Private sector expected to drive national economy

A conference held in Ha Long city in the northern province of Quang Ninh on April 15 provided a panorama of Vietnam’s private economic sector, and how to turn it into an important driving force of the socialist-oriented market economy.

The conference was co-organised by the Vietnam Chamber of Commerce and Industry (VCCI) and the provincial People’s Committee, and chaired by the Vietnam Union of Science and Technology Associations (VUSTA).

It was the first activity by the communities of scientists and businesspeople this year in response to the Politburo’s Resolution No. 41-NQ/TW dated October 10, 2023, on building and promoting the role of Vietnamese entrepreneurs in the new period.

According to a report presented at the conference, Vietnam is home to nearly 900,000 operational private firms, with about 7 million businesspeople.

The private sector contributes nearly 45% of the country's GDP, one-third of State budget revenue, more than 40% of social investment capital, 35% of import turnover, and 25% of export value, and creates jobs for 85% of the country's labourers.

VUSTA President Phan Xuan Dung stressed that the fourth Industrial Revolution requires enterprises and businesspeople to set forth new development strategies in order to catch up with their foreign counterparts.

Participants looked into relevant policies and guidelines, including those to diversify capital, and promote the role and position of the sector, and Quang Ninh province’s experience in this field.

The private economic sector has significantly contributed to Quang Ninh’s development over the past years. The province counts 16,981 enterprises with accumulative registered capital of 346.64 trillion VND (13.7 billion USD), of them 10,555 established between 2017 and 2023.

Private investment in the province has been on the rise, with an annual growth rate of over 10.2%, and the sector makes up about 70% of its social investment capital.