Affirming the Role of the Private Economy in Economic Development

16:12, 11/07/2024

This is a prominent content mentioned in Resolution 05-NQ/TW dated November 1, 2016, regarding major guidelines and policies to continue innovating the growth model, enhancing the quality of growth, labor productivity, and competitiveness of the economy.

Policy on strongly developing the Vietnamese private economic sector in both quantity and quality as an important driver in economic development:

- Promote the formation and development of strong private economic conglomerates with modern technology to be the core and spearhead of economic development, along with the development of domestic small and medium enterprises (SMEs), enhancing competitiveness with foreign enterprises.- Implement synchronous measures to strongly develop the formal business sector with registration, gradually reducing and narrowing the scale of informal business activities.- Promote administrative procedural reforms, fundamentally reduce cost burdens on businesses, especially SMEs;- Innovate the management methods and working attitudes of officials towards support and service; strictly handle negative acts and corruption.

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