, the PM stated.
The top leader also informed delegates on Vietnam’s taxation incentives, saying that currently, Vietnam's corporate income tax rate is only at 20% and is expected to fall to 15-17% according to the upcoming tax reform roadmap to support the business community. Apart from the competitive tax rate, Vietnam has also applied many regulations on tax exemption and reduction for investors in priority sectors, such as high technologies, supporting industries, hi-tech agriculture and job creation.
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Key speakers at the opening session of the Vietnam Business Summit 2017, Da Nang, November 7. (Credit: VGP)
Vu Tien Loc, Chairman of the APEC CEO Summit 2017, said that despite advantages, the financial and technological potential of the Vietnamese economy is still low. Vietnamese enterprises carry limited knowledge and experiences in business management, especially in the micro, small and medium enterprise sector.
Loc, who is also VCCI Chairman, expressed his wish that international delegates and top CEOs at the conference would share solutions and recommendations for the institutional environment and business model in Vietnam, especially in the areas that Vietnam is experimenting as smart agriculture, special economic zones, digital economy and startup.
Managing Director of the World Economic Forum Philipp Rosler praised the improvement of the business environment in Vietnam. Vietnam's biggest asset is not petroleum, technology, or infrastructure, but the people, particularly the youth, he said, adding that the private sector should coordinate with the public sector to improve competitiveness.
Victoria Kwakwa, World Bank's Vice President for the East Asia and Pacific Region, praised Vietnam's recent improvements in the business investment environment and in many other areas. She pointed to challenges that Vietnam needs to address, including urban planning and related issues, as Vietnam is one of the fastest-growing countries.
Kwakwa said that Vietnam has three potentialities, including the labour force, ability to calling on the private sector, and strong policy institutions. She stressed the need to have a stronger market mechanism and to invest in the people, the skills of workers, the technology, as well as the thinking of the Vietnamese workforce adapting towards the market trends. To do so, Vietnam needs to have a change in education; at the same time it must have a stronger involvement of the private sector and continue to accelerate the reform of main mechanisms for private economic development.
The summit creates an opportunity for foreign investors to study economic development policies and investment and cooperation potentials in Vietnam as well as enabling domestic and overseas enterprises to share information regarding trade and integration trends and cooperation experience in Vietnam and the Asia-Pacific region.
Participants will discuss a wide range of issues, including sustainable agriculture, financial services for development, health care and education, infrastructure, special economic zones, tourism potential, startups and innovation.
In parallel with the summit is the “Vietnam - We Mean Business” exhibition featuring the country’s characteristic products and projects for investment appeal. The exhibition aims to introduce projects calling for investment, economic potentials, as well as introduction of policies to encourage investment from all 63 localities across the nation.
The APEC Economic Leaders’ Week 2017, which is underway in Da Nang city, is the most important external event of Vietnam this year, with the participation of leaders from the 21 member economies.
