KEY HIGHLIGHTS FROM THE GOVERNMENT-BUSINESS MEETING ON SEPTEMBER 21, 2024
Summary Report of the Government-Business Meeting on September 21, 2024: Expectations and Directions for the Private Economy
The crucial meeting between the Government and the business community took place on Saturday, September 21, 2024, with strong commitments to boost the private economy and address the challenges faced by businesses. Nhân Luật, as a leading steel company in the construction industry, views this as a highly impactful event, opening up numerous development opportunities for businesses in key sectors of the economy.
The Prime Minister urged Deputy Prime Ministers, ministers, and heads of sectors to directly listen to and thoroughly resolve any difficulties raised by businesses within their functions and authority. If the issue exceeds their authority, they should report to the Prime Minister. - Photo: VGP/Nhat Bac
- The Role of the Private Economy in the National Economy
During the meeting, the Government emphasized the importance of the private sector, considering it a primary driver of the country's economic growth. According to the report, the private sector currently contributes:
- 45% of the national GDP.
- 40% of total social investment capital.
- 85% of employment, showcasing its vital role in job creation.
- 35% of import revenue and 25% of export revenue.
In recent years, Vietnam has witnessed the emergence of many private corporations expanding internationally, affirming their position on the global stage. This development not only enriches the domestic business ecosystem but also promotes sustainable economic growth, aligned with the country's long-term goals.
- Government’s Commitment to Accompany and Protect the Rights of Businesses
Amidst global economic fluctuations, the Government made strong commitments to create the most favorable conditions for businesses to thrive. These commitments include:
- Accompanying and protecting the legal rights of businesses, particularly in economic disputes.
- Ensuring that economic relations will not be criminalized, with business-related issues handled through civil and commercial measures, avoiding unnecessary pressure on businesses.
- Eliminating redundant licenses and unnecessary administrative procedures to reduce business compliance costs and complexities.
- Swiftly resolving difficulties and obstacles faced by businesses to ensure uninterrupted production and operations.
These policies are expected to create a more transparent and favorable business environment, especially as many businesses are currently struggling with capital and market challenges.
- Strategic Directions and Breakthroughs for the Future
The Government also announced strategic directions and breakthroughs in socio-economic areas to foster sustainable and comprehensive national development. Key highlights of this strategy include:
- Improving the socialist-oriented market economy framework, facilitating private sector growth.
- Embracing science, technology, and innovation as the main pillars to enhance national competitiveness.
- Building strategic infrastructure, focusing on the North-South high-speed railway project, which will help optimize domestic supply chains.
- Implementing social welfare policies, with the goal of eliminating temporary housing by 2025, improving living conditions in underprivileged areas.
- Addressing climate change by resettling communities in high-risk areas.
For Nhân Luật, the improvement of strategic infrastructure, such as the high-speed railway, and technological advancements will greatly facilitate the transportation of construction materials, particularly steel, to projects nationwide.
- Six Pioneering Tasks for Businesses
The Government outlined six pioneering tasks that businesses need to undertake to contribute to economic and social development:
- Promoting technology and innovation in production to increase labor productivity and product quality.
- Participating in global value chains and building national brands, particularly in key industries.
- Creating jobs and ensuring social welfare, helping improve workers' livelihoods.
- Developing digital infrastructure and responding to climate change to ensure a sustainable business environment.
- Training high-quality human resources to meet the needs of the new labor market.
- Uniting and supporting each other to build a sustainable business community.
As a pioneering enterprise in the steel industry, Nhân Luật commits to continued investment in technology and innovation while enhancing product competitiveness, aiming to integrate deeper into the global value chain.
- Requirements for Ministries, Agencies, and Local Authorities
To support business development, the Government called on ministries, agencies, and local authorities to:
- Resolve business difficulties promptly, ensuring no delays that could affect production and operations.
- Avoid shirking responsibility in addressing business-related issues.
- Strongly decentralize and empower local authorities to make independent decisions and take responsibility in implementing policies that support businesses.
- Business Sectors Benefiting from the Meeting
This meeting brings many positive signals for businesses in priority sectors, particularly those involved in national projects on:
- High technology.
- Transportation infrastructure.
- Energy.
- Construction infrastructure.
Nhân Luật, as a supplier and distributor of steel for major projects, particularly transportation and construction infrastructure, will continue to seize opportunities and leverage Government support policies to expand its scale and improve quality, meeting market demand.
The meeting on September 21, 2024, marks a significant turning point in strengthening the cooperative relationship between the Government and businesses, ensuring a strong, sustainable private economy that contributes positively to the nation's overall development.
Source: Compiled from the Government-Business Meeting on September 21, 2024
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