Prime Minister Champions Ethical Business Standards and Economic Honesty

During a meeting held in preparation for Vietnam Entrepreneurs’ Day on October 13, Prime Minister Chinh instructed relevant ministries to gather, evaluate, and integrate feedback into a formal conclusion. This aims to swiftly address the issues raised by the business community.

The Prime Minister recognized the essential contribution of the business sector in the country’s development, especially during times of economic change, noting the exceptional growth achieved by Vietnamese entrepreneurs and companies.

In recent years, the growth of the Vietnamese business landscape has been significant, with more than 1.88 million new companies registered since 2004. In 2023 alone, newly founded businesses have increased approximately 4.3 times compared to 2004, while over 110,000 new businesses were established in the first eight months of 2024, reflecting a 4.4% rise from the previous year.

Entrepreneurs are active across nearly all sectors, not just domestically but also in the global market. Key firms like Viettel, PVN, Vingroup, FPT, and others play pivotal roles in leading development initiatives.

Many companies have emerged as forerunners in technology and innovation, creating environments that benefit smaller enterprises and leading efforts in sustainability and digital transformation.

In marking Vietnam Entrepreneurs’ Day, Prime Minister Pham Minh Chinh called on the government and local authorities to prioritize six essential tasks to bolster businesses.

1. **Establishing a Clear Business Environment**: Cultivate a fair and transparent market conducive to healthy competition.

2. **Enhancing Infrastructure**: Upgrade infrastructure to lower logistics and production costs, thereby boosting competitiveness.

3. **Skilling the Workforce**: Invest in high-quality training for the nation’s labor force.

4. **Modernizing Corporate Governance**: Update governance frameworks to harness all available resources for growth.

5. **Upholding Business Rights**: Protect the legal rights of businesses to prevent the criminalization of economic activities.

6. **Nurturing Entrepreneurship**: Develop skilled and professional entrepreneurs.

The Prime Minister stressed the importance of a transparent system, efficient infrastructure, and intelligent governance to foster business growth. He urged government officials to take decisive action, ensuring that commitments lead to tangible outcomes.

Additionally, he encouraged entrepreneurs to spearhead initiatives in key areas such as institutional reform, innovation, macroeconomic stability, corporate governance enhancement, and social welfare improvement.

With a focus on “harmonizing interests and sharing risks,” the Prime Minister called for collaboration among all parties to foster mutual development and well-being.

He expressed his belief that Vietnamese entrepreneurs will continue to play a critical role in the socio-economic advancement of the nation for the benefit of its people.