Institutional breakthrough for strong private economy

NDO - Economic experts assess that, with the contents expressed in Resolution No. 68-NQ/TW of the Politburo, for the first time in history, the private economy is given the responsibility of being "the most important driving force of the economy".

However, to put the Resolution into practice and effectively implement the tasks and solutions set forth in the Resolution, the contents of the Resolution still need to be researched, debated, discussed and exchanged, so that step by step, together with the political system, the people and businessmen, we can raise and unify awareness, thereby unifying action.

Those are also the opinions frankly shared by experts at the scientific conference "Private economy is the most important driving force of the economy" organized by Vietnam Entrepreneurs Electronic Magazine on May 26 in Hanoi, under the chairmanship of the Vietnam Private Entrepreneurs Association.

"The starting gun" for the private economic revolution

Speaking at the opening of the workshop, Associate Professor, Dr. Nguyen Trong Dieu, Chairman of the Vietnam Association of Private Entrepreneurs, stated that Resolution No. 68-NQ/TW of the Politburo on private economic development has been quickly accepted by the entire political system, the entire population, and businesses.

This is a Resolution of great importance, opening a historical turning point to promote the breakthrough of the private economy. At the same time, Resolution 68 is also considered as the starting gun for a revolution not only in the private economy and the economy, but also in the national governance strategy, creating a prosperous future for the Vietnamese people.

Ms. Nguyen Thi Nga, Permanent Vice President of the Vietnam Association of Private Entrepreneurs and President of BRG Group, assessed that Resolution 68 of the Politburo has looked directly at the reality of the private economic sector, from the great contributions of the private economy to GDP, budget revenue, job creation to inherent problems, causes and solutions.

Ms. Nguyen Thi Nga, Permanent Vice President of Vietnam Association of Private Entrepreneurs, Chairwoman of BRG Group, spoke at the workshop.

In fact, the domestic private economic sector is losing competitiveness and is at risk of losing itself at home, even though it still contributes nearly 60% to GDP, compared to about 20% for the FDI sector.

The FDI sector currently accounts for two-thirds of Vietnam's exports, mainly focusing on the processing and assembly stages with low added value, prioritizing the exploitation of cheap labor resources rather than expanding and developing core business activities in Vietnam. On the contrary, the private sector still has abundant potential and huge room for development, from large enterprises to small and medium-sized groups.

“Resolution 68, together with other Resolutions in recent times such as Resolution 57 on breakthroughs in science and technology development, innovation and national digital transformation; Resolution 59 on international integration in the new situation; Resolution 66 on innovation in law making and enforcement to meet the requirements of national development in the new era;... have brought great motivation, inspiration and confidence to business people in business development, contributing to the development of the country and fulfilling the social responsibility of each business person,” said Ms. Nguyen Thi Nga.

Bring the Resolution into life soon

However, according to Ms. Nguyen Thi Nga, the full, comprehensive and scientific institutionalization of Resolution 68 still needs to be implemented methodically. This is the core factor for Resolution 68 to come into life, helping entrepreneurs feel secure in investing in business development, legitimately enriching themselves, and actively contributing to the overall development of the country to be worthy of the mission of being "the most important driving force of the economy".

Associate Professor, Dr. Tran Dinh Thien, former Director of Vietnam Economic Institute, Member of the Prime Minister's Policy Advisory Council.

Associate Professor, Dr. Tran Dinh Thien, former Director of the Vietnam Economic Institute, member of the Prime Minister's Policy Advisory Council, said that Resolution 68 not only affirms but will shape the mission of entrepreneurs.

“The resolution will also change the attitude, policy mechanism for the private economic sector. Or more broadly, the way we have an attitude and behavior towards the market economy in its true sense. With such an attitude and awareness, it can be said that the “golden hoop” for private enterprises has been removed. And we must do this thoroughly. Along with that, state-owned enterprises can lead or accompany the private economy; together train and lead so that the private economic sector can grow even stronger”, Associate Professor, Dr. Tran Dinh Thien shared.

Meanwhile, Mr. Dau Anh Tuan, Deputy General Secretary and Head of the Legal Department of the Vietnam Federation of Commerce and Industry (VCCI), said that the most urgent issue at present is how to shorten procedures to get capital into the economy as quickly as possible.

Mr. Dau Anh Tuan, Deputy Secretary General, Head of Legal Department of Vietnam Federation of Commerce and Industry (VCCI), shared his opinion at the workshop.

According to Mr. Tuan, for a business to invest in land-use projects, it must go from general planning, zoning, to investment policy approval, investor selection, land procedures, land lease, etc. The procedures are currently very complicated, for example, related to the issue mentioned above, there are at least 15 procedures, not to mention many small procedures.

“In fact, there are many procedures that can be reformed and adjusted immediately. Therefore, what businesses need is to reform the process, help businesses operate more conveniently, easily and have smarter management methods. In the coming time, in addition to the very innovative spirit of Resolution 68, the specific actions of the National Assembly and the Government also need to be stronger to direct capital flows quickly into the economy,” Mr. Dau Anh Tuan clearly stated.

Dr. Phan Duc Hieu, Standing Member of the Economic Committee of the National Assembly.

Sharing the same view, Dr. Phan Duc Hieu, Standing Member of the National Assembly's Economic Committee, acknowledged that implementing the Resolution requires efforts from the Government and parallel efforts from businesses.

“Previously, complicated procedures were a shield to protect businesses from competition. Therefore, when procedural reforms become simpler, young and capable investors will enter the market, and competition will become fiercer. Therefore, if businesses do not reform and improve their own capacity, they will be eliminated,” Dr. Phan Duc Hieu commented.

Source: https://nhandan.vn/buoc-dot-pha-ve-the-che-de-kinh-te-tu-nhan-lon-manh-post882411.html