Breakthrough policies created to boost private sector

Legislators proposed that the government implement breakthrough policies and create conditions to boost the private sector in order to ensure sustainable national growth.

A Party Resolution describes the private sector as an important driving force for national economic growth, thanks to substantial contributions to the GDP.

Eliminating barriers to boost private sector

According to a 2017 survey and business trust index conducted by the Private Economic Forum, enterprises are facing problems concerning licenses and startups. NA deputies say the government has pointed out issues to address in the near future. They called for more effective mechanisms to determine the role of leaders of ministries, sectors, and localities in addressing these problems.

Luu Binh Nhuong is a deputy for Ben Tre province: “The government needs to encourage the public and work with state agencies to check any abuses of power. The National Assembly should improve its oversight on the government and state apparatuses to limit difficulties and obstacles.”

Creating breakthrough mechanism

The private sector has contributed considerably to national development, the state budget, and job generation. Since 2010, it has contributed more than 43% of national GDP. With more open conditions, the private sector is expected to grow 15 to 50% a year, but it will need an equal access to resources. The Vietnamese government has pledged to eliminate all barriers and create favorable conditions to boost the private sector.

Le Cong Nhuong, a deputy for Binh Dinh province, says it’s necessary to focus on logistics, human resource training, capital utilization, human resource training, and overseas Vietnamese participation in national economic development.

“We need to create more breakthrough policies. The 6th Party plenum has a resolution on boosting the private sector. We need to pave the way for the sector to increase its contributions to GDP and generate jobs”, says Mr Nhuong.

Tran Hoang Ngan, a deputy for Ho Chi Minh City, says it’s necessary to focus more on small and medium-sized enterprises and review the Law on SMEs and other legal documents on private sector because they affect to many enterprises. Ngan called for a strategy to increase the private sector’s competitive edge.

“We hope the government will continue to help Vietnamese enterprises get involved in all sectors in order to ensure sustainability for the national economy", says Mr Ngan.

The government is urged to take more action to make the private sector central to national economic growth.