Private sector vital to fuel economy: PM

The private sector is an important driver of economic development, said Prime Minister Nguyen Xuan Phuc at the second Vietnam Private Sector Forum held in Hanoi on July 31.

PM Nguyen Xuan Phuc attends the second Vietnam Private Sector Forum. (Credit: VGP)

The event was organised by the Vietnam Young Entrepreneurs' Association and the Mekong Business Initiative.

The PM said the Government is well aware of the role of the private sector, which was highlighted under the 12th Party Central Committee’s fifth meeting Resolution.

He suggested removing all barriers while creating the best conditions for the private sector to develop.

Government conferences and dialogues have spent plenty of time on matters the private sector encounters, he noted.

The Government has also accompanied businesses and pushed ahead with institutional reform to improve the business environment and facilitate business operation, he said.

The PM affirmed that the key to economic growth lies in the private sector, reiterating the Government’s aim to enable the sector.

He encouraged the business community to raise their voice and help the Government boost the economy.

He cited a representative of the World Bank as saying “Vietnam has a bright future thanks to the private sector and people.”

Chairman and CEO of the technology company FPT Corporation Truong Gia Binh said if all favourable conditions are carried out for private enterprises according to the Government’s policies, the private sector’s growth will reach from 15 percent to 50 percent in the future.

A survey launched before the forum opened indicates that 65 percent of businesses questioned expressed their hope for a government of action.

The main topics under discussion included an action programme for the private sector, digital economy, agriculture and tourism.

(Source: NDO)