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Official Gazette

Thursday, June 30, 2022

Plan to boost private sector approved

Updated: 16:45’ - 08/11/2019
Prime Minister Nguyen Xuan Phuc on October 11 issued Decision 1362/QD-TTg to approve a plan to boost the sustainable development of the private business sector through 2025 with a vision to 2030.

DOJI Tower, the headquarter of DOJI, a private jewelry trader, at No. 5 Le Duan street, Hanoi__Photo: Internet

The plan puts forth six major solutions, including making the investment and business environment more friendly to keep investors’ trust and promote sustainable investment and business operations of private firms; encouraging businesses to apply sustainable business models and cleaner production technologies, save natural resources and protect the environment; promoting innovative start-ups and effective implementation of policies supporting small and medium-sized enterprises; increasing labor productivity in businesses, developing high-quality human resources and corporate governance and administration capacity; encouraging private firms to apply advanced technologies and take advantage of opportunities brought about by the Fourth Industrial Revolution; and enhancing the role of business associations in assisting private firms to develop in an efficient and sustainable manner.

These solutions are designed to increase the quality and efficiency of private firms, creating a firm foundation and significant motivation for rapid and sustainable socio-economic development.

The plan targets at least 1.5 million firms by 2025 and two million by 2030, as well as stronger connectivity among private firms.

By 2030, the gap in technology, human resources and competitiveness among businesses will be narrow, while the ratio of firms joining regional and global production and value chains will match that in leading ASEAN countries (ASEAN 4).

The plan also targets that in the 2021-30 period, the private sector will see a 6-8 percent expansion in the number of employees per annum, while the average growth in income of their employees will reach 25-30 percent per annum. The private sector’s contribution to the state budget is expected to increase 23-25 percent annually.

The Prime Minister asks ministries, sectors and localities to incorporate these solutions in national target programs to optimise resources. Provincial-level People’s Committees are also requested to allocate human resources and annual budget funds for the implementation of these solutions.- (VLLF)

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