10 words from Prime Minister Nguyen Xuan Phuc for the private economy

"We need to create space, resources, and opportunities for the private sector to develop more favorably," said Prime Minister Nguyen Xuan Phuc.

Enterprises need to have national spirit and patriotism.

Speaking at the opening ceremony of the Private Economic Forum held on the afternoon of May 2, Prime Minister Nguyen Xuan Phuc said that the State's consistent and continuous policy is to build a multi-sector economy, in which the core is the private economic sector.

After more than 30 years of innovation, Vietnam has witnessed many achievements in the economy, especially 2018 is the 4th consecutive year that Vietnam has had a record number of newly established businesses with capital, including the role of the private enterprise sector.

Private enterprises are creating about more than 42% of GDP, many enterprises have affirmed their brand value in the market and are trusted by the people. Although there is no full assessment, the past 2 years have shown the aspiration to rise of this sector.

"The private economic sector plays a very important role in the economy and we need to find ways to better activate it," said the Prime Minister.

On that basis, Prime Minister Nguyen Xuan Phuc said that it is necessary to promote the advantages of the business community and the private economic sector. That is how small-scale enterprises can reach out to the world, millions of individual business households can create advantages for themselves and society. This is a difficult problem, but with the aspiration to reach the big sea, innovation will be an important driving force.

The Prime Minister cited the nation's heroic feats of arms. If we consider total resources, Vietnam has lost to past opponents but still won thanks to its strong internal strength and the promotion of its strengths.

Although Vietnam's economy has grown strongly and made many improvements, the Prime Minister said that there are still many barriers. "What are the bottlenecks of Vietnam's economy? How can we promote and develop economic sectors?", the Prime Minister asked.

The Prime Minister also mentioned the entrepreneurial spirit with high ambition, always striving to find new markets and innovate businesses. Entrepreneurs need to do business honestly, contributing to preventing and fighting corruption.

Besides, there is patriotism. Enterprises that create famous brands that can reach the world will contribute to bringing Vietnam's name to the world. The Prime Minister said that enterprises need to have national spirit and patriotism to be able to develop sustainably.

"There are many stories about the private economy and successful startups. That is the driving force for private economic development, creating soft power for Vietnam to reach the world. Through this forum, Vietnam will be able to filter many quintessential ideas, contributing to promoting private economic development," said the Prime Minister.

Overview of the forum.

10 words for the private sector

Sharing about the policies, viewpoints, and major orientations on private economic development, and decisions to create conditions for the private economy to contribute to economic development, Prime Minister Nguyen Xuan Phuc said that the potential, strengths, and conditions of the private economy still have many constraints.

"Therefore, we need to create space, resources and opportunities for the private sector to develop more favorably," he said.

The Prime Minister also used 10 words for the private economic sector: "create equality", "protection", "encouragement" and "give opportunities".

Talking about equality, the Prime Minister emphasized that the private economy is equal before the law, in competition, in resource allocation with other economic sectors, especially in access to resources.

Protected property rights, freedom of business and many other rights. Reduce overlapping levels in specialized inspection and audit, creating an open environment for private economic development.

It is encouraged to honor projects, but it is necessary to condemn and fight against businesses that violate business ethics.

Finally, providing opportunities means creating opportunities to access resources, cut business costs, lower product prices... creating an open, transparent, and favorable environment.

A question was asked to the Prime Minister: with the integration into the 4.0 flow, new ideas can change the traditional economic model, the Government has many actions to make Vietnam an attractive destination for digital economic development. For private enterprises to develop. What policies do the Prime Minister and the Government have to make start-up ideas develop more strongly?

Answering this question, Prime Minister Nguyen Xuan Phuc said that in recent years, the Government and the Prime Minister have discussed with universities as well as young businesses about innovation.

"Our country has a new, successful startup movement, but it is not strong yet. Next year, the Prime Minister and the Government will have policies to make startup ideas stronger," he said.

Accordingly, for the Vietnamese economy, to have a large enough economic sector, dynamic, deeply integrated, fast growing, with many opportunities for the start-up generation to succeed, the Government must create legal institutions, human resources, and markets.

Specifically, regarding human resources, it is necessary to focus on quantity and quality, meeting the requirements of the 4th industrial revolution, opening up new industries and new trends for education such as artificial intelligence... Besides, there is a policy to attract and retain investors.

Regarding infrastructure, the Government and ministries and sectors focus on smart telecommunications infrastructure. Regarding the market, it is necessary to create new markets, change in purchasing and innovating products, and test new business models.

The Prime Minister also said that the Government has just approved the project "Supporting the national innovation and startup ecosystem", establishing innovation and creativity centers. Accordingly, in 2019, the Government will approve the national digital transformation project, creating the premise for successful startup models.