Vietnam's private economic development board introduced

• PM Phuc holds policy dialogue with private economic groups
• Vietnam – Singapore foster economic connectivity
• Hanoi rolls out socio-economic tasks for remaining months
• Preparations for APEC Economic Leaders' Week 2017 basically completed

The board is aimed at helping it to reform mechanism, policies and administrative procedures related to the private economic sector, in keeping with the national economic objectives. It will also take the initiative of setting up an assisting system and mobilising resources for the performance of the assigned tasks.

The board is aimed at helping it to reform mechanism, policies and administrative procedures related to the private economic sector.

The decision of setting up the new board was issued after a short dialogue between Prime Minister Nguyen Xuan Phuc and enterprises at the 2nd Vietnam Business Forum on July 31, where the "talking along with doing" attitude of the Prime Minister was lauded.

In the medium-term, the research board, established on Monday with six members, who are well-known businesspeople, will work to help Vietnam advance to Top 3 in the ASEAN in national competitiveness by 2022, private enterprises contribute 60 percent to the country's gross domestic product (GDP) by 2020, and boost innovation startups and the fourth industrial revolution.

Statistics from the Ministry of Planning and Investment showed that the private economic sector contributes 43.22 per cent to the country’s gross domestic product (GDP), accounts for 39 per cent of the total social investment and generates 11.9 per cent of all jobs. Meanwhile, the State economic sector contributes 28.69 per cent to the GDP.

Up to 105,125 Vietnamese enterprises with total registered capital of nearly 1,022 billion Vietnamese dong (45.2 billion U.S. dollars) were set up in the first 10 months of this year, witnessing respective year-on-year rises of 14.6 percent and 43.8 percent, said the ministry.