Dau Anh Tuan, Deputy General Secretary of the Vietnam Chamber of Commerce and Industry, said the Government should simplify administrative procedures and reduce supervision.

This would let businesses focus on their operations and bolster general growth, he said.

It is also necessary to call for foreign investment, especially in high-quality, high-value projects in sectors that need to be quickly developed, he said.

“The Government's Resolution Nos 01 and 02 issued at the beginning of the year have helped stabilise the economy and boost economic growth.”

The former focuses on key tasks and solutions for accomplishing socio-economic fiscal targets, improving the business environment and bolstering economic competitiveness.

Resolution No 02 aims to create a healthy competitive environment, increase the number of enterprises, reduce the rate of suspension of businesses, and increase the number engaged in innovative activities and green and digital transformation.

Tuan said authorities should enhance communication with businesses and industry associations to quickly handle difficulties and promote public and infrastructure investments.

“Vietnamese enterprises could definitely attract more investors and compete with foreign ones if they have a favourable business environment and simple administrative procedures and rapidly adopt information technology.”

In the first month of 2024, Vietnam had around 13,500 new establishments, showing a significant year-on-year increase of 25 per cent, said the General Statistic Office.

The country also had 13,800 businesses resuming operation./.VNS