Prime Minister Nguyen Xuan Phuc delivered a speech before 2,000 businesses from the Asia-Pacific region and the world at the Vietnam Business Summit 2017 that opened in the central city of Da Nang on November 7 as part of the ongoing APEC Economic Leaders’ Week.

Prime Minister Nguyen Xuan Phuc addresses the Vietnam Business Summit 2017

He affirmed Vietnam’s determination to build a growth-enabling and action-oriented government to serve people and enterprises, as well as to strengthen international integration, maintain macro-economic stability, reform institutions and legal policies, promote sustainable growth, and improve people’s incomes.

Reviewing Vietnam’s socio-economic achievements, the PM noted that the country is likely to enjoy 6.7 percent GDP growth in 2017 and expects 6.5-7 percent growth in 2016-2020.

Average per capita income in 2017 is estimated to rise to 2,300 USD, he said, adding that Vietnam has signed 12 free trade agreements (FTA) and negotiated four new others, including those with 18 member economies of APEC.

So far, Vietnam has attracted more than 24,200 FDI projects worth 310 billion USD, equivalent to 155 percent of GDP, from 120 countries and territories. Notably, FDI from APEC economies to Vietnam has reached 250 billion USD, accounting for 80 percent of total foreign investment in Vietnam in the past 30 years, said the PM.

Vietnam has jumped 20 paces in the last five years in the World Economic Forum’s Global Competitiveness Report for 2017-2018, ranking 55th out of 137 countries, and 31st out of 137 countries in market scale. Its position in the World Bank’s Doing Business ranking and GII 2017 have also improved by 14 and 12 paces respectively.

Regarding the country’s plans for the future, the Government leader said that Vietnam will concentrate on improving the quality of institutions and legal policies, while facilitating the rule of law and encouraging the growth of the private sector. It also hopes to enhance State governance capacity, stabilise the macro-economy towards sustainability and push low-income communities to the middle-income group.

Additionally, the country will promote innovative startups by supporting them, he said, pledging that Vietnam will protect creative ideas and initiatives in startups, while observing intellectual property rights within the Law on Intellectual Property as well as the framework of FTAs the country has joined.

Vietnam will also conduct tax reform towards improving competitiveness of the economy, with a focus on transparency, equality and effectiveness to OECD standards, he added.

Themed “Vietnam: We Mean Business”, the one-day event has six thematic discussions on smart agriculture, financial services, health care and education, infrastructure, tourism and special economic zones, small and medium-sized enterprises, startup and renovation.

The potential of localities and sectors will also be introduced during the event, which also shows major economic achievements of Vietnam and promotes the country’s products.-VNA