Vietnam Strengthens Enterprise Development Strategy, PM Directs Improved Investment Environment and Digital Transformation

Prime Minister Le Minh Hung affirmed Viet Nam's strategic commitment to enterprise development during a meeting with businesses in Ha Noi on July 18. He stated that all policies and measures must aim to create an open, stable, and transparent investment and business environment; ensure the freedom to conduct business and equal access to resources; encourage innovation, digital transformation, green transformation; and strengthen business competitiveness. Le urged ministries, agencies, and localities to continue removing institutional bottlenecks, improving the legal and regulatory framework, and implementing more substantive and robust administrative reforms, noting these efforts will serve as the foundation for Viet Nam's development in the coming years. Regarding financial market development, the Prime Minister directed the Ministry of Finance, along with relevant ministries and agencies, to continue fostering the healthy development of the capital market and the corporate bond market, prioritizing the expansion of the domestic capital market as a long-term financing channel. He ordered the finalization and submission of a comprehensive financial market reform plan for issuance this month and accelerated efforts to speed up the operation of the International Financial Center in Ho Chi Minh City and Da Nang City. Further reduction of logistics costs, specialized inspection requirements, and unnecessary regulatory compliance costs were called for, while adopting a risk-based management approach to eliminate overlapping inspections and facilitate production, business activities, and import-export operations. The Ministry of Science and Technology was tasked with completing mechanisms and policies that promote innovation, scientific and technological advancement, artificial intelligence, digital transformation, and green transformation, while encouraging businesses to invest in research and development and the application of new technologies. The Prime Minister also highlighted the need to prioritize the development of high-quality human resources aligned with business needs, strengthen collaboration among educational institutions, research institutes, and enterprises, and support businesses in improving corporate governance, technological innovation, and digital transformation. Le stated that Viet Nam's foreign direct investment (FDI) policy must shift decisively from quantity to quality, adding that investment incentives should be linked to technology transfer, workforce training, localization rates, and the development of Vietnamese enterprises' participation in global supply chains. Private enterprises are encouraged to proactively invest in technological innovation, corporate governance, product quality, financial capacity, and compliance with international standards, while large private conglomerates should play a leading and pioneering role in digital transformation and innovation by building ecosystems that support small and medium-sized enterprises (SMEs). Meanwhile, FDI enterprises were called upon to fully implement their commitments on localization, technology transfer, workforce training, and the development of Vietnamese suppliers, as well as invest in establishing and expanding research and development (R&D) centers, design centers, innovation hubs, and technical and management training centers in the country. The Prime Minister expressed confidence that with these unified efforts, Viet Nam will effectively unlock all available resources, turn difficulties into driving forces and challenges into opportunities, successfully achieve double-digit economic growth in 2026, enhance the country's national competitiveness, and lay a solid foundation for rapid and sustainable development in the years ahead.