Vietnamese PM calls for business reforms

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Economic growth to reach 5.9 percent this year, foreign reserves to increase by US$4-5 billion, PM says


Vietnamese companies need to reform and improve their productivity amid the current difficult situation of the economy, Prime Minister Nguyen Tan Dung said.

"The goal for businesses is to be stronger and create products with higher technical values," Dung said. "Businesses have to move forward alongside the country."

He was speaking at a meeting with local businesses last week, news website VnExpress report.

The PM said Vietnam's economy has been facing many difficulties recently and the stituation may continue in 2012.

During these tough times, the fact that many businesses can manage to survive and grow is a good sign, he said, hailing the business community for helping to maintain employment in the country.

However, he said local companies need to undertake reforms as there are still many weaknesses in their operations. Dung said the total factor productivity, which is driven by various factors including technology and management, is still very low in Vietnam.

The government will continue to create favorable conditions for companies to do business, the PM said. He also promised a legal environment that ensures fair opportunities for all businesses.

Vietnam's economy is expected to expand by more than 5.9 percent this year, an "acceptable" level given the current situation, he said.

Even though a 5.9 percent growth is lower than a target of 6 percent set earlier this year, it is "real growth" without inflation, he said.

Dung also said inflation is on the downward trend and the country's foreign reserves are set to increase by US$4-5 billion this year.

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