#private sector

The country aims to have nearly 2 million operating enterprises, equivalent to 20 businesses per 1,000 people, including at least 20 large corporations engaging in global value chains.

Ministries, agencies, and local authorities must foster open mechanisms and streamlined administrative procedures, deliver synchronous and seamless infrastructure, cultivate smart workforce and governance, pool all possible resources for private firms, and share trials and tribulations faced by them.

The Vietnam government fully understands that to compete for foreign direct investment with other Asian countries over the long term— low wages aren’t sufficient, says leading economist Eugenia Victorino.

The 5th Plenum of the 12th Party Central Committee in early May will issue a resolution intended to spur the development of the private sector into an important engine of the socialist-oriented market economy, said Nguyen Van Binh, head of the Party Central Committee’s Economic Commission.