Vietnam shares economic development experience with Venezuela
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.
Workers at a garment-textile factory in Vietnam (Photo: VNA)
Buenos Aires (VNA) –A webinar on the role of the private economic sector and experience in foreigninvestment management of Vietnam in Doi moi (renewal) process took place in Venezuelaon June 9.
The event, held by theEmbassy of Vietnam in Venezuela together with the Venezuela-Vietnam Chamber ofCommerce (CAVENVIET), aimed to share Vietnam’s achievements in economicrestructuring in the Doi moi process with the Latin American nation.
Addressing the event, Presidentof the Vietnam-Venezuela Friendship Association Associate Professor Nguyen VietThao said that over 1.4 million private businesses were set up in Vietnam between2016 and 2020.
The private sectorcurrently is the largest contributor to the country’s gross domestic productand present 30 percent to the State budget.
He added that to fosterthe private economic sector’s development in the new context, the fifth plenumof the 12th Party Central Committee issued a resolution on turning the sectorinto an important driving force of the socialist-oriented market economy, whichpaves the way for the amendments and supplements of relevant regulations inkeeping with the improvements of investment climate.
After 35 years of Doimoi, Vietnam attracted nearly 400 billion USD in foreign direct investmentacross over 30,000 projects from 130 countries and territories. Close to 70,000FDI firms are operating in about 300 industrial parks./.
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Workers at a garment-textile factory in Vietnam (Photo: VNA) 
