news Published on May 3, 2019

Private sector plays crucial role in national economy: PM


The private sector has played a significant role in the national economy and should be provided with fresh impetus for further development, Prime Minister Nguyen Xuan Phuc said during his opening speech of the plenary session of the Vietnam Private Economic Forum in Hanoi on May 2.

PM Phuc said the Party and Government’s consistent policies are aimed at developing a multi-sectoral economy. After over 30 years since the beginning of the Doi Moi (Renewal) process, Vietnam has reached many remarkable landmarks with 2018 being the fourth consecutive year where records have been broken for the number of newly-established enterprises, especially private businesses.

PM Phuc also suggested a number of solutions that could be used to promote the advantages of the business community and hinted at ways in which small businesses can expand their market shares in foreign markets.

Renovation and creativity are important driving forces for businesses when expanding around the world, he noted.

The government leader also raised questions regarding the bottlenecks that have emerged within the Vietnamese economy. In addition, he also urged participating businesses and entrepreneurs to propose solutions aimed at developing the private sector into a spearhead industry in the future.

The PM also praised businesses that have been able to make strides in seeking new markets and speeding up radical reform, noting that entrepreneurs should make a pro-active contribution to the fight against corruption.

Finally, PM Phuc also underscored the importance of building world-famous brands that can promote Vietnamese products in the world market, adding that businesses need to utilise the spirit of patriotism in order to be sustainable within a global context.