news Published on May 2, 2019

Vietnam’s private economic sector encouraged to be growth momentum


The Vietnam Private Economic Forum opened on May 2 in Hanoi, aiming to review the implementation of a resolution on making the private sector an important part of the socialist-oriented market economy in Vietnam over the past two years.

During the two-day event, representatives from private firms had a chance to voice their opinions and proposals to Party and Government officials.

Dr. Le Xuan Sang, Deputy Director of the Vietnam Institute of Economics, predicted brighter prospect for the private sector to thrive and contribute to national growth this year and the following years.

Nguyen Quang Huan, Vice President of the Private Business Association and President of the Halcom company stressed the need of human resource development in the advent of the Industry 4.0.

He said, “One of important solutions is that businesses should clearly identify corporate culture, its philosophy and pursue this culture, abide by the law, and work for community.

Second, profits should be shared with partners because nobody does business alone. Third, the spirit of integration should be grasped. When you join the global chains and free trade agreements, you can’t stay alone.”

The Vietnamese government aim to have at least 1 million private businesses, which will contribute half of national GDP by 2020 and 1.5 million private businesses contributing 55% of the GDP by 2025.