He underlined the country’s records in the establishment of new businesses, foreign direct investment (FDI), import-exports, foreign currency reserves and gross domestic product (GDP) growth.
Vietnam’s determination to reform, along with the remarkable accomplishments, has created an elated atmosphere in the business and investment environment and has reinforced the trust of the business community and investors, he said.
According to the PM, Vietnam has proactively integrated into the world with the establishment of diplomatic relations with 185 countries and 26 frameworks of strategic and comprehensive partnerships, while maintaining economic ties with 224 countries and territories and participating in 16 free trade agreements (FTAs).
As host of the Asia-Pacific Economic Cooperation (APEC) Summit 2017, Vietnam proposed the theme “Creating New Dynamism, Fostering a Shared Future” and built an agenda to connect APEC economies in supporting a rule-based, transparent, non-discriminatory, open and inclusive multilateral trading system.
Regarding the plans for 2018, PM Phuc affirmed that, with the slogan “discipline, integrity, action, creativity and effectiveness”, Vietnam is determined to maintain a stable socio-political and macro-economic environment, promote democracy, prevent corruption and vested interests and realise the United Nations (UN) sustainable development goals by 2030.
Vietnam will focus on measures to improve its institutions, human resources and socio-economic infrastructure. The country hopes to create significant changes in economic reshuffling and reform the growth model towards increasing productivity, quality, efficiency and competitiveness, he said.
Apart from restructuring the State business sector and the banking system, Vietnam will accelerate the settlement of bad debts, reform the public financial system and curb public debts by reducing the burdens of cost and facilitating business and production activities, he noted.
The Southeast Asian nation will make more flexible use of fiscal and monetary instruments and prioritise investment in developing infrastructure, the digital economy and smart industries. Investment will be poured into the education and science-technology sectors, while start-ups and innovation will be encouraged, the PM said.
The country has defined the private economic sector as an important driver for the local economy, and strives to have one million effective businesses by 2020.
Vietnam will improve the quality of its institutional and legal system, promote jurisdiction and enhance State macroeconomic management capacity, the PM noted.
He emphasised Vietnam’s consistent policies of integration with a focus on international economic integration, in addition to refining the legal system, restructuring the economy, changing the growth model, increasing the competitive edge and building proper policies and mechanisms in order to aid domestic and foreign businesses.
Vietnam will work for the early signing of the EU-Vietnam Free Trade Agreement, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership, according to the PM.
He said that Vietnam will create favourable conditions for both domestic and foreign enterprises and investors to develop production and operate in Vietnam, while stressing that unhealthy business practices will be boycotted.
The PM underlined Vietnam’s wish to strengthen their cooperation and solidarity with the international community in order to overcome challenges, prevent and address disputes via peaceful means and in respect for the UN Charter and international law, as well as promote sustainable development to bring prosperity and happiness to all people.
Finally, the Government leader affirmed that Vietnam will work with countries to maintain a stable, peaceful environment, friendship, cooperation and development in order to effectively cope with factors hindering international integration, implement regional and global agreements on sustainable development and climate change adaptation, and shape bilateral and multilateral cooperation institutions.