The event, held by the Embassy of Vietnam in Venezuela together with the Venezuela-Vietnam Chamber of Commerce (CAVENVIET), aimed to share Vietnam’s achievements in economic restructuring in the Doi moi (Renewal) process with the Latin American nation.

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Workers at a garment-textile factory in Vietnam

Addressing the event, President of the Vietnam-Venezuela Friendship Association Associate Professor Nguyen Viet Thao said that over 1.4 million private businesses were set up in Vietnam between 2016 and 2020.

The private sector currently is the largest contributor to the country’s gross domestic product and present 30 percent to the State budget.

He added that to foster the private economic sector’s development in the new context, the fifth plenum of the 12th Party Central Committee issued a resolution on turning the sector into an important driving force of the socialist-oriented market economy, which paves the way for the amendments and supplements of relevant regulations in keeping with the improvements of investment climate.

After 35 years of Doi moi, Vietnam attracted nearly USD 400 billion in foreign direct investment across over 30,000 projects from 130 countries and territories. Close to 70,000 FDI firms are operating in about 300 industrial parks.

Source: VNA