Gov’t to build safe and fair environment for private economy development

The action plan was issued to guide the implementation of the Resolution No. 10-NQ/TW, adopted by the 12th Party Central Committee at its 5th plenum on June 3, 2017, on the development of the private economy into an important driving force of the economy.

The Government tasked inferior levels to review and propose cutting business conditions and administrative procedures by as much as half and expand private sector’s access to infrastructure and resources, the action plan writes.

The private sector has grown strongly with the GDP share of 39-40% and absorbed about 85% of the 1.3-1.4 million new labor market entrants each year.

Viet Nam currently has around 610,000 private firms but a majority of the registered enterprises are micro-sized with 70% of them employing less than 10 workers and having a registered capital of below US$221.

According to World Bank Group President Jim Yong Kim, Viet Nam’s future economic success will depend on allocating capital and resources to their most efficient and productive use.

He believed that one important strategy for resuming rapid growth is to create the right conditions to ensure that the private sector is an engine of innovation and hence productivity and efficiency.

If full power and creativity of the private sector are unleashed, Viet Nam’s successes will only grow, and millions of people will have a better chance of getting good jobs and sharing in the country’s growing prosperity, he said./. 

By Ngoc Van