Vietnam unveils action plan to boost private sector

16:22 | 15/10/2017 Society

The government has announced an action plan to realise the Party’s resolution on developing the private sector into a major driving force of the economy.

Under the plan, Vietnam will have at least one million active enterprises by 2020, with a number of firms being large-sized and possessing strong resources, while private enterprises will make a 50% contribution to the GDP.

In order to implement the action programme, the government will seek to refine its policies in order to create a favourable and equal business environment for all enterprises, in line with market principles.

As part of the plan, the government will promptly adopt a number of decrees guiding the implementation of the Law on Support for Small and Medium-sized Enterprises, in addition to measures to encourage household businesses to convert into enterprises.

The Ministry of Natural Resources and Environment is requested to fine-tune the land laws to ensure equal access to land resources, while the Ministry of Finance has been tasked with accelerating the equitisation of State-owned enterprises.

The government has also urged the relevant ministries and local authorities to abolish at least one third to half of the unnecessary business conditions and administrative procedures which are currently impeding business activity.

For its part, the Ministry of Industry and Trade is assigned the task of building a new industrialisation strategy towards 2030 with a vision until 2035, taking into account the opportunities and challenges of the fourth industrial revolution.

Theo NDO