10 excellent young business people received the Red Star award on December 18, 2019 (Photo: VNA)

Mr. Phuc made the statement during a reception in Hanoi for young entrepreneurs who have been honored with Red Star Awards, on the occasion of the 20th anniversary of the award. He said that Vietnamese businesses must enhance competitiveness and step up their participation in the Fourth Industrial Revolution.

Acknowledging the need to further improve Vietnam’s business and investment climate, PM Phuc said he hopes entrepreneurs, particular Red Star Award winners, will make recommendations to the Government on institutional reform for innovation and stronger development.

He also urged agencies and localities to continue to creating favorable conditions for young Vietnamese entrepreneurs.

Over the last 20 years, the Red Star annual award has been one of the most prestigious awards for Vietnamese business people. The award has honored nearly 400 business people representing the dynamic and intelligent young Vietnamese who are typical examples of promoting start-ups.

Dang Hong Anh, President of the Vietnam Young Entrepreneurs Association, said that 10 excellent young businessmen received the Red Star award this year for their outstanding achievements in business management and responsibility for employees and society. Mr. Hong Anh said: “The 10 winning awardees this year earned 2.3 billion USD in revenue, contributed nearly more than 100 million USD to the state budget, and generated jobs for 36,000 workers. They represent a generation of creative and passionate entrepreneurs, and are role models for young entrepreneurs during Vietnam’s international economic integration.”