At the meeting, Deputy Minister of Finance Nguyen Duc Tam outlined the ministry’s draft project, which consists of five key sections – a review of relevant development mechanisms and policies; an assessment of recent private sector growth; international experience and lessons for Vietnam; perspectives, objectives, tasks, and solutions for private economic development in the next phase; and recommendations and implementation roadmap.
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The meeting in Hanoi on March 24 |
He reported that the economic sector contributes approximately 51% of Vietnam’s GDP, over 30% of state budget revenue, more than 30% of total import-export turnover, nearly 60% of total social investment capital, and 82% of the workforce. However, 98% of private enterprises are micro-, small-, and medium-sized, with low technological capacity, weak research and development (R&D), limited innovation, and poor corporate governance. Their productivity, operational efficiency, and competitiveness remain low, and there is a lack of connectivity both within the sector and with the foreign direct investment (FDI) one.
Nguyen Thuy Anh, deputy head of the Party Central Committee’s Commission for Policies and Strategies, stressed the need to "decode" the relationship between the private sector and the broader market economy, as well as the state's role in shaping its growth.
Deputy Minister of Industry and Trade Phan Thi Thang underscored the importance of fostering domestic enterprises capable of developing the country’s supply chains and production networks.
Deputy PM Nguyen Chi Dung called for the swift finalization of the project, ensuring it aligns with directions from the Politburo, the Party General Secretary, and the Prime Minister. Once implemented, it must provide a breakthrough for the sector, removing barriers while fostering business confidence and enthusiasm.
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Deputy PM Nguyen Chi Dung speaks at the event |
This is a resolution of the Politburo; therefore, it must be concise, clear, specific, actionable, and highly feasible, the official stated.
He urged the Ministry of Finance to review key targets and policy directions, ensuring that all indicators are well-calculated, realistic, and backed by international best practices.
The Deputy PM stressed the importance of fiscal, monetary, and administrative solutions as the primary tools for market regulation and facilitation, minimizing direct state intervention that could distort market fairness or violate international commitments.
Source: VNA