PM chairs plenum on private economic sector’s development

Earlier, on May 5, at the opening ceremony of the 12th Party Central Committee’s fifth session, Party General Secretary Nguyen Phu Trong asked for further renovations in mechanisms and policies with a view to developing the private economic sector.

A  report summarizing the 15-year implementation of the Resolution on renovating mechanisms and policies and facilitating the private economy adopted by the fifth plenum of the ninth National Party Congress has been composed, edited, and amended on the basis of reports and comments from relevant agencies, ministries, and sectors, and consultations of socio-political organizations, associations, experts, managers, and scientists.

Accordingly, over the last 15 years, the Party and State have issued a number of policies, guidelines and measures to encourage the development of the private economy.

The private economy has made greater contributions to rallying social resources for manufacturing and trading, economic growth and restructuring, increasing State budget collection, creating jobs, improving local well-being, ensuring social welfare and settling social issues. Its contribution to gross domestic product is stable at nearly 39-40%. Entrepreneurship has grown, as has the start-up movement.

However, the private economy’s growth rate has fallen in recent years due to limited capacity, mostly in individual and household businesses. Various private firms operate unstably and face losses, dissolution and bankruptcy. Law violations, trade fraud, tax avoidance and debt, unhealthy competition, environment pollution, and food hygiene remain serious issues.

The Party chief asked the Party Central Committee to assess past achievements and thoroughly analyze shortcomings and weaknesses.

Following the Resolution set by the 12th National Party Congress and the country’s situation, the Party Central Committee needs to reach consensus with the Party and people on the goals, major tasks and measures to develop a strong private economy, making it a driver of the country’s socialism-oriented market economy, he said./.

By Kim Anh