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The Vietnamese private economic sector has developed strongly in quality, quantity and scale. Source: Internet.

Great expectations

The Resolution of the XIII National Congress of the Party was passed with the goal that by 2025, Vietnam will be a developing country with modern industry, surpassing low middle income. By 2030, it will become a developing country with modern industry and high average income. By the year 2045, it will become a developed country with high income.

The resolution has clearly stated the orientation of major targets on socio-economic development for the five years in 2021-2025; national development orientation for the 2021-2030 period and six key tasks in the XIII Congress term.

In particular, the Congress required to restore, develop the socio-economy, strongly renovate the growth model, restructure the economy, build and complete development institutions synchronously in line with acomplete, modern and integrated market economy; develop synchronously and create linkages among regions, economic sectors, types of production and business; developpolicies to support enterprise efficiency in agriculture; promote research, transfer and application of scientific and technological advances, innovate, implement national digital transformation, and develop the digital economy.

From an enterprise perspective, Nguyen Quang Hung, Chairman of the Board of Vietnam National Payment Joint Stock Company (NAPAS), saidthat the successful results of the XIII Party Congress affirmed its stable position. Vietnam's political security is an important premise for the Party and Government to continue implementing effective governance policies. On that basis, the economy will recover, attracting international investment, providingdomestic enterprises more opportunities for development.

Grasping the directions from the Resolution of the Party Congress, Do Viet Hung, Standing Deputy Secretary of the Party Committee, Member of the Board of Directors of Vietnam Joint Stock Commercial Bank for Foreign Trade (Vietcombank), said the document of the XIII Party Congress emphasized thedevelopment of the digital economy and a strong direction to develop the digital economy in the 2021-2030 period.

Therefore, Vietcombank has been developing digital banking with the strategic goal of becoming a leading bank in the sector. In 2021, Vietcombank will continue to pursue its dual goal that is accompanying and supporting customers to overcome the pandemic and implementing the business objectives according to itsstrategy.

"Platform" for new developments

In fact, businesses have enjoyed a lot of success thanks to the Party's decisions overmany years, especially with Resolution No. 10-NQ/TU 2017 of the XII Party Central Committee on distribution.

The private economy has become an important driving force of the socialist-oriented market economy. After three years of implementation, Vietnam's private economic sector has developed in quality, quantity and scale, creating about 40% of GDP, 30% of the state budget, attracting about 85% national workforce every year.

In particular, the names of private corporations such as Vingroup, Sun Group, FLC, Thaco, Vietjet and TH have becomefamous in the world, many exporting enterprises brought in large sources of foreign currencies.

Therefore, this Resolution also states that the private economy is encouraged to develop in all sectors and fields that are not prohibited by law, especially in the fields of production, business and services into strong and highly competitive private companies and economic groups.

To encourage private enterprises to cooperate and associate with state enterprises, cooperatives and household businesses; develop joint stock companies with the wide participation of social actors, especially employees.

Therefore, the new breakthrough policies of the XIII Congress are expected to be the "foundation" for new development steps.

According to Mac QuocAnh, Vice President and General Secretary of Hanoi Association of Small and Medium Enterprises, to accomplish these tasks, in economic development, the program of "innovation" iskey.

Therefore, the economy needs a comprehensive legal system, reasonable policies and mechanisms to create a favorable, healthy and fair investment and business environment. In addition, Mac QuocAnh also expected to maintain a coordination mechanism between the State and enterprises to obtain a consensus among government agencies, the State and the private economic sector.

On the business side, the representative of Vietcombank suggested that the Party and Government should facilitate the digital transformation process on a large scale, especially for businesses. This is a prerequisite for us to have resilience in growth in the future, so that domestic businesses are not left behind.

Sharing the same point of view, Nguyen HuuBac, Chairman of PhucGroup Tourism System, saidthat the Party and the State were very interested in entrepreneurs and businesses, and issued many directives and resolutions to improve the business environment. However, there are still many businesses facing difficulties, especially in the context of the Covid-19 pandemic, therefore, the newpolicies need to be improved, overcoming the overlap between laws,decrees and circulars, and must ensure equality among economic sectors.