PM Phuc reiterates pledge of institutional reforms to facilitate enterprises

Prime Minister Nguyen Xuan Phuc has reaffirmed the Government’s commitment to undertaking institutional reforms to support the growth of small and medium-sized enterprises (SMEs).

He made the statement on December 3 when the prime minister attended a convention of the Vietnam Association of Small and Medium Enterprises (VINASME).

 

PM Phuc said that it was necessary to eliminate cronyism, which is hurting honest entrepreneurs, and urged the business community not to lend a hand to acts of corruption and bureaucracy in the public service.

 

In his address, the Government leader expected the VINASME to identify bringing about legitimate and substantive benefits to its members as its main mission, instead of becoming a cumbersome organisation making limited contributions.

 

PM Phuc said the association must be a launch pad for strong private enterprises that can compete on a global scale in the future, adding that working with multinationals was the shortest way to growth and participation in the global value chain.

 

He cited a survey suggesting that only 21% of Vietnamese SMEs are able to connect with the global supply chain while the figures for Thailand and Malaysia were 30% and 46% respectively.

 

The VINASME met for a convention on December 2-3 and elected Nguyen Van Than, a successful entrepreneur and a National Assembly deputy, as its chairman for the 2016-2021 term.

 

SMEs currently account for more than 97% of all enterprises in Vietnam, contributing 40% of the gross domestic product, 33% of industrial production and 30% of export value, and employing about half of Vietnam’s workforce.

(Source: NDO)