PM praises MoIT as leader in cutting regulations

At a conference to review the industry and trade sector in 2017, Prime Minister Nguyen Xuan Phuc lauded the sector’s accomplishment of reaching US$200 billion export turnover for the first time, the abolishment of 675 business and investment conditions (about half the previous total 1,216 regulations) and the settlement of 12 loss-making projects. “The Ministry of Industry and Trade became the pioneer among the country’s ministries to cut administrative procedures, thus improving national competitiveness,” he said at the conference in Ha Noi on Monday. MoIT’s groups and corporations were also praised for their success in privatisation efforts. Of these, the listing of Saigon Beer, Alcohol and Beverage Corporation (Sabeco) on the stock market has become the largest IPO in the country so far, receiving an estimated VND110 trillion ($4.89 billion). “This is a very profound lesson in the privatisation of State-owned enterprises as a measure against corruption and bureaucracy, bringing the Government nearly $5 billion,” the PM said. He highlighted the importance of shifting attitudes and defining long-term visions. Officials from the ministry were asked to overcome outdated thinking to grasp opportunities and work with other sectors. Phuc also pointed out weaknesses within the ministry, including the slow introduction of strategies and plans; limited implementation and research in industrial development in line with the fourth industrial revolution; weak market forecasts; low competitiveness and heavy reliance on the FDI sector. He urged the ministry to be swift in restructuring SOEs, especially groups and corporations in key economic sectors. This would be… [Read full story]

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