Vietnam to create favourable conditions for private firms

Vietnam will continue to hasten efforts to improve the business climate in terms of quality to create favourable conditions for the private sector to play its role as a driver in promoting rapid and sustainable economic growth
vietnam to create favourable conditions for private firms

Van Don International Airport, developed by private Sun Group, was put into operation on December 30, 2018

The country targeted to have one million firms by 2020, of which, there would be a lot of large private corporations who were arising strongly in both domestic and international markets in key sectors like manufacturing, aviation, finance and banking, agriculture and telecommunications.

According to Nguyen Xuan Thang from the Ho Chi Minh National Academy of Politics, the private sector was still facing difficulties in accessing resources, market opportunities and advanced technologies.

President and CEO of Vietjet Nguyen Thi Phuong Thao said at the Vietnam Economic Forum 2019 that Vietnam in recent years had sent a strong message about building a constructive government with open mechanisms for the private sector.

However, Thao said it was necessary to speed up the privatisation of State-owned enterprises (SOEs) and the restructuring of the banking sector to minimise the negative impacts on macro-finance and growth prospects.

She also urged the Government to develop mechanisms and policies to exploit resources of the private sector for infrastructure development and enable them to grasp opportunities from Industry 4.0 to enhance productivity.

The private sector should be encouraged to participate in what they could do well, Thao said, stressing that private firms expected to have a fair playground with other economic sectors.

Prime Minister Nguyen Xuan Phuc said in a dialogue at the World Economic Forum in Davos that the private economic sector was an important driver for growth of Vietnam amid an anticipated slow-down of the global economy.

The PM added that attracting foreign direct investment together with enhancing linkage with the domestic sector also played a significant role in promoting economic development.

According to Ousmane Dione, World Bank Vietnam’s Country Director, Vietnam faced a significant opportunity in upgrading its domestic value contribution to capture the benefits of FDI inflows and global value chains.

This required enhancing linkages with the domestic economy, he stressed.

Vu Dai Thang, Deputy Minister of Planning and Investment, said that the goal of having one million firms by 2020 was within reach, given the efforts of improving the business climate.

The Ministry of Planning and Investment recently made public a draft law to amend the Law on Investment and the Law on Enterprise, which aimed to create favourable conditions for the businesses and private sector to develop.

Vietnam set goal of increasing the contribution of the private sector to the country’s gross domestic product (GDP) to 50 percent by 2020, 55 percent by 2025 and 60-65 percent by 2030.

Every year, the private sector generated 1.2 million jobs and contributed 43 percent to GDP.

Source: VNA

Related News

Vietnam, Korea Customs sign AEO MRA

Vietnam, Korea Customs sign AEO MRA

VCN- The Director General of the General Department of Vietnam Customs (GDVC), Mr Nguyen Van Tho, and the Commissioner of Korea Customs Service (KCS), Mr Ko Kwang Hyo, signed the Authorized Economic Operator Mutual Recognition Agreement (AEO MRA) on the afternoon of December 24, at the GDVC’s headquarters.
Prioritizing semiconductor workforce training

Prioritizing semiconductor workforce training

VCN - Vietnam is well-positioned to participate deeply in the global semiconductor industry. Experts believe that developing a skilled workforce in microchips and semiconductors should be a long-term priority to effectively capitalize on this opportunity.
Vietnam-Cambodia: Looking back on journey of cooperation

Vietnam-Cambodia: Looking back on journey of cooperation

VCN – The bilateral meeting between the General Department of Vietnam Customs (GDVC) and the General Department of Customs and Excise of Cambodia (GDCEC) was held by the GDVC on December 9.
Vietnam-China e-commerce: A perspective from Lang Son border

Vietnam-China e-commerce: A perspective from Lang Son border

VCN - Cross-border e-commerce is currently a hot topic among e-commerce businesses, particularly those actively developing digital platforms and cross-border electronic payment infrastructures through border gates in Lang Son province.

