Promoting private sector into important driving force of the economy

Vietnam will promote its private economic sector to turn it into an important driving force of the socialist-oriented market economy, contributing to rapid and sustainable socio-economic development and improving the self-reliance of the economy.

This is pursuant to the Government’s Resolution No. 45/NQ-CP, issued on March 31, on implementing Party’s Resolution No. 10-NQ/TW, dated June 3, 2017, regarding the promotion of the private economic sector.

The Government Resolution continues to concretise the goals and solutions set out in the Resolution of the fifth plenum of the 12th Party Central Committee on developing the private economic sector into an important driving force of the socialist-oriented market economy in accordance with the actual situation and conditions.

According to the Government Resolution, Vietnam strives to have about 1.5 million enterprises by 2025, including 60,000 to 70,000 medium and large enterprises.

The country also expects to have at least 2 million enterprises by 2030 in addition to the establishment of many private groups with high potential and competitiveness in the domestic and international markets.

The growth rate of the private economy is anticipated to be higher than the overall growth rate of the economy, while the proportion of the private sector’s contribution to GDP is about 55% by 2025 and about 60-65% of GDP by 2030.

The labour productivity of the private sector is expected to increase by about 5% per year, while 35-40% of private enterprises will have innovative activities, narrowing the gap in technology level, human resource quality and competitiveness compared with the leading group of ASEAN-4.