10 months: 91,000 businesses established

A highlight noted at the Government's regular meeting in October 2016 was the establishment of 91,000 businesses in the first 10 months of the year.

In his opening remarks, Prime Minister Nguyen Xuan Phuc highlighted some key aspects of the socio-economic situation in October, including the successful hosting of three major international events (the 7th ACMECS Summit, the 8th CLMV Summit, and the WEF-Mekong), thereby enhancing Vietnam's position in the region and internationally. These were considered the largest multilateral diplomatic activities held in Vietnam in 2016.

Thai Hoa Woodworking Company incorporates computer technology into its operations. (Photo: Chau Lan)

According to the latest assessment by the World Bank, Vietnam's business environment has improved by 9 places, ranking 5th in ASEAN.

This year, Vietnam improved in several criteria, such as access to electricity (up 5 places) and tax payment (up 11 places). Notably, the criterion for protecting small investors saw an impressive increase of 31 places. The Prime Minister attributed this to the strict handling of cases like the Xin Chào coffee shop scandal and the "low-quality mobile phone" scam. In addition, the Prime Minister also pointed out some indicators that have declined in ranking, suggesting corrective measures for the future, such as the criteria for obtaining construction permits and securing loans.

"The good news is that in October, we set a new record for the number of businesses established. In the first 10 months, we surpassed 91,000 businesses, and this year, we will exceed 100,000. The scale of capital has also increased, much better than before. In particular, 20,000 businesses have resumed production and business activities," the Prime Minister said.

The Prime Minister noted the issue of inflation, as the consumer price index (CPI) in October 2016 increased by 0.83% compared to the previous month and by 4.09% compared to the same period in 2015, approaching the 5% inflation target set by the National Assembly for this year.

"This issue must be carefully considered in order to control and stabilize the macroeconomic situation. We must ensure that this indicator does not exceed the target set by the National Assembly," the Prime Minister emphasized.

Recalling the GDP growth rate of only 5.93% in the first nine months, the Prime Minister urged that "more in-depth and thorough discussions are needed to find solutions to ensure growth," aiming for the target of around 6.3-6.5%. This includes focusing on solutions related to investment capital disbursement, exports, services, tourism, finance, credit, and investment.

The Prime Minister reminded everyone of the "spring and autumn" phenomenon, where growth is usually slower in the early months of the year. This problem has recurred in recent years, leading to a frantic rush to meet targets in the final months of the year.

"We must discuss major policies to achieve high growth rates in the first quarter of 2017. We must be proactive now, not passive or confused. We cannot wait until after the Lunar New Year to discuss the first quarter," the Prime Minister said.

At this meeting, the Government will hear and discuss the draft Ordinance amending and supplementing a number of articles of the Ordinance on Preferential Treatment for People with Meritorious Contributions to the Revolution; the report of the Prime Minister's Task Force on the results of the inspection of the implementation of tasks assigned by the Government and the Prime Minister in October 2016; a thematic report on solutions to promote exports and economic growth in the last months of 2016 and the first quarter of 2017; and a report on the implementation of Resolution 60/NQ-CP on accelerating the disbursement of public investment capital plan in 2016…

According to the Government's online newspaper.