(MPI Portal) – It is the content of the speech of Minister of the MPI Bui Quang Vinh in the interview on January 13th 2015.

Minister of the MPI Bui Quang Vinh at the interview. Photo: Duc Trung (MPI Portal)

In 2014, the 8^th session of the 13^th National Assembly approved many important laws, in which Enterprise Law (amended) and Investment Law (amended) drafted by the MPI. In 2005, the two Laws were issued, this was consider as a breakthrough creating a wave of established enterprises, attracting much FDI and promoting domestic investment. However, after nearly ten years of implementation, in new development condition of Vietnam and world economy, the two Laws revealed many shortcomings and limitations, so their amendment is an urgent demand, attracting the interest of domestic enterprises and foreign enterprises. Minister Bui Quang Vinh said that the MPI has built the two laws towards the most transparent in business investment, the most minimize cost of enterprises in approaching market, facilitating for international economic integration, receiving the sympathy and high appreciation of domestic and foreign enterprise community. The Laws were built on the basis of institutionalizing principles of the Constitution on citizens’ business freedom in the sectors and industries which legal is not prohibited. The Minister believed that by the consistent of the Laws and decrees, policies guiding, the implementation of the two Laws in July 2015 would create a new wave of investment business.

Evaluating the impact of innovation factors on socio – economic situation in 2015, Minister Bui Quang Vinh stressed that innovation and improvement of economic institutions is the essential for Vietnam to catch up the world economy. Innovation of Vietnam’s economy shift from a centrally planned to a market economy has lasted nearly 30 years (since 1986). Resolution 10-NQ/TW dated on April 5^th 1988 on the reform agricultural management (called Contractual system 10) took Vietnam from poverty to a rice exporter and the implementation of Resolution 11/NQ-CP dated on February 24^th 2011 on solution mainly focusing on containing inflation, stabilizing the macro economy, guaranteeing the social security have been the demonstrates the effectiveness of innovation. Now, when Vietnam has been a lower middle-income country, the width development motivation has been critical, innovation factors are playing important role in economic growth to overcome the middle-income trap, creating new momentum, impetus for socio-economic development of Vietnam.

In the interview, the Minister said that in 2015, Vietnam will integrate into international economy by joining ASEAN Economic Committee (AEC) and implementing many signed FTAs. Meeting big challenges and opportunities, Vietnam needs to improve the competitiveness of national economy and enterprises by scientific technical progress and productivity in order to enhance value of commodities and become new development momentum.

In 2014, FDI enterprises accounted for 68% of total export value, a rather high rate showing the success of FDI attraction but also revealing the weakness of Vietnamese economic competitiveness. The Minister affirmed that the economy will development autonomically if all of domestic enterprises are strong, so it is necessary to invest and develop supporting industry, ready to absorb the essence of high technology, participate in the transfer of technology, building Vietnamese brands… He also expressed his concern about SME, private sector and believed that the establishment SME Support Fund and the SME Law in the coming time would be basis for established enterprises, creating environment for young entrepreneurs, building brand, transferring technology… Therefore, the Minister hoped that private sector would create jobs, improve competitiveness to integrate international economy, become an important development momentum of Vietnam in the future./. 

Nguyen Huong

MPI Portal