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PM holds policy dialogue with leading private firms
The Saigon Times Daily
Monday,  Oct 2, 2017,19:14 (GMT+7)

PM holds policy dialogue with leading private firms

The Saigon Times Daily

HCMC – Prime Minister Nguyen Xuan Phuc held a first-ever policy dialogue with 14 chairmen and general directors of leading private enterprises last Saturday in Hanoi, the Government news website reports.

Leaders of the Government Office, the ministries of Finance, and Planning and Investment, and the members of the PM’s just-established Economic Advisory Group also took part in the dialogue.

Statistics shows the private sector has become a driving force behind the national economy. Since 2010, the sector has contributed more than 43% to the country’s gross domestic product (GDP) growth compared to around 28.9% of the State economic sector.

A study reveals that given the same investment capital, the private sector in Vietnam generates revenue three times higher than that of SOEs.

The 5th Plenum of the 12th Party Central Committee has recently passed a resolution intended to spur the development of the private sector into an important engine of the economy.

The PM hailed the recent substantial progress of the private sector, adding that many groups and corporations are very successful.

The Government leader also noted the relatively small number of large-scale private companies. He said less than 10,000 out of the operational 496,000 enterprises, mostly from the private sector, are listed as large and medium-sized ones while the remainder is of small- and micro-sized ones.

Therefore, he urged relevant agencies to identify the bottlenecks, and pledged the Government would do more to give a strong boost to the growth of the private sector.

He stressed the dialogue was aimed at collecting feedback from private sectors in a sincere, frank, honest and responsible manner. Thus, the Government can continue removing bottlenecks, creating the best legal framework and business environment for the local private sector.

At the Vietnam Private Sector Forum 2017 with the participation of about 1,000 private businesses nearly two months ago, the Prime Minister set the target of raising the private sector’s GDP share from the current 43% to 50-60% in the coming years.

He stated the key to the country’s economic growth lies mainly in the private sector. “What the private sector can do well, the Government should create (favorable) conditions for them to do,” he said.

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