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Vietnam targets two million enterprises in 2030

The Saigon Times

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HCMC – Vietnam aims to have at least two million enterprises by 2030, Tran Tuan Anh, head of the Party Central Committee’s Economic Commission, told a meeting held by the Vietnam Chamber of Commerce and Industry (VCCI) on September 15.

The private economic sector is expected to make up 60%-65% of the country’s gross domestic product, according to the nation’s 2021-2030 socio-economic development strategy.

Speaking at the meeting with businesses, Anh said that firms and entrepreneurs play a crucial role in boosting the country’s socio-economic growth, so it is necessary to widen the business community and improve the quality of the private sector in the next 10 years.

The country is also encouraging firms to form and develop into major groups to compete in global markets, said Anh.

VCCI Chairman Pham Tan Cong said that over the past 10 years, the number of firms has increased three-fold. As a result, over 860,000 enterprises are active in Vietnam, creating jobs for 14.7 million workers.

However, the country failed to fulfill its target of having one million enterprises in 2020, he added.

Cong proposed continuing to build and complete a legal corridor to protect and honor enterprises for their contribution to the nation’s economic growth and prevent illegal business operations to strengthen the business network.

Echoing the view, Tran Viet Anh, vice chairman of the HCMC Union of Business Association, said that incentives are needed to encourage businesses to thrive, the local media reported.

The head of the economic commission affirmed that the commission would propose building a detailed legal framework and mechanism to benefit enterprises.

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