Wednesday, 22 Nov 2017

Private Sector, the Driving Force for Economic Growth

Updated at Thursday, 08 Jun 2017, 13:42
The Hanoitimes - A forum titled “Private economy in the socio-economic development process of Viet Nam” was held by Vietnam Private Business Association (VPBA) on April 26, 2017.
It is an event under the Association’s Meeting Program between the Prime Minister and the Distinguished Businessmen.
Speaking at the forum, Nguyen Van Binh, Politburo Member and Head of the Party Central Economic Committee, pointed out that   the private sector has increasingly contributed to economic growth and economic restructuring. It  has always accounted for the 39-40% of national GDP, a big proportion among other economic sectors. However, “the private sector has not fulfilled its role yet as an important driving force of the economy.
Politburo Member and Head of the Party Central Economic Committee Nguyen Van Binh
Politburo Member and Head of the Party Central Economic Committee Nguyen Van Binh
Therefore, for the private sector to grow, Nguyen Van Binh suggested four groups of issues to be addressed. Firstly, the identification and clarification of the views, directions and objectives of private economic sector until 2025 with a view to 2035 to meet Vietnam’s practical development requirements and the era trends. Secondly, it is necessary to have  solutions to favor  investment and business environment for the private sector which are ensuring macroeconomic stability, improving mechanisms and policies to attract private investment, ensuring the private sector operation  in the market economy, expanding their market access, promoting fair competition and improving access to resources, especially land, capital and markets and infrastructure development. Thirdly, supporting private sector innovation, technological modernization and human resource development,  improving  productivity and active international integration are also very important. Fourthly, improving  the effectiveness and efficiency of state management on private sector.
At the forum, experts and business executives  discussed the following issues: EU-Vietnam New Free Trade Agreements  (EU-Vietnam FTA) and ASEAN Economic Community (AEC) - Issues to be addressed for private enterprises in Vietnam; Economic development: the potential for household economy; Private Economy Policies and Laws of the Party and State; Innovative businesses and the 4th Industrial revolution; Private Sector Speech by the Representative of Asian Development Bank (ADB); Small and medium enterprises in market economy and food safety; High-tech agriculture; The Road to Starting a Business – Brand name Development Story, etc.
Later in the day,, the Vietnam Private Business Association (VPBA)  held the “Dedication Award” Ceremony held by to honor the Distinguished Private Enterprises. The event was broadcast liveon Hanoi TV.
Khac Kien - Thanh Huyen
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