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Official Gazette

Wednesday, September 28, 2022

Govt. reveals draft action plan to develop the private sector

Updated: 14:30’ - 30/04/2022
By 2025, Vietnam would have about 1.5 million private enterprises, of which about 60,000-70,000 are medium- and large-sized ones.

This is one of the targets set in the cabinet’s action plan for implementation of the 12th Party Central Committee’s Resolution on developing the private sector as an important driving force of the economy.

The plan, drafted by the Ministry of Planning and Investment (MPI), also states the ambition of forming private economic groups that have great potential and are capable of competing in the domestic and international markets. It is expected that by 2025, the private sector’s contribution would account for 55 percent of GDP.

In order to achieve these targets, the plan specifies five main tasks.

First of all, it is necessary to continue improving mechanisms and policies so as to create a favorable business and investment environment for the development of the private sector.

The MPI would take charge of and coordinate with related ministries and sectors in, reviewing, and proposing amendments to, inappropriate, overlapping and incomplete legal documents related to investment, production and business, land, and finance with a view to guaranteeing the freedom of business and property ownership of private economic entities.

Secondly, the draft proposes further expanding private enterprise’s market participation and promoting fair competition.

The third task is to develop infrastructure facilities and increase accessibility to resources of private enterprises.

The Ministry of Transport would study and improve mechanisms and policies on bidding to select private enterprises to manage, use and exploit state-funded transport infrastructure facilities. Meanwhile, the Ministry of Finance would join hands with other agencies in restructuring the securities market, promoting the development of the corporate bond market and derivative securities markets, thus facilitating private enterprises’ raising of funds through these channels.

Fourthly, supports would be provided to the private sector for them to innovate and modernize technology, develop human resources, and improve productivity.

The Ministry of Information and Communications would act as the focal point in finalizing and implementing several strategies and programs, including the national strategy for development of digital technology enterprises through 2030, program on development of the information technology, electronics and telecommunications industry through 2025, with a vision to 2030, among others.

The State would assign or order Vietnamese digital technology enterprises to develop digital technology solutions and platforms and implement the Vietnam National Brand Program for Make-in-Vietnam Digital Products, aiming to raise competitiveness of national digital technology brands.

Lastly, in order to improve the effectiveness and efficiency of state management and get a consensus on development of the private sector, the draft plan assigns the MPI to take the main charge of researching, building and developing a centralized, unified and integrated database system on the private sector.- (VLLF) 


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