Prime Minister Nguyen Xuan Phuc highlighted Vietnam’s significant achievements in 2017 in an article published in a special issue titled “The Year Ahead 2018: Hope Against Rage” of the international media organisation Project Syndicate.
Prime Minister Nguyen Xuan Phuc
He underlined the country’s records in the establishment of new businesses, foreign direct investment (FDI), import-export, foreign currency reserves and gross domestic product (GDP) growth.
Vietnam’s determination to reform along with the remarkable accomplishments has created an elated atmosphere in business and investment and reinforced the trust of the business community and investors, he said.
According to the PM, Vietnam has proactively integrated into the world with the establishment of diplomatic relations with 185 countries and 26 frameworks of strategic partnership and comprehensive partnership, while maintaining economic ties with 224 countries and territories and participating in 16 free trade agreements (FTAs).
As host of the Asia-Pacific Economic Cooperation (APEC) Forum 2017, Vietnam proposed the theme “Creating New Dynamism, Fostering a Shared Future” and built an agenda to connect APEC economies in supporting the rule-based, transparent, non-discriminatory, open and inclusive multilateral trading system.
Regarding plans for 2018, PM Phuc affirmed that with the slogan “discipline, integrity, action, creativity and effectiveness”, Vietnam is determined to maintain a stable socio-political and macro economic environment, promote democracy, prevent corruption and vested interests and realise the United Nations (UN) sustainable development goals by 2030.
Vietnam will focus on measures to improve institutions, human resources and socio-economic infrastructure. The country hopes to create significant changes in economic reshuffling and reforming the growth model towards increasing productivity, quality, efficiency and competitiveness, he said.
Apart from restructuring the State business sector and the banking system, Vietnam will accelerate the settlement of bad debts, reform the public financial system and curb public debts by reducing cost burdens and facilitating business and production activities, he noted.
The Southeast Asian nation will make more flexible use of fiscal and monetary instruments and prioritise investment in developing infrastructure, digital economy and smart industries. Investment will be poured into education and science-technology while start-ups and innovation will be encouraged, the PM said.
The country has defined the private economic sector as an important driver for the local economy, and strives to have one million effective businesses by 2020.
Vietnam will improve the quality of the institutional and legal system, promote jurisdiction and enhance State macroeconomic management capacity, the PM noted.
He emphasised Vietnam’s consistent policies of integration with a focus on international economic integration in addition to refining the legal system, restructuring the economy, changing the growth model, increasing competitive edge and building proper policies and mechanisms to aid domestic and foreign businesses.
Vietnam will work for the early signing of the EU-Vietnam Free Trade Agreement, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership, according to the PM.
He said Vietnam will create favourable conditions for both domestic and foreign enterprises and investors to develop production and operate in Vietnam, while stressing unhealthy business activities will be boycotted.
The PM underlined Vietnam’s wish to strengthen cooperation and solidarity with the international community to overcome challenges, prevent and address disputes via peaceful means and in respect for the UN Charter and international law as well as promote sustainable development to bring prosperity and happiness to all people.
Finally, the Government leader affirmed Vietnam will work with countries to maintain a stable, peaceful environment, friendship, cooperation and development in order to effectively cope with factors hindering international integration, implement regional and global agreements on sustainable development and climate change adaptation, and shape bilateral and multilateral cooperation institutions.