From July 22, 2024, the Government of Vietnam to request the development of economic components to promote industrialization and modernization

From July 22, 2024, the Government of Vietnam to request the development of economic components to promote industrialization and modernization

In the Program issued along with Resolution 111/NQ-CP on July 22, 2024, to achieve the goals set by Resolution 29-NQ/TW, the ministries, central authorities, local authorities, and People's Committees of provinces and centrally affiliated cities need to specify and organize the implementation of tasks for the development of economic components to promote industrialization and modernization as follows:

- The ministries, central authorities, and local authorities

+ Continue to effectively implement Resolution 98/NQ-CP issued on October 3, 2017, which promulgates the action program of the Government of Vietnam to execute Resolution 10-NQ/TW issued on June 3, 2017, by the Fifth Central Committee of the 12th Session on the development of the private economy to become an important driving force of the socialist-oriented market economy.

+ Develop mechanisms for placing orders and assigning tasks (within the scope of sectoral management) to some large-scale state-owned and private enterprises in Vietnam with sufficient capacity to perform some strategic tasks, leading the process of industrialization and modernization; focus on public procurement policies and policies to enhance the capabilities of domestic enterprises in Vietnam.

+ Continue to review, guide, and create consistency in the content of legal documents related to investment and business to create a favorable investment and business environment for the development of the private economy.

- Ministry of Planning and Investment (Hanoi, Vietnam)

+ Continue to study, review, and submit to the Government of Vietnam and the Prime Minister of the Government of Vietnam for approval the amendment and supplementation of investment incentives.

+ Continue to innovate, enhance the quality and operational efficiency of the cooperative economy, with cooperatives being the core; prioritize the development of cooperative economic organizations linked to the development of high-tech agriculture, green economy, and circular economy. Complete the guiding documents for implementation and submit them to competent authorities, effectively organize the implementation of the revised Cooperative Law (Law on Cooperative Economic Organizations).

See more about Resolution 111/NQ-CP, effective from July 22, 2024.

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