Former VCCI chairman Vu Tien Loc passes away at 64

He died at 5 a.m., a source familiar with the matter told VnExpress.

Loc came from the northern province of Thai Binh. He held a Ph.D. in economics and an advanced degree in political theory. He taught at many universities both domestically and internationally.

Loc had been a member of the National Assembly for many years, and at the time of his death he was a member of its economics committee.

He was the chairman of VCCI for 18 years until 2021.

Loc has left behind a significant impact on the National Assembly and the development of the business community in Vietnam.

In 2004, he and some business associations proposed that the government designate October 13 as Vietnam Entrepreneurs’ Day. The proposal was approved.

He also called on lawmakers to identify the role of businesses and businesspeople in the Constitution.

VCCI, under his leadership, lobbied the official recognization of household business in the business laws, which increased the transparency of a sector that contributes around 30% of GDP.

VCCI also made many initiatives to support small and medium businesses and startups. It is also the organization behind the Provincial Competitiveness Index and the Corporate Sustainability Index.

He frequently chaired various forums and policy dialogues between the government and businesses, as well as major summits and business forums in Vietnam and abroad.

He was the chairman of the APEC CEO Summit in 2006 and 2017. He also founded and led the annual Vietnam Business Summit for many years.