Hanoi (VNA) – Party General Secretary To Lam has stressed the need for a clear strategy to develop the private economic sector that is conformable with Vietnam's current economic development level as well as new geo-economic and geopolitical space, ensuring its strong adaptability, resilience and competitiveness.

Chairing a working session with the Party Central Committee's Commission for Policies and Strategies on March 7, the Party chief demanded that the strategy must serve as a roadmap for businesses and economic entities to focus their investments and development directions.

He highlighted the need to fundamentally improving infrastructure and human resources to serve the overall development, creating favourable conditions for all enterprises to grow.

Lam stressed that changes in mindsets and perceptions are essential to transform policies and actions towards the private economic sector, adding it is a must to continue eliminating all misconceptions and prejudices about this sector.

The Party leader called for efforts to replace small-scale and fragmented agricultural thinking while encouraging industrial mindsets focused on large-scale operations and startup spirit nationwide, suggesting multiple forms of commendation should be built to honour the private economic sector’s contributions to the national economy.

Defining institutional barriers as critical obstacles to breakthrough growth, he requested rapid improvements in the investment and business environment and the removal of roadblocks for business development. The General Secretary also emphasised the significance of comprehensive and flexible supporting policies for the sector.

Additionally, he called for ensuring equality and fairness, allowing private enterprises access to capital and means of production no less favourable than state-owned enterprises and foreign-invested companies, enabling private businesses to engage in the nation’s key projects, and supporting small- and medium-sized enterprises to quickly grow into large corporations.

Furthermore, it is important to enhance the connectivity between businesses and between sectors to form a sustainable economic cycle, helping consolidate independence and resilience in economic development while ensuring effective economic integration.

He stressed the need to continue renewal as well as enhancing the Party's leadership role, particularly effective settlement of shortcomings in implementing the Party’s resolutions, conclusions and directions.

ಞ To advance the country's socio-economic development in the new era, the Party chief urged the Party Central Committee's Commission for Policies and Strategies to uphold its role as the Party’s strategic advisory body, proposing groundbreaking policies and decisions to drive the nation’s rapid and sustainable growth in the coming time./.