Vietnam will focus on developing its private sector to turn it into an important driving force for the socialist-oriented market economy, contributing to rapid and sustainable socio-economic development and improving the economy's self-reliance.
According to Mr. Phan Van Mai, Chairman of the People’s Committee of Ho Chi Minh City, from the beginning of the third quarter of 2021, the Covid-19 pandemic has stalled and disrupted most socio-economic activities. Enterprises have had to fight and overcome countless difficulties to survive and wait for the opportunity to revive.
Vietnam's socio-economic development in the last ten years owes its success largely to the important contributions made by the private sector. Over the period 2011 to 2020, private firms have been investing in many major projects that have changed the face of the country.
State management reform to promote the development of the private sector is one of the important contents stated in the resolution of the 13th National Party Congress. Dr. Nguyen Duc Kien, Head of the Economic Advisory Group of the Prime Minister, shared with SGGP Newspaper about this matter.
Permanent members of the Government held a meeting under the chair of Prime Minister Nguyen Xuan Phuc on February 18 to discuss a draft plan on comprehensively reforming the State’s economic management.
The Government has just released a report to the National Assembly on a five-year economic reform review. In which, the Government stated that the structure of the economic sectors continued to have positive changes and in the right direction; the proportion of processing, manufacturing, and high-tech industries increased; the investment and business environment improved.
HCMC will strongly attract private businesses to implement Smart City project, cooperate with the Ministry of Communications and Information to develop 4.0 industry and service and take the lead in Fifth-Generation (5G) telecom services, said secretary of HCMC Party Committee Nguyen Thien Nhan at the Vietnam Private Sector Economic Forum 2019 in Hanoi on May 2.
Cambodian Prime Minister Hun Sen has announced plans to reform the nation’s economy on a large scale with a 17-point strategy, aiming to stimulate growth and save the private sector some US$400 million per year in costs.
Financial market plays a key role in economic growth and macroeconomic stabilization. The fact that capital circulates smoothly from financial sector to the real economy and capital is effectively allocated to preferential fields and industries is significant for the process of restructuring the economy and supporting private sector – the main growth motivation.
In Vietnam, as in other parts of the world, the private sector has been more receptive to the much-buzzed-about rise of the Internet of Things (IoT), while the public sector and the government have been slow to adopt these technologies.
After the unusual equitization and state capital withdrawal since the end of 2013, state own Quy Nhon seaport has fallen in to the hands of a private company with the price being as low as few hundreds of billions of dong.
HCMC needs to consider the private economic sector as driving force, basic and main power to develop the city in accordance with the set target, said secretary of the city Party Committee Nguyen Thien Nhan yesterday.