Private sector contributes 45% of GDP
Vietnam has nearly 900,000 operating private enterprises with about 7 million entrepreneurs, contributing nearly 45 per cent of the country's GDP.
A worker operates a yarn processing line at Best Pacific Vietnam Co Ltd at the Vietnam-Singapore Industrial Park (VSIP) in the northern province of Hải Dương.
The Vietnam Union of Science and Technology Associations (VUSTA), the Vietnam Chamber of Commerce and Industry (VCCI) and the Quảng Ninh Provincial People's Committee co-ordinated and organised the 2024 Private Economic Development Strategy conference in Hạ Long City on Monday.
The conference provided an overview of capital sources and solutions for developing the Vietnamese private economy.
This is one of a series of important events organised to create co-operation and links between scientific and entrepreneurial networks, provide databases and participate in the ecosystem of experts, entrepreneurs and media in the private economic development strategy, promoting private economic development to truly become an important driving force of the socialist-oriented market economy.
According to reports at the conference, the private economy is contributing nearly 45 per cent of the country's GDP, one third of State budget revenue and more than 40 per cent of investment capital for the entire society, creating jobs for 85 per cent of the country's workers; accounting for 35 per cent of total import turnover and 25 per cent of total export turnover.
The conference is the first activity of the Vietnamese scientific and business community to respond and implement Resolution 41-NQ/TW, dated October 10 last year, of the Politburo on building and promoting the role of Vietnamese entrepreneurs in the new era.
Phan Xuân Dũng, VUSTA Chairman, said that the world was entering a new phase with development based on science and technology. The 4.0 Technology Revolution was at an unprecedented high, he said.
Therefore, businesses and entrepreneurs must have a development strategy to survive and advance to be on par with their peers around the world, he noted.
Chairman of the People's Committee of Quảng Ninh Province Cao Tường Huy said that this conference would contribute to promoting links and co-operation between entrepreneurs, businesses and scientists; promote businesses to access science and technology, creating breakthroughs in production, business and technological innovation, and increasing labour productivity for businesses to develop quickly and sustainably.
At the same time, it would also strengthen links and co-operation between entrepreneurs and businesses, creating opportunities to participate more deeply in the supply chain and global value chain, he added.
Quảng Ninh Province recognised the important contributions of the private economic sector in recent years.
To date, there are 16,981 enterprises in the locality with a total registered capital of VNĐ346.6 trillion.
Among them, a number of large-scale private sector enterprises have been formed and developed, conducting multi-sector businesses and becoming important players in the economy.
Investment by the private economy in the province is constantly growing, over 10.2 per cent per year on average.
The proportion of the private economy accounts for about 70 per cent of total social investment capital.
The private economic sector's contribution to domestic budget revenue accounts for about 14-15 per cent of the province's total domestic budget revenue.
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