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Official Gazette

Tuesday, October 22, 2019
Tags: private enterprises
PM highlights development potential of private economic sector PM highlights development potential of private economic sector
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.
Nation expects to have at least 1.5 million private enterprises by 2030 Nation expects to have at least 1.5 million private enterprises by 2030
By 2030, there would be at least 1.5 million private enterprises operating in Vietnam. It is a target set in a draft plan on sustainable development of private enterprises by 2030 prepared by the Ministry of Science and Technology.
GDP growth rate highest in 11 years GDP growth rate highest in 11 years
Prime Minister Nguyen Xuan Phuc chaired the Government’s regular meeting on December 27, during which he shared that Vietnam’s GDP growth rate rose 7.08 per cent in 2018 - the highest rate for the past 11 years.
Luật doanh nghiệp – Law on Enterprises (in 2014) Luật doanh nghiệp – Law on Enterprises (in 2014)
The Law on Enterprises was passed on November 26th, 2014, by the XIIIth National Assembly of the Socialist Republic of Vietnam at its 8th section and took effect on July 1st, 2015, replacing the Law on Enterprises in 2005 and Law on amending and supplementing of Article 170 of the Law on Enterprises in 2013. This Law prescribes the establishment, management organization, reorganization and dissolution of, and activities related to, enterprises, including limited liability companies, joint stock companies, partnerships and private enterprises; and prescribes corporate groups. To facilitate readers in the search and application of the Law, the National Political Publishing House collaborates with the Editortal Board of the Vietnam Law and Legal Forum magazine under Vietnam News Agency (the sole agency authorized in translating “Cong Bao” (Official Gazette) into English) to publish Vietnamese – English bilingual the Current Law on Enterprises (in 2014). The English version is for reference only.
Control and handling of corrupt acts in the private sector through accountability mechanism Control and handling of corrupt acts in the private sector through accountability mechanism
Corruption in the non-state business sector happens when someone takes advantage of his/her position in his/her enterprise for the sake of his/her personal gains. In Vietnam, the 2015 Penal Code (revised in 2017) has broadened the scope of corrupt acts to include corruption occurred in the private sector. Specifically, persons with high positions and/or powers in a non-state enterprise or organization will be liable for the following criminal acts: embezzlement, receiving bribes, giving bribes and bribery brokerage. However, in order to effectively prevent and combat corruption in the private sector, holding persons committing corrupt acts liable is not sufficient enough.
Party resolves to streamline the political system apparatus Party resolves to streamline the political system apparatus
The 12th Central Committee of the Communist Party of Vietnam on October 25 issued Resolution 18 setting specific targets for further renovating and restructuring the apparatus of the political system. Following are principal contents of the Resolution.
Numerous tasks laid down for better business environment Numerous tasks laid down for better business environment
Ministries and sectors will further review current regulations so as to cut the number of existing business conditions and administrative procedures by one-third or, if possible, by half.
Rationale behind new Party resolution on private economy Rationale behind new Party resolution on private economy
One of the current tasks and solutions set for turning the private economy into an important driving force of Vietnam’s economy is “to reach consensus in terms of perception, thinking and action in the implementation of the guidelines and policies on development of the private economy”. Yet “there remain a number of issues on development of the private economy that need to be further concretized and clarified in both theory and practice.” Some of these issues are highlighted below.
Party affirms private sector as important driving force for economic development Party affirms private sector as important driving force for economic development
The 12th Central Committee of the Communist Party of Vietnam on June 3 issued Resolution 10 affirming the development of the private economy into an important driving force of the country’s socialist-oriented market economy. Following are the principal contents of the Resolution.
Resolution No. 38/NQ-CP Resolution No. 38/NQ-CP
Promulgating the Government’s Action Program to implement Resolution No. 06-NQ/TW on “Effective international economic integration and maintenance of socio-political stability in the context when Vietnam accedes to new-generation free trade agreements”

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