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Prime Minister Nguyen Xuan Phuc, addressing a year-end session of the Vietnam Business Forum (VBF) in Hanoi on December 12, hailed the business community for its painstaking achievements that have helped fuel the country’s economic growth this year as well as in the recent past.

At the 20th VBF, the Government leader said the business community has helped raise the country’s gross domestic product (GDP) to US$220 billion this year, an eight-fold leap from US$27 billion in 1997. The number is expected to hit nearly US$300 billion by 2020.

Back to 2017, Phuc affirmed that Vietnam’s economy has grown strongly and comprehensively, beating all the 13 targets set for this year.

It is noteworthy that Vietnam has reached a GDP growth rate of 6.7% this year, the highest in ten years. In addition, the country has stabilized the socio-economic situation, controlled inflation, bolstered exports, and enhanced international integration. He also noted the successful organizing of the APEC Year 2017 was a plus.

The number of new enterprises established this year has hit a record high of more than 120,000 with total registered capital of over VND3,000 trillion. Besides, more than 25,000 suspended businesses have resumed operation.

The foreign direct investment (FDI) sector has played a more pivotal role in Vietnam’s economy, increasing added value locally, creating jobs and contributing to the State budget. Foreign investment approvals this year have reached a ten-year high of more than US$35 billion.

PM Phuc attributed the high entrepreneurship and huge FDI inflow to the improved business environment, which has been recognized internationally.

In fact, Phuc said, Vietnam ranked 68th among 190 economies in the World Bank’s Doing Business Report 2018 released this year, a leap of 14 notches against the previous year, while the World Economic Forum’s Global Competitiveness Report for the 2017-2018 period put Vietnam at 55th out of 137 economies, up 20 places compared to five years ago. In addition, the rating agency Moody’s last month also upgraded Vietnam’s banking system from stable to positive.

The PM advised enterprises to brace themselves for changes in the context of global economic recovery, the advent of the Fourth Industrial Revolution and international integration.

The proportion of middle-class consumers in Vietnam’s population may surge from the current 10% to 50% in 2035, creating many new business opportunities for enterprises.

In addition, 54% of Vietnamese people use Internet services and the proportion of smartphone owners is 55%. By 2020, Vietnam will be the leading country in the region with eight out of every ten people using mobile phones, helping potential investors to easily access the Vietnamese market.

Vietnam will also invest heavily in research and development, digitalization, infrastructure and advanced technology.

To enhance the competitiveness, the country has carried out administrative reforms, improved the investment environment and created other favorable conditions for enterprises.

The Government will further develop infrastructure, encourage investments in education and science-technology, stabilize the macro-economy and society, boost economic restructuring and reform of State-owned enterprises, the banking system and taxes, settle bad debts, and enhance the transparency and efficiency of the legal system.

PM Phuc also pledged to combat corruption, wastefulness and group interests, and take measures to protect the environment and adapt to climate change.