Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc urgedfirms to promptly grasp opportunities brought about by modern technology and marketsin his address to the plenary session of the Vietnam Private Sector Economic Forum2019 held in Hanoi on May 2.

He said making tireless efforts to seek new technologies,markets, materials while renewing operations and management is an importantvirtue of an entrepreneur, adding that integrity, along with patriotism, socialresponsibility and business ethnics are also needed

The Vietnamese economy could be strong only when its firms becomecompetitive globally, he said.  

The PM described the private sector as one of the importantdriving forces of the economy, as the sector contributes nearly 42 percent of thenational GDP, 30 percent of the State budget and employs nearly 85 percent ofthe workforce nationwide.

Citing the role of the private sector in countriessuccessful in economic reform, PM Phuc requested that agencies andadministrations at all levels should try to further promote the sector’s rolein Vietnam.  

He highlighted two groups of issues that need to beaddressed promptly, one of which is how to help domestic enterprises, most ofwhich have small scale, compete on the global market and millions of individualbusiness households to shift to the company models to benefit themselves andsociety.

The second is how to create breakthroughs in removing theobstacles in the business environment such as the lack of mechanisms andpolicies for new business models, digital and sharing economy, manufacturingindustry and organic agriculture.

In his dialogue with enterprises on the occasion, the PMunderlined the key words for the development of the private sector, which are“creating equality,” giving them “protection”, “encouragement” and“opportunities.”

The PM vowed to create favourable conditions, the space, resourcesand opportunities for the private sector.

According to him, the government will build legalmechanisms, human resources, infrastructure and market to facilitate start-ups,especially in information and communications technology, multimedia andartificial intelligence, as well as issuing better incentives to attract angelinvestors.

Further attention will be paid to smart telecominfrastructure, including 5G network, cashless payment, and other technicalinfrastructure, he said.

The PM informed that the government had approved a nationalsupport project for start-up ecological system and innovation till 2025,including establishing national start-up centres. It is due to adopt a nationaldigital transformation project this year in support of start-ups.-VNA