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Encouraging legal assurance and innovation support are vital for private sector growth, according to top legislator.

Government endorses key strategies for enhanced business environment, including enhancing commercial atmosphere, easing land and production site access, and offering financial, credit, and public procurement assistance.

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3 min read
Government suggests key priorities for economic improvement, including enhancing business...
Government suggests key priorities for economic improvement, including enhancing business environment, streamlining land and production site access, and offering financial, credit, and public procurement assistance.

Fresh Take:

Here's a laid-back rundown on the latest developments in Vietnam's private sector, as discussed during a National Assembly (NA) meeting earlier this week:

Vibin' in Vietnam:HÀ NỘI – It was all about unlocking the private sector's potential during a NA Standing Committee meeting on Wednesday, with NA Chairman Trần Thanh Mẫn chatting up ways to boost the sector's growth. The game plan? Support from legal frameworks, digital transformation, and innovations!

Droppin' Knowledge:The chat revolved around a draft resolution that, if passed, would create a solid foundation for private economic development. This new blueprint takes cues from the Politburo's Resolution No 68-NQ/TW, aiming to give the sector a much-needed boost.

Let's Get Down to Business:The Government's proposed draft includes areas of focus like streamlining the business climate, making land and production sites more accessible, providing financial support, fostering innovation, digital transformation, and workforce development, and promoting the formation of larger businesses. In essence, it's about creating a more business-friendly environment in Vietnam!

The Nitty-Gritty:The draft, consisting of seven chapters and 17 articles, proposes principles for business inspections, licensing, and certification. For example, annual checks will be the norm, except in cases of obvious violations, and digitized, remote monitoring will be prioritized for compliant businesses instead of hectic, in-person inspections.

Leading the Way:NA Chairman Mẫn called for a concise draft, focusing on breakthroughs that can significantly impact the private sector's development. He also stressed the importance of a mindset shift – from governance controls to facilitation – and compliance with existing laws and those under amendment, such as the Law on Investment, the Law on Corporate Income Tax, and the Law on Science, Technology, and Innovation.

All Aboard the Financial Express:To make things happen, financial backing is crucial. The resolution calls for investment in infrastructure, subsidies for high-tech firms, tax incentives, and credit support for small-to-medium-sized enterprises. But, caution is advised when deciding who gets the green light for these perks.

Insider Scoop:The draft resolution is part of Vietnam's broader aspiration to become a high-income nation by 2045, relying on a robust and sustainable private sector to pave the way. Expect to see the following key focus areas and specific policies:

National Assembly Chairman Trần Thanh Mẫn addresses the meeting on Wednesday. - VNA/VNS Photo

  1. Institutional Reform
  2. Innovation and Technology
  3. Global Integration
  4. Special Mechanisms for Pioneer Enterprises
  5. A proposed non-budget state financial fund for development

So, are you ready to hop aboard this high-speed financial express headed towards a private sector-powered Vietnam? Stay tuned for more updates! 🚀💸🎉

  1. The National Assembly Chairman Trãnh Thaň Mãn encouraged innovative approaches in science and technology as vital components for the growth of the private sector in Vietnam.
  2. The proposed draft resolution, if passed, will ensure that the private sector's development is grounded in a solid legal framework to promote climate-friendly businesses.
  3. The Government's plan for the private sector includes a focus on war against corruption and fraud, ensuring a business-friendly environment that fosters AI-driven technology and finance.
  4. According to the proposed draft, the Government will advocate for policy-and-legislation that address the challenges of warming climate and its impact on business operations.
  5. The resolution, in line with Vietnam's vision of becoming a high-income nation by 2045, will also prioritize the creation of special mechanisms for businesses operating in the fields of general news, particularly those focused on environmental issues and sustainable development.
  6. The proposed law on Science, Technology, and Innovation will lay the foundation for the development of AI, climate-smart technologies, and clean energy, all of which play crucial roles in overcoming the challenges posed by the ongoing climate crisis and business disruptions caused by war.

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