The private sector has played a vital role in mobilising resources, spurring economic growth, boosting budget revenues, creating jobs, enhancing living standards, and fostering global integration.
In Vietnam, the multi-sector economy was officially recognised in the documents of the 6th National Party Congress; the encouragement and facilitation of private economic development was affirmed at the 7th congress, and further emphasised at the 8th congress.
With the target of having 2 million businesses nationwide by 2030—double the current number, the PM underscored that administrative procedures must be as fast, simple, and cost-effective as possible.
Vietnam should not rely on a single market or a single growth driver like export, Prime Minister Pham Minh Chinh said, stressing the need to diversify products, and production and supply chains to sustain growth.
Prime Minister Pham Minh Chinh noted that the draft project has yet to identify bottlenecks and constraints hindering the private economic sector's growth and stressed the need to include concrete tasks and solutions to boost the sector.
Prime Minister Pham Minh Chinh urged promoting breakthroughs in scientific and technological development, innovation, and digital transformation for rapid and sustainable growth, noting that attention should be placed on green economy, digital economy, knowledge-based economy, circular economy, and sharing economy, particularly in emerging sectors such as semiconductors, artificial intelligence, cloud computing, and the Internet of Things.
This message from Party General Secretary To Lam in his recent article "Developing private economic sector – A lever for a prosperous Vietnam" marks a turning point in the awareness about the private economic sector’s important role while touching on the aspiration for groundbreaking development of the country's most dynamic economic industry today.
With nearly one million enterprises and approximately five million individual business households, the private economic sector plays a crucial role in Vietnam's economy. It currently contributes 51% of GDP, generates over 30% of state budget revenue, and provides employment for more than 40 million people, accounting for 82% of the total workforce.
The private sector has not only helped expand production, trade, and services but also made an important contribution to improving labour productivity, promoting innovation, and increasing national competitiveness. The strong rise of many Vietnamese private enterprises has not only enabled them to dominate the domestic market but also gained a foothold in international markets.
A conference held in Ha Long city in the northern province of Quang Ninh on April 15 provided a panorama of Vietnam’s private economic sector, and how to turn it into an important driving force of the socialist-oriented market economy.
A webinar on the role of the private economic sector and experience in foreign investment management of Vietnam in Doi moi (renewal) process took place in Venezuela on June 9.
Experts attending a workshop in Hanoi on March 12 suggested creating an equal competition environment and reforming the system of State resources allocation to spur the development of the private economic sector in Vietnam.
The 2021 list of the 500 fastest-growing companies in Vietnam (FAST500) was released by the Vietnam Report JSC and the VietNamNet e-newspaper on March 10.
Prime Minister Nguyen Xuan Phuc on February 20 urged Phu Yen to exert efforts so as to attract more investment into key projects, thus creating breakthroughs for the locality’s development.
Permanent members of the Government held a meeting under the chair of Prime Minister Nguyen Xuan Phuc on February 18 to discuss a draft plan on comprehensively reforming the State’s economic management.
Just one month after the founding of the Democratic Republic of Vietnam, on October 13, 1945, President Ho Chi Minh wrote a letter to the industrial and business circles in the country, in which he stressed their great role in the cause of national construction.
At a reception in Hanoi on January 8 for Adam Boehler, first CEO of the US International Development Finance Corporation (DFC), head of the Economic Commission of the Party Central Committee Nguyen Van Binh affirmed that Vietnam always supports and facilitates the investment by US firms in general and the DFC in particular.
The private economic sector has played an important role in creating a facelift to the infrastructure development in the northern coastal province of Quang Ninh over the recent past.
