Enhancing the Influence of Private Companies within the National Economy

Enhancing the Influence of Private Companies within the National Economy - Decision Made by Politburo

Let's Chat About Vietnam's Private Sector Boom

Hey there folks, get comfy! Today we're talking about Vietnam's private economy, a beast on the rise.

Recently, the Politburo issued Resolution No 68-NQ/TW, highlighting the private sector as the engine behind Vietnam's economic growth. The resolution outlines some killer strategies and solutions to supercharge the private sector's role and skyrocket its competitiveness.

First off, the goal is for the private sector to contribute 55-58% of GDP by 2030, accounting for 35-40% of state budget revenue, and employing 84-85% of the workforce. Ambitious much? By 2045, the private sector is expected to contribute over 60% of GDP, making it a dominant force in Vietnam's economy.

Here's a quick rundown of the solutions set in place:

Renewed Thinking: Encouraging a change in perception and boosting national pride to foster new energy for private economic development.
Institutional and Policy Reform: Accelerating reforms for property rights protection, ensuring business freedom, promoting fair competition, and enhancing contract enforcement.
Resource Access: Facilitating private sector access to land, capital, and skilled labor.
Innovation and Technology: Supporting science, technology, and digital transformation within the private sector, with a focus on green growth.
Linkages: Encouraging stronger cooperation among private firms and fostering partnerships with state and foreign-invested enterprises.
Scale Up: Boosting medium and large private enterprises and nurturing groups with regional and global reach.
Small Business Support: Providing meaningful support and protection for small, micro, and household businesses.
Governance Participation: Encouraging entrepreneurship, innovation, and active governance participation by Vietnam's business leaders.

In short, Vietnam's private sector is poised for greatness. With these new strategies and solutions, there's no limit to what this sector can achieve! Let's cheer for the Vietnamese private sector as it scales new heights, punching above its weight in regional and global markets!

P.S. Fun fact: By 2030, the target is for Vietnam to have two million active enterprises and at least 20 large firms competing regionally and globally. Now that's a private sector powerhouse!

Insights- The resolution aims to create a paradigm shift in perceptions to foster new momentum for private economic development.- Institutional reform, resource access, and innovation support are key ingredients for the private sector's economic growth.- The resolution encourages stronger cooperation among private firms, as well as between private, state-owned, and foreign-invested enterprises to boost overall competitiveness.- The private sector is tasked with building a resilient, independent economy, helping Vietnam avoid the risk of falling behind and supporting prosperous development.- The resolution emphasizes the need for a mindset shift, fair competition, strong institutions, and targeted support to unlock the private sector’s full potential as the engine of Vietnam’s economic growth.

A car assembly line in Thaco, a large private enterprise in Việt Nam. The private sector will be considered as the most important driving force behind the national economy. - VNA/VNS Photo

The new policies aim to shift the mindset, fostering fresh momentum for the private sector's growth in Vietnam.
The implementation of Resolution No 68-NQ/TW focuses on reforming institutions and policies for property rights protection, business freedom, and fair competition.
Vietnam's private economy aims to be self-sufficient and resilient, avoiding falling behind and ensuring prosperous development.
The strategy involves strengthening cooperation among domestic firms, as well as partnerships with state and foreign-owned enterprises.
The resolution targets the nurturing of medium and large private enterprises that could develop a regional and global reach.
Small businesses, micro, and household-based enterprises will receive meaningful support and protections.
Business leaders are encouraged to take an active role in entrepreneurship, innovation, and governance.
Vietnam's private sector, with Thaco as an example, has the potential to become a dominant force in regional and global markets due to these changes, so let's cheer it on!