VNA reported on May 5 that General Secretary of the Communist Party of Vietnam Central Committee To Lin signed the “Resolution No. 68 of the Political Bureau of the Communist Party of Vietnam Central Committee on the Development of Private Economy” on May 4.
The “Resolution” pointed out that after nearly 40 years of reform, Vietnam’s private economy has improved both in quantity and quality, and has gradually become one of the important driving forces of the socialist oriented market economy. At present, the private economy has about 940,000 enterprises and more than 5 million individual businesses, contributing about 50% of GDP, more than 30% of national fiscal revenue, and absorbing about 82% of the labor force, playing an important role in promoting economic growth, creating jobs, promoting innovation, improving labor productivity and national competitiveness, eliminating poverty and improving social livelihood. Many private enterprises have grown and developed, created well-known brands and entered the regional and international markets.
However, the private economy still faces many development obstacles, and its scale and competitiveness have not yet achieved a key breakthrough, and it has not truly become the core force of the national economy. Most enterprises are small, medium and micro enterprises with limited financial resources and governance, low scientific and technological capabilities and innovation levels, low labor productivity and operational efficiency, insufficient competitiveness, lack of strategic vision, and difficulty in effectively connecting with state-owned enterprises and foreign enterprises.
To this end, the “Resolution” outlines the goal of encouraging the development of Vietnam’s private economy. By 2030, the development of Vietnam’s private economy will become one of the most important driving forces of the national economy, a pioneer in the development of scientific and technological innovation and digital transformation, and help achieve policy goals such as the 57th Resolution of the Political Bureau of the Central Committee on the breakthrough development of scientific and technological innovation and digitalization. Strive to have 2 million private enterprises nationwide, an average of 20 per thousand people; at least 20 large private enterprises participate in the global value chain; the average annual growth rate of the private economy is 10%-12%, higher than the national average growth rate; the private economy contributes 55%-58% of GDP, 35%-40% of national fiscal revenue, absorbs 84%-85% of the labor force, and the average annual growth rate of labor productivity is 8.5%-9.5%; the level of scientific and technological innovation and digital transformation of private enterprises strives to rank among the top three in ASEAN and the top five in Asia.
By 2045, Vietnam’s private economy will achieve rapid, strong and sustainable development, actively participate in the global production and supply chain, and have high-level competitiveness in the region and the world. Strive to have at least 3 million private enterprises in the country, and the private economy will contribute more than 60% of the GDP.
The “Resolution” also clarifies the tasks, solutions and organizational implementation to achieve the above goals.