State’s management must respect law of market to facilitate private sector: PM

Prime Minister Nguyen Xuan Phuc (centre) speaks at the meeting on February 18 (Photo: VNA)

Hanoi – Permanent members of the Government held a meeting under the chair of Prime Minister Nguyen Xuan Phuc on February 18 to discuss a draft plan on comprehensively reforming the State’s economic management.

The draft plan is intended to carry out the Party Central Committee’s Resolution No 10-NQ/TW on developing the private economic sector into an important driving force of the socialist-oriented market economy.

Providing a summary of the draft, Minister of Planning and Investment Nguyen Chi Dung said with five groups of solutions and 25 tasks, the plan targets that by 2030, the State’s management methods will be reformed in a fundamental and comprehensive manner and aligned with international principles and practices so as to create a favourable business climate for all economic sectors, thereby helping to achieve the targets relevant to the private economic sector stated in Resolution No 10-NQ/TW and the Government’s Resolution No 98/NQ-CP.

Besides, policies and laws on economic affairs will be made in a way that respects the law of market, ensures consistency and comprehensiveness, and treats businesses and organisations equally, regardless of which economic sectors they belong to.

Addressing the event, PM Phuc emphasised the importance of this plan, which has a “very large” scale and scope as it will greatly affect a number of sectors and areas, particularly in the country’s new development period after the 13th National Party Congress.

As the private sector has grown rapidly in the recent past with the emergence of many major firms, the draft needs to point out obstacles to this sector’s development and set forth solutions, he said.

The Government leader requested that the draft should take into account the country’s situation; the fast changing international situation; impacts of natural disasters, climate change, and the COVID-19 pandemic; along with the strong development of science-technology and the Fourth Industrial Revolution.

It should thoroughly grasp the 13th National Party Congress’s documents and resolution, which includes many new viewpoints and orientations for the State’s economic management.

Solutions to remove hindrances facing production and business activities, including those of the private sector, also need to be provided in this draft in order to facilitate private businesses’ operations in Vietnam, the PM noted.

The State’s management activities must respect the law of the market to promote the socialist-oriented development of the private economic sector, he said, adding that every potential and advantage should be fully optimised so as to foster the fast and sustainable development of this sector as in line with the 13th National Party Congress’s resolution.

Also on February 18, permanent Government members looked into a draft report on public borrowing and public debt repayment during 2016-2020 and a plan on this issue for 2021-2025 which will be submitted to the National Assembly.