Business boom after reforms: VCCI Chairman

ABO/VNA - The Government hopes to attract 135,000 new firms in 2018. Vu Tien Loc, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said this was achievable, but would require quick reforms.

Vietnam plans to have 135,000 new firms in 2018.

"This is an important set in fulfilling the Government’s plan of having one million efficient firms by 2020,” Loc said in an interview with Vietnam News Agency. “Institutional reforms must be sped up,” he said.

Loc said reform was still slow and the Government’s determination for reform had not reached all local authorities and agencies. “The most important thing is action and local authorities and agencies must hasten reforms.”

Besides, he said it was critical to improve the business climate and national competitiveness as well as simplifying checking procedures for imports and exports.

Loc said the Government should also promote the private sector by providing public services to help them develop.

“This year could be the start of a period of reform,” Loc said, adding that businesses were putting trust in a constructive Government.

In a recent document to answer queries from National Assembly deputy Nguyen Phi Thuong, Prime Minister Nguyen Xuan Phuc said that the Government would continue to focus on cutting costs for businesses.

The Government said that administrative reform in land, tax, customs, agriculture, rural development, information technology and start-up would be enhanced.

The Government also planned to create breakthroughs in business-climate indicators and economic competitiveness and listen to firms and their difficulties.

Support would also be provided to promote start-ups, small and medium sized enterprises, co-operatives and business households as well as create a fair playing ground for all participants.

The number of new firms set record highs in the last two years. In 2017, more than 126,800 new firms opened, exceeding the record of 110,000 new firms in 2016.

Last year, Vietnam had 561,000 operating firms, statistics showed.

(Source: VNA)