Prime Minister attends largest forum on private economy

Prime Minister Nguyen Xuan Phuc

The 2019 Vietnam Private Economic Forum was co-chaired by the Government and the Central Economic Committee with the theme "Developing Vietnam's private economy to become an important driving force of the socialist-oriented market economy according to Resolution 10-NQ/TW of the 5th Central Conference, Session XII and Resolution 98-NQ/CP of the Government".

It is expected that the plenary session, opening at 2 p.m. on May 2, will be a major dialogue session with the participation of Prime Minister Nguyen Xuan Phuc, Head of the Central Economic Commission Nguyen Van Binh, Permanent Deputy Prime Minister Truong Hoa Binh, Vice Chairman of the National Assembly Phung Quoc Hien and many Party Central Committee members who are Ministers, Deputy Ministers and local leaders.

About 2,500 private entrepreneurs will attend the plenary session, dialogue with the Government and localities in the spirit of public-private partnership, to contribute to removing barriers and bottlenecks for private economic development to truly become an important driving force of the economy.

Along with that, the Forum has 6 thematic seminars, focusing on important topics, focusing on prominent areas such as tourism, agriculture, digital economy, and unblocking medium- and long-term capital flows for economic development.

The private economic sector in Vietnam, especially after 2 years of implementing the Central Resolution 10-NQ/TW, has made new developments in both quantity and quality and has made increasing contributions to the development of the economy and society. Accordingly, the number of private enterprises increased sharply from 655,000 in 2017 to 730,000 in 2018 and reached more than 743,000 enterprises by the end of the first quarter of 2019. The scale of many enterprises is increasingly expanding, some enterprises have total assets of hundreds of thousands of billions of VND and employ tens of thousands of workers. The private economic sector currently accounts for about 40% of the country's GDP.

However, although the number of private enterprises established is large, their ability to survive and develop effectively is still low. The majority (97%) of private enterprises are small and medium-sized enterprises, with about 70% of registered enterprises having a scale of less than 10 employees and a registered capital of less than 5 billion VND. Along with that, there is little capital, outdated production technology, poor management skills, low efficiency and competitiveness, and little investment in the production sector...

At today's Forum, a series of difficulties and problems in each economic sector will be dissected, in order to propose solutions for each hot issue, such as building a national strategy for tourism development, standardizing agricultural, forestry and fishery chains, developing supporting industries or balancing between banking and non-banking institutions.

Based on the recommendations and proposals from the private sector, Government leaders and central ministries and branches will discuss and respond to each proposal.