PM expects more Vietnamese multinationals to emerge by 2045

Substantial support for enterprises is needed to form a fair competition environment between different kinds of enterprises, Prime Minister Nguyen Xuan Phuc has said.

Vietnam will hold up local enterprises to transform into multinationals and give opportunities to creative and talented people to contribute to the country's socio-economic development.

Vietnam, multinationals, Nguyen Xuan Phuc, covid-19, Thaco, Vinamilk, Vietjet, Viettel, Dialogue 2045  Prime Minister Nguyen Xuan Phuc at Dialogue 2045. Photo: Quang Hieu

Prime Minister Nguyen Xuan Phuc shared his vision for Vietnam in 2045 at the “Dialogue 2045”, a conference held for the first time and set for taking place annually among business community, intelligentsias and government leaders on March 6.

“25 years is long enough for the emergence of Vietnamese global enterprises,” said Phuc, adding that the Dialogue 2045 is aimed at realizing the country’s desire for prosperity by 2045.

To realize this target, the cabinet leader stressed the necessity to further boost national digital transformation, at the same time improving the legal framework, for which Phuc said this would lay the foundation to spur the development of the businesses and the country in overall.

In addition, Vietnam will give an opportunity to grow for any kinds of businesses, including foreign-invested companies, collective economy, or business households, in which the private sector is a major component of the economy.

“There should be greater connectivity and infrastructure development for enterprises, especially more favorable conditions for them to access land resources,” Phuc noted.

Vietnam, multinationals, Nguyen Xuan Phuc, covid-19, Thaco, Vinamilk, Vietjet, Viettel, Dialogue 2045  Prime Minister Nguyen Xuan Phuc and representatives of the business community at Dialogue 2045. Photo: Quang Hieu

Other key factors for growth is to nurture quality human resources, support innovative startups and protect the living environment, Phuc continued, reiterating the government’s stance of not leaving anybody behind.

“The final point is to protect Vietnamese cultural value, as losing the culture means losing all,” Phuc asserted.

“We all agree that enterprises are a major pillar for the national economy. The stronger the pillar, the wealthier the people and subsequently the stronger the nation,” he said.

According to Phuc, in this modern world, the main objective of an enterprises should not be to maximize profit, but create added value for the society and contribute to the nation’s prosperity.

Phuc shared his impression with slogans of some major corporations, including “Developing with the country” from Thaco, “For a better life for everybody” from Vingroup, “For a bright life” from Novaland, and “Rising Vietnam” from Vinamilk.

“A strong business community is equivalent to a strong and sustainable Vietnam in the coming time,” he said.

While expressing his expectation for the business community, Phuc urged local government to continue reform the business and investment environment to ensure favorable conditions for enterprises, including commitment to ensuring macro-economic stability and transparency of government’s policies.

“Substantial support for enterprises is needed to form a fair competition environment between different kinds of enterprises,” Phuc said, noting supporting mechanisms and policies should not be seen as government’s subsidies or to serve certain interest groups under any circumstances.

Recommendations from business community

Vietnam, multinationals, Nguyen Xuan Phuc, covid-19, Thaco, Vinamilk, Vietjet, Viettel, Dialogue 2045  Chairman of Masan Group Nguyen Dang Quang. Photo: Quang Hieu

At the meeting, Chairman of Masan Group Nguyen Dang Quang said to realize Vietnam’s prosperity goal by 2045, it is essential for the country to revise its competitive edge and search for new driving forces for growth.

“As the country is pushing for global integration, Vietnam should create new competitive capability for the existing supply chains,” he said.

According to Quang, if Vietnam could reduce costs during the distribution process, this would help enterprises to improve competitiveness and bring benefits for customers.

Quang also stressed the need to move towards a digital economy, with a focus on green growth and promoting renewable energy.

Vietnam, multinationals, Nguyen Xuan Phuc, covid-19, Thaco, Vinamilk, Vietjet, Viettel, Dialogue 2045  Chairman of the National Private Economic Development Research Board Truong Gia Binh. Photo: Quang Hieu

Chairman of the National Private Economic Development Research Board Truong Gia Binh expects strong mutual trust among the government, enterprises and the people.

In this regard, Binh expected the PM to allow private enterprises to solve current issues of Vietnam’s stock market.

Vietnam, multinationals, Nguyen Xuan Phuc, covid-19, Thaco, Vinamilk, Vietjet, Viettel, Dialogue 2045  Chairwoman of TH True Milk Thai Huong. Photo: Quang Hieu

Chairwoman of TH True Milk Thai Huong said as Vietnam sets a vision to become a developed country with high living standards by 2045, the foundation for human development is essential.

“As such, a green, organic and clean agricultural sector is key to support the country’s sustainable development,” Huong continued.

Chairwoman of Vietjet Nguyen Thi Phuong Thao added the government should aim to turn Vietnam into a go-to destination for international tourism with diversified services in terms of entertainment, healthcare and cuisine.

Vietnam, multinationals, Nguyen Xuan Phuc, covid-19, Thaco, Vinamilk, Vietjet, Viettel, Dialogue 2045  Chairwoman of Vietjet Nguyen Thi Phuong Thao. Photo: Quang Hieu

“Strong investment in transport infrastructure is the first key step, along with transforming the country into a global hub of aviation transportation,” Thao suggested.

Vietnam, multinationals, Nguyen Xuan Phuc, covid-19, Thaco, Vinamilk, Vietjet, Viettel, Dialogue 2045  CEO of VinaCapital Don Lam. Photo: Quang Hieu

CEO of VinaCapital Don Lam said efficient administrative reform is the prerequisite for Vietnam to attract foreign investment capital. “Given the huge potential of Vietnam, VinaCapital is committed to investing US$10 billion in the country,” he stressed.

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