14TH NATIONAL CONGRESS OF THE COMMUNIST PARTY OF VIETNAM

PM: "There must be big private conglomerates in Vietnam"

Trung Kien - Nhu Huong

Sep 30, 2017 / 09:27 PM

Prime Minister Nguyen Xuan Phuc held a policy dialogue with 14 chairmen and general directors of leading private enterprises in Hanoi on September 30.

PM Phuc praised the production and business achievements of the participating firms, which, he described as important contributions to the economy. The PM said he wants the businesses to frankly talk about their difficulties and challenges, stressing that the dialogue was a concrete action to implement the Resolution on the development of the private sector, which was adopted at the 12th Party Central Committee’s 5th plenum.

The government leader highlighted the recent substantial progress achieved by the private sector, but also pointed to a lack of large-scale private companies. Most of Vietnamese private enterprises are of small-, medium- and micro-sized firms, he said.

PM Phuc affirmed that the Government will collect feedback from the companies to complete relevant policies, improve the business climate, and remove bottlenecks in order facilitate the private sector’s development.

According to the Business Development Department under the Ministry of Planning and Investment, the private economic sector contributes 43.22 percent to the country’s gross domestic product (GDP), accounts for 39 percent of the total social investment, and generates 11.9 percent of all jobs. Meanwhile, the State economic sector contributes 28.69 percent to the GDP.

In 2016, the number of newly-established enterprises nationwide hit a new record with more than 110,000, up 16 percent annually. In the first nine months of 2017, an additional 94,000 firms were established with a combined registered capital of 900 trillion VND (39.6 billion USD).

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