Hanoi event to promote private sector development

Press conference about the Vietnam Private Economic Forum 2019 in Hanoi

The government and the Central Economic Commission will organise Vietnam Private Economic Forum 2019 on May 2-3 in Hanoi, focussing on "the development of the Vietnamese private economic sector into an important impetus of the market-based socialist-oriented economy under Resolution No.10-NQ/TW of the fifth plenary of the 12th Party Central Committee and Resolution No.98-NQ-CP of the government on enacting an action plan to implement Resolution 10”.

To be attended by thousands of foreign and Vietnamese delegates and chaired by Prime Minister Nguyen Xuan Phuc, the forum aims to assess the implementation of two resolutions on the development of the private sector in Vietnam, with results and shortcomings to be discussed.

Besides, the event will also focus on promoting the development achievements and contributions of the Vietnamese private sector, contributing to raising awareness of the sector’s position and role in the nation’s socioeconomic development.

The forum will also offer an opportunity for agencies, organisations, and businesses to make proposals to the Party, the National Assembly, and the government about improving the quality of policies in favour of the domestic private sector, enabling it to become an important driving force of the market-based socialist-oriented economy.

In addtion, the forum will also enable businesspeople to exchange business and investment experiences and opportunities.

The forum will feature a series of specialised seminars, focusing on important issues such as attracting high-end tourists, developing a digital economy, and taking advantage of opportunities from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Other issues will also include removing difficulties for enterprises to access capital sources, establishing and developing high-value agro-forestry-fishery chains and developing new business models.

For example, regarding the seminar on the development of the digital economy, discussions will revolve around developing open data in Vietnam, with attention paid to improving regulations; solutions for developing non-cash payment with a stress laid on new payment methods, fintech, and e-voice; and public-private partnership in digital infrastructure development.

Notably, prior to the Vietnam Private Economic Forum 2019, the organising board will make a poll of about 500 private firms nationwide, in combination with reports from ministries and special reports made from public-private dialogues. The poll’s results and the reports will be used as an input for the compiling of a hallmark report on Vietnam’s private economic development after two years of implementing Resolution 10.

Based on this report, the organising board will collect big issues facing enterprises and then asking ministries and agencies to provide answers for enterprises’ questions right at the forum.

Throughout 30 years of doi moi, the private sector has played an important role in the development of the socialist-oriented market economy in Vietnam. Currently, the private sector accounts for 39-40 per cent of the GDP.