September 20, 2019 23:34

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Striving for the contribution of private sector in GDP to 50% by 2020

12:04 | 31/07/2017

VCN- According to the Ministry of Planning and Investment, the project on the development of private economy, protection of domestic production and improvement of the competitiveness of Vietnamese enterprises is being submitted by the Ministry of Planning and Investment for the Prime Minister's comments. Accordingly, Viet Nam’s private sector strives to contribute about 50% of the GDP in 2020 and 60-65% in 2035.

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striving for the contribution of private sector in gdp to 50 by 2020
The private sector is making the biggest contribution to economic growth. Photo: H. Anh.

The Project on the development of private sector, protection of domestic production and competitiveness of Vietnamese enterprises confirms that the private sector is making the biggest contribution to economic growth.

In 2015, the private sector (including the individual economy) contributes 39.21% of GDP compared to 28.7% of the State sector, 18.07% of the foreign invested sector and 4.04% of the collective sector.

Along with that, the private sector increasingly contributes to investment, becoming the most important part of the economy. The efficiency of private sector investment is better than that of other economic sectors, 1.2 times higher than the average of the economy and 1.9 times higher than that of the State sector.

However, according to the assessment, the private sector still has limitations, the contribution to GDP is almost unchanged, the growth rate of the private economy tends to decrease. The size of the private sector is small, growing slowly.

The objective of the project is to develop a healthy, effective and sustainable private sector that will become the most important engine of the economy, contributing to economic restructuring and renovation of the growth model in order to bring the economy to a fast and sustainable development, ensuring social security, social progress and equality, ensuring national defense and security, soon leading our country into a modern industrial country.

Specifically, Vietnam strives to improve the quality and performance of the private sector, striving to have at least 1 million enterprises by 2020, about 1.5 million enterprises in 2025 and 2 million enterprises by 2030. The contribution of the private sector to GDP in 2020 will be about 50% and 60-65% by 2035. In addition, narrowing the gap in technology, human resource quality and competitiveness of enterprises with the leading group of ASEAN (ASEAN-4).

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In order to achieve these objectives, the Project has proposed 7 key groups such as: Revising unreasonable regulations which are increasing the administrative procedures and business costs for businesses in all stages. ; promptly promulgating and effectively implementing regulations guiding the SME Law adopted by the National Assembly; supporting to increase access to business development resources; enhancing the ability to participate in linkages and value chains by enhancing the production capacity of processing and manufacturing enterprises and supporting households to transform into enterprises; speeding up the reform and restructuring of State owned enterprises (SOEs).

By Hoai Anh/ Hoang Anh