Latest News

Việt Nam set to become regional manufacturing tech hub this year

Việt Nam set to become regional manufacturing tech hub this year

Global tech giants have expressed interest in expanding operations in Việt Nam this year, making the country an important part of the global technology world.
Computers, electronics and components lead imports in 2024

Computers, electronics and components lead imports in 2024

Most of them came from China, accounting for 32.3 per cent of the total import turnover by November 2024.
Hardware and electronics exports rebound

Hardware and electronics exports rebound

In 2023, Việt Nam’s hardware and electronics exports reached $113.3 billion, a sharp 15.1 per cent decline from $133.6 billion in 2022. However, 2024 has witnessed a robust rebound, with export revenue surging by nearly 16.8 per cent.
Imported automobiles show a declining trend in early December

Imported automobiles show a declining trend in early December

VCN - The volume of completely built-up (CBU) automobiles imported into Vietnam witnessed a sharp decline in the first half of December 2024, according to preliminary statistics released by the General Department of Vietnam Customs​

More News

Footwear industry set to gain $27 billion in export this year

Footwear industry set to gain $27 billion in export this year

Việt Nam’s footwear and leather industry is poised to achieve US$26-27 billion in export in 2024, marking a $3 billion increase from the previous year, as they country has well capitalised on the signed free trade agreements to bolster shipment, according to the Vietnam Leather, Footwear and Handbag Association (Lefaso).
Rice export sets new record in 2024, but 2025 expected to be tough

Rice export sets new record in 2024, but 2025 expected to be tough

Rice exports set new records in both volume and value in 2024, but a difficult year ahead is on the cards for producers as India resumes export.
Lower steel export forces businesses to eye domestic market

Lower steel export forces businesses to eye domestic market

Exports of HRC steel in November continued to be gloomy, so the steel companies must pivot back the domestic market to increase consumption.
Industrial production maintains rapid and throughout bounceback

Industrial production maintains rapid and throughout bounceback

VCN - The industrial production index in 11 months continued to recover rapidly and increase steadily in 60/63 provinces and cities, which is a good signal for the economy.
Six export commodity groups see billion-dollar growth

Six export commodity groups see billion-dollar growth

From the beginning of the year to December 15, there were six key export commodity groups with an increase in turnover of US$1 billion or more, according to the latest statistics of the General Department of Customs.
Sustainable Green Development: New Driving Force for the Retail Industry

Sustainable Green Development: New Driving Force for the Retail Industry

VCN - The trend of sustainable development and circular economy opens up opportunities for the retail industry to modernize its business model, green the supply chain and promote the consumption of environmentally friendly products.
The Middle East: a promising seafood export market for Vietnam

The Middle East: a promising seafood export market for Vietnam

VCN - Seafood exports to the Middle East experienced double-digit growth in 2024, placing the region among the top two fastest-growing seafood import markets, second only to China.
Increasing consumption demand, steel enterprises have many opportunities

Increasing consumption demand, steel enterprises have many opportunities

VCN - Vietnam’s steel industry is benefiting from growing domestic and export demand for steel. However, moving into 2025, the industry still faces many challenges.
Sustainable opportunities for Vietnamese goods to penetrate the global market

Sustainable opportunities for Vietnamese goods to penetrate the global market

VCN - The EU market is increasingly setting stronger green standards for imported goods. This not only creates great challenges but also opens up new opportunities for Vietnamese businesses if they know how to transform. So what should businesses do to adapt and take advantage of this opportunity? Vice President of the European Chamber of Commerce in Vietnam (EuroCham) Nguyen Hai Minh (photo) said that to take advantage of this opportunity, businesses need to constantly innovate, update information, improve green production capacity and closely coordinate with management agencies as well as international partners.
Read More

Your care

Latest Most read
Việt Nam set to become regional manufacturing tech hub this year

Việt Nam set to become regional manufacturing tech hub this year

Global tech giants have expressed interest in expanding operations in Việt Nam this year, making the country an important part of the global technology world.
Computers, electronics and components lead imports in 2024

Computers, electronics and components lead imports in 2024

Most of them came from China, accounting for 32.3 per cent of the total import turnover by November 2024.
Hardware and electronics exports rebound

Hardware and electronics exports rebound

In 2023, Việt Nam’s hardware and electronics exports reached $113.3 billion, a sharp 15.1 per cent decline from $133.6 billion in 2022. However, 2024 has witnessed a robust rebound, with export revenue surging by nearly 16.8 per cent.
Imported automobiles show a declining trend in early December

Imported automobiles show a declining trend in early December

The volume of completely built-up (CBU) automobiles imported into Vietnam witnessed a sharp decline in the first half of December 2024
Footwear industry set to gain $27 billion in export this year

Footwear industry set to gain $27 billion in export this year

Việt Nam’s footwear and leather industry is poised to achieve US$26-27 billion in export in 2024, marking a $3 billion increase from the previous year, as they country has well capitalised on the signed free trade agreements to bolster shipment, according to the Vietnam Leather, Footwear and Handbag Association (Lefaso).
Mobile Version