Minister of Planning and Investment Bui Quang Vinh has suggested anumber of solutions to develop private enterprises which should be themost important contributor to the nation’s economic growth andstability.

Vinh said in an interview granted to theVietnam News Agency that one of the most important measures is to buildcentres for nurturing business innovations. The ministry is takingdrastic measures to carry out this plan.

Secondly,it is advisable to create capital sources to support small- andmedium-sized (SMEs) enterprises. The ministry has built a fund for thispurpose, which has a budget of 500 billion VND (23.47 million USD) forthis year, he said.

He also suggested facilitatingbusinesses’ access to the market by fully equipping them withinformation on global economic integration challenges, helping them tobuild trademarks, and receive technological transfer from foreignpartners.

Additionally, it is essential to establishand upgrade vocational schools, clarify and prioritise credit accesspolicies for private businesses, he said.

Theminister added that the revised laws on investment and enterprises,which are to take effect on July 1 this year, are expected to improvethe business environment for the private sector.

Furthermore, hisministry will submit to the National Assembly for approval the law onSMEs and the law on support industry by the end of this year, furtherfacilitate the establishment and operation of private enterprises.-VNA