Aiming to improve the competitiveness of the private sector in the context of international integration and fast development of technologies, the Ministry of Planning and Investment, with the support of the United States Agency of International Development (USAID), has held a conference on building the Improving Private Sector Competitiveness project.
|The conference was held to outline the building blocks of the project on Improving Private Sector Competitiveness |
The conference attracted over 100 participants representing different ministries and sectors, including experts, associations, enterprises, and lawyers.
Addressing the event, Vu Dai Thang, Deputy Minister of Planning and Investment, said that so far the private sector contributes 50 per cent of the GDP, 30 per cent of the state budget, and 45 per cent of the whole country’s investment. “Over the years, the number of enterprises has increased a lot, with nearly six million private manufacturers. Although many policies and regulations have been issued, the private sector still has to cope with many challenges,” he stated.
|Deputy Minister of Planning and Investment Vu Dai Thang delivered a speech at the conference on Improving Private Sector Competitiveness |
According to Thang, Vietnam has a project on promoting the sustainable development of the private sector by 2025 with vision to 2030. Meanwhile, the 2021-2030 Socio-Economic Development Strategy also aims to develop the private sector both in quantitative and qualitative terms. "Therefore, facilitating the private sector to develop is an essential work for Vietnam."
With the aim of supporting the Vietnamese government to develop the private sector, the USAID in Vietnam has decided to spend millions of dollars on a five-year-long project of improving the private sector’s competitiveness.
“Small- and medium-sized enterprises are the main contributors to job creation, poverty reduction, improving living conditions, and inclusive and sustainable growth in Vietnam,” said Craig Hart, deputy mission director of the USAID in Vietnam. However, according to him, low productivity, and efficiency is associated with a large number of micro and small enterprises.
“Although the Fourth Industrial Revolution is a high priority for the Vietnamese government, the private sector's ability to adopt these productivity-enhancing technologies and processes has yet to be fully unlocked," he added.
Therefore, he stated, “We are ready to work hand-in-hand with the government to improve the capabilities of small and growing businesses in Vietnam, including those led by ethnic minority women.”
He affirmed that all the information discussed at the event is necessary for designing a project that will increase the productivity and efficiency of small and growing businesses and improve their accessibility to resources such as capital, land, labour, and technology and strengthen linkages.
At the conference, the representatives discussed Vietnam's current situation, demand, and the type of support the country's private sector needs. This is the next step in carrying out the project “USAID Linkages for Small- and Medium-sized Enterprises (LinkSME)” that was launched on September 24 by the Vietnamese Government Office, the MPI, and the USAID.