PM directs private sector to contribute 50-60 per cent to GDP

July 31, 2017 | 13:00
Being considered a key for Vietnam’s economic development, the private sector should reform and enhance its competitiveness and try to reach the target of contributing 50-60 per cent to the nation's GDP growth.
The prime minister expressed great trust in the capabilities of the private sector

This was announced by the prime minister at the second Vietnam Private Sector Forum 2017 (VPSF) organised at Melia Hanoi today.

“Almost all private enterprises are currently making low profit from operating as suppliers and sub-tenders for large-scale foreign and domestic enterprises, thus, to deal with this problem, private enterprises will have to focus on fields of global demand, including agriculture, foods, consumer products, and tourism, among others,” said Phuc.

The prime minister stated that private enterprises need to expand their operations abroad via M&A activities, technology transfer, and co-operation.

The government will go together with private enterprises and provide favourable conditions in the direction of equal, transparent, safe (what?) for their fast and stainable development.

In order to create a favourable business environment for Vietnamese private enterprises, the government organised numerous trade promotion events, hundreds of dialogues with enterprises, as well as initiated reform policies aiming to simplify administrative procedures.

VPSF is an initiative of Vietnam Young Entrepreneurs’ Association (VYEA) and Mekong Business Initiative (MBI), funded by the Asian Development Bank (ADB) and the Australian government. The forum is considered a bridge between the government, public authorities, and the private sector for continuous and close consultation on public and private policies.

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By By Ha Vy

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