PM's Efforts to Streamline Regulations for Business Success
Prime Minister Pham Minh Chinh has urged government bodies to simplify administrative procedures, reduce fees, and address the bureaucratic hurdles that hinder business growth. During a meeting with Cabinet members and state-owned enterprises, the Ministry of Planning and Investment highlighted the challenges faced by various sectors due to factors such as inflation, declining orders from major export markets, and delays in public investment disbursement. Reports from the meeting indicate that the Vietnam Purchasing Managers’ Index, which measures manufacturing activity and industrial health, has shown modest improvements after a prolonged period of decline.
In August, the S&P Global Vietnam Manufacturing Purchasing Managers’ Index (PMI) rose above the 50.0 mark for the first time in six months. With a reading of 50.5, the index indicated a slight monthly improvement in business conditions within the sector.
Prime Minister Chinh emphasized the need for a manufacturing revival in Vietnam, prioritizing three key drivers of growth: investment, exports, and consumption. He urged government bodies to take bold steps and overcome sluggishness. Additionally, Chinh called for increased access to credit for state-owned enterprises and directed authorities to hold regular meetings with business representatives every three months to better understand their challenges and difficulties.