Developing the private economy becomes an important driving force of the economy.

By 2025 there will be about 1.5 million businesses

The general objective of the Program is to develop the private economy into a truly important driving force of the socialist-oriented market economy, contributing to rapid and sustainable socio-economic development, and enhancing the autonomy and self-reliance of the economy.

Strive to have about 1.5 million enterprises by 2025, including 60,000 to 70,000 medium and large-sized enterprises; by 2030, there will be at least 2 million enterprises; forming and developing many strong private economic groups with potential and competitiveness in the domestic and international markets.

Improve the quality and efficiency of business in the private economic sector. The growth rate of the private economy is higher than the general growth rate of the economy. Strive to increase the contribution of the private economic sector to GDP to about 55% by 2025; about 60 - 65% of GDP by 2030.

Labor productivity increases by about 5%/year; annually, about 35-40% of private enterprises have innovation activities; narrowing the gap in technology level, human resource quality and competitiveness of private enterprises compared to the leading group of ASEAN-4; many private enterprises participate in production networks and regional and global value chains.

Focus on sustainable development in both quantity and quality

The development and promulgation of the Action Program aims to thoroughly grasp and direct all levels and sectors to continue to focus on organizing and seriously and effectively implementing Resolution 5 of the 12th Central Committee on developing the private economy into an important driving force of the socialist-oriented market economy and successfully implementing the Resolution of the 13th National Congress of the Party.

The Action Program continues to concretize the goals, tasks and solutions set out in the Resolution of the 12th Central Committee on developing the private economy into an important driving force of the socialist-oriented market economy into specific tasks, associated with the functions and tasks of the Government and in accordance with the characteristics of the situation and actual conditions, ensuring the highest practicality, efficiency and feasibility; inheriting and promoting the achieved results and overcoming the limitations and weaknesses in the implementation organization in the previous stage; supplementing the assessment of the development of the private economy, focusing on sustainable development in both quantity and quality, in the trend of developing new industries related to the digital economy and innovation.

5 main tasks

The program sets out five main tasks: 1- Continue to perfect synchronous and consistent mechanisms and policies, creating a favorable investment and business environment for private economic development; 2- Continue to expand the private economic sector's ability to participate in the market and promote fair competition; 3- Continue to develop infrastructure and enhance access to resources of the private economic sector; 4- Continue to focus on supporting the private economic sector in innovation, technological modernization and human resource development, and improving productivity; 5- Continue to improve the effectiveness and efficiency of state management; unify awareness and ideology on private economic development.

Promote business households to transform into enterprises

To implement the above tasks, the Government assigned the Ministry of Planning and Investment to preside over and coordinate with relevant ministries and branches to study and propose a legal framework for business households to encourage and facilitate business households to expand their scale, improve operational efficiency and mechanisms and policies to promote business households to transform into enterprises; report to the Prime Minister in the second quarter of 2024.

At the same time, research and perfect the mechanism to encourage enterprises to invest in agricultural production; develop agricultural support services; research, advise and propose the Government to issue a Decree replacing Decree No. 57/2018/ND-CP dated April 17, 2018 on mechanisms and policies to encourage enterprises to invest in agriculture and rural areas.

The Ministry of Industry and Trade shall preside over and coordinate with relevant ministries, branches and localities to develop solutions and policies to effectively exploit the domestic market; develop policies to support businesses in applying digital technology solutions to trace product origins.

Strengthening the work of preventing and combating commercial fraud, market manipulation and domination, supply and demand relations of goods and services; enhancing transparency and controlling abuse of monopoly position in business, and fair competition in the market.

Forming a number of private economic groups

The Government also requested the Ministry of Planning and Investment to preside over and coordinate with ministries, branches and localities to promote planning work, mobilize resources from the state budget and socialization, in order to synchronously develop infrastructure of industrial parks, industrial clusters and economic zones, fully meet the requirements of enterprises in terms of production space and necessary technical infrastructure at reasonable costs, ensure convenient connection with the traffic system, and strengthen linkages between industrial parks, industrial clusters and economic zones.

The Ministry of Planning and Investment shall preside over and coordinate with ministries, branches and localities to promote the implementation of the Law on Support for Small and Medium Enterprises, focusing on policies to support small and medium enterprises in digital transformation, small and medium enterprises in creative startups and participation in industry clusters and value chains; support the formation of a number of large-scale private economic groups with leading roles in a number of industries, fields or leading in value chains...

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