29/11/2019 21:53 GMT+7 Email Print Like 0

Vietnamese businesses: Pioneer in economic reform

Viewed by the party and state as “national treasures and talents of the country”, Vietnamese entrepreneurs have, for the past 70 years, made major contributions in boosting national economic growth, particularly in the context of global integration. 
On October 13, 1945 President Ho Chi Minh wrote a letter to the industry and trade circle. He emphasized the important role of businesses in building a prosperous economy, and the close relationship between the prosperity of business and national development.

“Businesspeople should nurture their aspirations to make wealth for themselves and for the country by creating products for society, generating employment, and contributing to developing the economy and society.”

Deputy Prime Minister Trinh Dinh Dung
For the last seven decades, the industry and trade sector has played an important role in developing the national economy for the country and its people.

After over 30 years of its doi moi (renewal) policy, Vietnam has had significant achievements. From a poor agricultural country, Vietnam has become a middle-income country and an attractive investment destination in Asia-Pacific. In the first nine months of 2019, economic growth topped 6.98% with a proactive integration into the global economy. The business environment has been constantly improved.

Vietnamese entrepreneurs have raised their operational efficiency and proactively expanded international trade. They have taken full advantage of opportunities from new-generation bilateral and multilateral trade agreements. These include the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), EU-Vietnam Free Trade Agreement (EVFTA) and EU-Vietnam Investment Protection Agreement (EVIPA).

Prime Minister Nguyen Xuan Phuc meets businesswomen from the Vietnam Women Entrepreneur Council. Photo: Thong Nhat / VNA

Prime Minister Nguyen Xuan Phuc and Russian Prime Minister Dmitry Anatolyevich Medvedev
took a look at products of TH True Milk in Hanoi in 2018. Photo: Thong Nhat / VNA

VinFast’s Sedan LUX A 2.0 launched at the Paris Motor Show 2018 in Paris. Photo: VNA 

Set up in 2007, Sun Group now owns a chain of Sun World amusement parks nationwide.
Ba Na Hills is a tourist resort of Sun Group in Da Nang. Photo: VNP

FLC Group’s Bamboo Airways, which has capital of 1.3 trillion dong, is the fifth licensed airlines in Vietnam. Photo: VNA

Vinamilk’s farm in Tay Ninh province. Photo: Le Duc Hoanh / VNA

According to Deputy Prime Minister Trinh Dinh Dung, enterprises are the key army in which entrepreneurs are generals and commanders leading enterprises toward national economic and social development.

The country now has more than 715,000 operating enterprises, over 5 million family businesses, and 5-7 million entrepreneurs. They make up over 60% of the GDP and around 70% of tax revenues, and generate tens of millions of jobs. Since 2016, the non-state sector’s ratio to the GDP has increasingly grown, accounting for 43.3% of the GDP in 2018.
Story: VNP - Photos: VNA