President Trần Đại Quang requested the business community in HCM City take a pioneering role in the development of the private sector, especially small-and medium-sized enterprises (SMEs) during a meeting in the city yesterday. — VNA/VNS Photo Nhan Sáng

HCM CITY — President Trần Đại Quang requested the business community in HCM City take a pioneering role in the development of the private sector, especially small-and medium-sized enterprises (SMEs) during a meeting in the city yesterday. 

He also asked local businesses to help develop the economy in the southeastern and southwestern regions while supporting breakthrough business initiatives. 

The President said that Việt Nam’s international integration and involvement in the ASEAN Economic Community as well as engagement in new-generation free trade pacts such as the Trans-Pacific Partnership agreement and the Việt Nam–EU Free Trade Agreement has created new opportunities for the domestic economy. 

These deals will allow Vietnamese businesses to access more than 80 per cent of global market with zero-per cent tariffs and become deeply involved in global value chains, he said. 

However, in addition to opportunities, there were numerous challenges, he said, highlighting fierce competition and rapid automation in developed countries. 

Unless the implementation of international labour standards was controlled, this could distort relations in the field and affect the sustainable development of businesses, he stressed. 

Given these obstacles, the Vietnamese Party and State pledged to create specific policies to improve the socialist-oriented market economy and guarantee political and economic stability to create a healthy environment for businesses, he said. 

The President urged entrepreneurs to build a dynamic and competitive business community while ensuring economic independence and autonomy, and promoting modernisation and integration. 

He called on businesses to take part in programmes to ensure social welfare, reduce poverty, and address consequences of natural disasters. 

On the Việt Nam Entrepreneurs’ Day, which falls on October 13, the President hoped HCM City would soon become one of the economic, financial, trade and science-technology hubs of Southeast Asia. 

Having existed for 40 years, the business association in HCM City is now home to more than 60 voluntary organisations with 8,000 members. 
By the end of 2015, the country had 535,920 active businesses, over 97 per cent of which are SMEs, contributing 49 per cent to the gross domestic product (GDP) and around 38.5 per cent to the total social investment, and generating about 45 per cent of total jobs. — VNS