Businesses have crucial role to play in socio-economic development: Deputy PM

October 06, 2019 | 21:29
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Businesses are the main force of the nation to help promote economic growth, social development, and employment, Deputy Prime Minister Trinh Dinh Dung said while attending the Vietnam Business Forum 2019 in the central coastal city of Da Nang on October 5.
businesses have crucial role to play in socio economic development deputy pm
Deputy Prime Minister Trinh Dinh Dung speaks at the Vietnam Business Forum 2019. (Source:

The country now houses over 715,000 active businesses and more than 5 million business households. The number of entrepreneurs is estimated at 5-7 million. The business sector is making up over 60 percent of the national gross domestic product (GDP) and about 70 percent of the State budget revenue, and employing tens of millions of workers, the official said.

Particularly, the private economic sector is playing a decisive role in the economy, making up 43.3 percent of the GDP since 2016. According to the Deputy PM, the Government will focus on building a 10-year development strategy for 2021-2030, with a vision to 2050, as well as national, regional and provincial planning schemes for 2030 with a vision to 2050 in order to develop the country into a modern industrialised society soon.

He called on businesses to redouble efforts to restructure products, investment, administration and human resources based on the market’s demands while paying more attention to building brands and business culture.

Entrepreneurs should be pioneers in the application of science and technology as well as promoting innovation and optimising advantages from the Fourth Industrial Revolution to create more high-quality and globally competitive products, the official said.

He asked the Vietnamese business community to strengthen coordination and proactively improve their operation and expand international trade relations as well as make use of opportunities from new-generation bilateral and multilateral free trade agreements.

The Deputy PM also called on them to take the lead in abiding by the laws while paying attention to social responsibility, green and sustainable development, and having specific actions to protect the environment.


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