PM Directs Efforts to Clear Bottlenecks, Boost Corporate Growth in Vietnam

Prime Minister Phạm Minh Chính has urged the business community, business associations, and the Vietnam Chamber of Commerce and Industry (VCCI) to strengthen self-reliance, innovation, and competitiveness by improving governance, adopting advanced technologies, enhancing product quality, and utilizing capital more efficiently. This directive is a crucial step aimed at resolving bottlenecks that hinder corporate growth and fostering further development of Vietnam's private sector. The Prime Minister's instructions focus on eliminating various obstacles in business operations, thereby creating an environment where companies can operate more smoothly. In particular, as Vietnam continues its economic expansion, addressing these challenges is essential for domestic enterprises to enhance their international competitiveness. Specifically, improving governance transparency and efficiency is vital for gaining investor confidence. The adoption of advanced technologies such as AI and IoT can lead to increased productivity and the creation of new business models. Enhancing product quality is indispensable for elevating the brand value of Vietnamese products and establishing an advantage in export markets. Furthermore, efficient capital utilization is extremely important for maximizing limited resources and increasing business sustainability. In recent years, the private sector has played an increasingly significant role as the engine of economic growth in Vietnam. The government has been introducing policies to support the growth of private enterprises, and the Prime Minister's latest directive is seen as part of these efforts. For instance, the Ministry of Finance, in cooperation with the OECD, aims to enhance corporate governance capacity, and a program targeting 1,000 pioneering firms seeks to elevate Vietnam's private sector. The private sector has indeed gained momentum after one year of implementing Resolution 68. Under Vietnam's one-party system, government policy decisions have a significant impact on the economy. This directive from the Prime Minister reiterates the administration's stance of prioritizing economic growth and encourages concrete actions to resolve the challenges faced by private enterprises. In terms of relations with China, strengthening domestic industries is also important as a national strategy, particularly as Vietnam seeks to reduce economic dependence and diversify its supply chains. Source: VietnamPlus English