Prime Minister chairs unprecedented policy dialogue with private companies

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Leaders of the Government Office, Ministry of Finance, Ministry of Planning and Investment, and the members of the Prime Minster’s Economic Advisory Group, which was established in July this year.

This is the first time PM Nguyen Xuan Phuc chairs policy dialogue with private companies in a bid to seek ways to create favorable business environment for development of the private sector. (Photo: VGP)

According to statistics, private economy has become an important economic engine of Vietnam. Since 2010, the sector contributed over 43% to the country’s gross domestic product compared to around 28.9% of the State economic sector.

Speaking at the event, the Prime Minister highlighted the increasing number of the private businesses, accounting for 96.7% while State-owned enterprises (0.5%) and foreign-invested ones only make up 0.5% and 2.8%, respectively.

The Government chief pointed out that less than 10,000 out of the current 496,000 private enterprises are listed as large and medium-sized ones. So what are the bottle-necks and what the Government should do to give a strong boost to the development of private businesses, he questioned.

Prime Minster Phuc stressed that the dialogue was organized so that the Government could hear frank and sincere ideas and aspirations of private corporations in order to create the best legal framework and business environment for the Vietnamese private sector.

One of the keys to economic growth in Vietnam is the private sector, the Prime Minster said, adding that the Government expects to raise the private sector’s GDP share to 50-60% in the coming years.

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