4th industrial revolution creates opportunities for investors in Vietnam: PM

The government is changing its management to create a favorable investment environment and digitizing public services to boost national growth, said Prime Minister Nguyen Xuan Phuc at the annual Vietnam Business Forum (VBF) 2017 in Hanoi on Tuesday.

PM Nguyen Xuan Phuc attends the Vietnam Business Forum (VBF) 2017, December 12, 2017. (Photo: VGB/Quang Hieu)

Under the theme: “VBF-20 years of contributions towards socio-economic development goals by 2020”, the forum discussed efforts to increase productivity, promote private sector investment, improve business environment, and create favorable conditions for businesses.

Prime Minister Phuc said the 4^th industrial revolution is creating opportunities for investors in Vietnam, adding that the country intends to sign a free trade agreement with the European Union, the Comprehensive and Progressive Trans Pacific Partnership Agreement, and the Regional Comprehensive Economic Partnership in the next two years.

“The government is fine-tuning institutions and policies towards increasing transparency, health, safety, and effectiveness, promoting law and governance, improving state governance and macro-economic management to maintain growth, and ensure social progress and people’s incomes. The business community provides momentum and a vehicle for the government to realize its vision and aspirations,” Mr. Phuc noted.

He said the government will focus more on improving infrastructure, creating smart links, and reducing costs for enterprises and the economy.

Minister of Planning and Investment Nguyen Chi Dung said that over the past 20 years, straightforward dialogues between the government and domestic and international investors have produced positive effects. His ministry will continue to counsel the government on cutting down troublesome administrative procedures for investment to meet the standards of the Organisation for Economic Co-operation and Development.

The VBF is a dialogue mechanism between the government and domestic and international businesses, which aims to promote the development of the private sector and contribute to Vietnam’s economic growth./.

( VNF/VOV )