TS. Nguyễn Đình Cung: Mạnh dạn ‘đập bỏ’ một nửa số luật hiện nay sẽ mở 'đường cao tốc’ giải phóng sức mạnh kinh tế tư nhân

Key Points

Dr. Nguyen Dinh Cung argues for simplifying Vietnam's legal framework to unleash the private sector's potential.
He suggests "scrapping" half of existing laws and focusing on goal-oriented management.
Private sector growth is crucial for achieving Vietnam's 8% growth target for 2025 and 70% GDP contribution by 2030.
Key recommendations include tax breaks, simplified procedures, and improved access to capital markets.
Private businesses need to enhance innovation, management, branding, and international collaboration.

Dr. Cung emphasizes the importance of the private sector, which contributes significantly to Vietnam's GDP, investment, and employment.
He acknowledges the sector's resilience despite challenges like the Covid-19 pandemic and global economic instability.
Access to resources, especially capital and land, remains a key constraint hindering the growth of private businesses.
Dr. Cung advocates for a more diverse capital market and a reduction in reliance on bank loans.
He proposes specific actions such as tax exemptions for newly established businesses, simplified tax procedures, and easier access to credit.
A major recommendation is streamlining Vietnam's legal system. He suggests "scrapping" half of the existing laws to reduce complexity and shift towards goal-oriented management.
This streamlining should coincide with ongoing government restructuring efforts.
Dr. Cung acknowledges the challenges of this legal overhaul but believes it's essential for unlocking the private sector's full potential.
He highlights the need for private businesses to focus on innovation, modern management practices, brand building, and international partnerships to compete globally.
He cites the example of FPT's successful investment in AI and technology as a model for other private companies.

Vietnam's government is prioritizing private sector development to achieve ambitious growth targets.
A significant legal overhaul, including simplifying and reducing regulations, is crucial to unleash the private sector's potential.
Private businesses need to enhance their capabilities in innovation, management, branding, and international collaboration to compete effectively.