There is room for the private economic sector to further develop, Prime Minister Nguyen Xuan Phuc affirmed during a reception for representatives from the Vietnam Private Business Association in Hanoi on June 17.

Prime Minister Nguyen Xuan Phuc (R) greets representatives from
the Vietnam Private Business Association at the event in Hanoi
on June 17 (Photo: VNA)

The leader stressed equal development opportunities for different economic sectors, including the private economy, citing the 12th Party Central Committee’s Resolution No. 10-NQ/TW which says the private economic sector is an important driver of the national economy. 

Statistics show that the sector contributes over 40 percent of the national gross domestic product (GDP) and the number is on the rise, he said. 

One of the Government’s major tasks is to promote different forms of enterprises, including private businesses which should be increased in terms of scale, quantity and competitiveness to join the areas of high values in the global supply chain, the PM said. 

He raised the questions regarding how to access technologies, capital and quality human resources to develop the private economic sector, improve the quality of administrative services towards people and businesses, and promote business innovations as well as business ethics. 

PM Phuc suggested private firms set forth suitable strategies to control business risks and contribute more to national growth, while paying more attention to social responsibility, green and sustainable development, environmental protection and law enforcement. 

Private enterprises should join the fight against corruption and other bad deeds in business, he said. 

The participating businesspeople said they were impressed by PM Phuc’s message at the Vietnam Private Economic Sector Forum last May that underlined the need to ensure equality, protection, encouragement and opportunity hand-over for private firms.  

They proposed the Government step up administrative reform and build a favourable business environment, saying the Party and the State should assign private firms harder tasks.

They also stressed the need to promote innovations, digital economy and personnel training that meets requirements of the Fourth Industrial Revolution.