The private economy is the most important driving force of the economy...

According to the Politburo's guiding viewpoint, in a socialist-oriented market economy, the private economy is the most important driving force of the national economy, the pioneering force promoting growth, creating jobs, improving labor productivity, national competitiveness, industrialization, modernization, and restructuring the economy towards green, circular, and sustainable development.

Along with the state economy and collective economy, the private economy plays a pivotal role in building an independent, autonomous, self-reliant, and self-reliant economy associated with deep, substantive, and effective international integration, helping the country escape the risk of falling behind and rise up to prosperous development.

Developing a fast, sustainable, effective and high-quality private economy is both a central and urgent task and a long-term strategic one; it needs to be specified in the country's development strategies and policies; in order to promote all potentials and strengths, liberate all productive forces, activate, mobilize and effectively use all resources, especially resources among the people, for socio-economic development, consolidate and strengthen national defense and security, enhance foreign affairs and international integration.

Completely eliminate perceptions, thoughts, concepts, and prejudices about Vietnam's private economy; properly assess the important role of the private economy in national development; nurture and encourage the entrepreneurial spirit and innovation of people and businesses, respect businesses and entrepreneurs, and identify entrepreneurs as soldiers on the economic front.

Fully guarantee property ownership rights, freedom of business, equal competition rights, freedom to do business in sectors not prohibited by law; create and strengthen trust between the State and the private economic sector; protect the legitimate rights and interests of enterprises and entrepreneurs; ensure that the private economy competes equally with other economic sectors in accessing business opportunities and economic resources, especially capital, land, technology, human resources, data and other legitimate resources of the country in accordance with the law.

Create a business environment that is open, transparent, stable, safe, easy to implement, low cost, meets international standards, and ensures regional and global competitiveness. Timely develop and perfect laws, mechanisms, and breakthrough policies to encourage the private economy to develop in priority areas, invest in research and development, apply science and technology, innovate, digital transformation, participate in important, strategic tasks of the country and reach regional and world levels; promote the spirit of creative entrepreneurship, digital transformation, and legal and legitimate enrichment.

The resolution sets a target of 2 million enterprises operating in Vietnam’s economy by 2030, equivalent to 20 enterprises per 1,000 people. Of these, at least 20 large enterprises will participate in the global value chain.

The private economy is targeted to grow by an average of 10-12% per year, higher than the growth rate of the economy. This sector contributes about 55-58% of GDP, 35-40% of total state budget revenue, creates jobs for about 84-85% of the total workforce, and labor productivity increases by an average of 8.5-9.5% per year.

The Resolution also sets a target that by 2030, Vietnam's private economic sector will reach the level, technological capacity, innovation, and digital transformation of the top 3 countries in ASEAN and the top 5 countries in Asia.

By 2045, the private economy is set to develop rapidly, strongly, sustainably, and proactively participate in the global production and supply chain. Enterprises will have high competitiveness in the region and internationally. There will be at least 3 million enterprises operating in the economy, contributing over 60% of GDP.

The resolution sets out eight groups of tasks and solutions. First, renewing thinking, reaching high consensus on awareness and action, arousing national belief and aspirations, creating new impetus and momentum for private economic development.

Second, promote reform, improve and enhance the quality of institutions and policies, effectively ensure and protect ownership rights, property rights, freedom of business, and the right to fair competition of the private economy, and ensure contract enforcement of the private economy.

Third, facilitate the private economy's access to resources of land, capital, and high-quality human resources.

Fourth, promote science and technology, innovation, digital transformation, green transformation, effective and sustainable business in the private economy.

Fifth, strengthen connections between private enterprises, private enterprises with state-owned enterprises and FDI enterprises.

Second, rapidly form and develop large and medium-sized enterprises and private economic groups of regional and global stature.

Seventh, provide substantial and effective support for small, micro and household businesses.

Eighth, promote business ethics, promote social responsibility, strongly promote the entrepreneurial spirit, and create all favorable conditions for businessmen to participate in national governance.

After nearly 40 years of renovation, our country's private economy has gradually developed in both quantity and quality, becoming one of the important driving forces of the socialist-oriented market economy. The private economic sector currently has more than 940 thousand enterprises and more than 5 million business households in operation, contributing about 50% of GDP, more than 30% of total state budget revenue and employing about 82% of the total labor force in economic growth, creating jobs, being an important force promoting innovation, improving labor productivity, increasing national competitiveness, contributing to hunger eradication, poverty reduction, and stabilizing social life. Many private enterprises have grown strongly, affirmed their brands and reached out to regional and world markets.

Source: https://baodaknong.vn/economic-private-resource-is-a-mot-dong-luc-quan-trong-nhat-cua-nen-kinh-te-251528.html