Prime Minister Nguyen Xuan Phuc has praised significant success by the private economic sector as they represent 96.7% of the existing half a million businesses.
Prime Minister Nguyen Xuan Phuc held a policy dialogue with 14 chairmen and general directors of leading private enterprises in Hanoi on September 30.
The cabinet leader called for solutions to spur the sector’s development in line with the Party resolution on its important driving force in the socialist oriented market economy.
|PM Phuc at the event.
"Vietnam has implemented the Party resolution on private sector. Businesses’ voice will help address national issues. We want to listen to the private sector’s recommendations to alleviate difficulties and create best possible environment to nurture private economic sector’s development," he said.
He also hailed the recent substantial progress achieved by the private sector, but also pointed to a lack of large-scale private companies.
PM Phuc assured that the Government will collect feedback from the companies to revamp relevant policies, improve the business climate, and remove bottlenecks in order to facilitate the private sector’s development.
According to the Business Development Department under the Ministry of Planning and Investment, the private economic sector contributes more than 43% to the country’s gross domestic product (GDP), accounts for 39% of the total social investment, and generates 11.9% of all jobs. Meanwhile, the State economic sector contributes 28.69% to the GDP.