Prime Minister Pham Minh Chinh: Creating a boost and turning point for private economic development

The Prime Minister emphasized the need for a full and profound understanding of the importance of the private sector in the overall economy, recognizing it as the most important driving force for the country's economic development.

Prime Minister Pham Minh Chinh delivers a directive speech at the second meeting of the Steering Committee for the development of the private economy. (Photo: Duong Giang/VNA)

On the afternoon of April 2nd, presiding over the second meeting of the Steering Committee for the development of the private economy, Prime Minister Pham Minh Chinh, Head of the Steering Committee, emphasized the need to create a turning point, build trust and hope, create momentum, inspire, and encourage the development of the private economy; and to create conditions and assign tasks for the private economy to participate in major national programs and projects.

According to the Steering Committee, after its establishment and the first meeting, the Steering Committee developed a framework program, identified tasks, viewpoints, objectives, and main directions for building the Private Economic Development Plan; organized eight workshops and working groups to conduct surveys in various countries and localities; and gathered opinions from ministries, sectors, and localities to further refine the draft Private Economic Development Plan.

At the meeting, the Steering Committee continued to discuss and provide feedback on the draft plan for the development of the private economy. Members of the Steering Committee assessed the role of the private economy; the current state of its development; its limitations, shortcomings, causes, and lessons learned; proposed objectives, tasks, and solutions for the development of the private economy; specific mechanisms and policies for the development of the private economy to ensure feasibility and effectiveness; and ensuring the development of the private economy in accordance with market economic mechanisms and international commitments to which Vietnam is a party.

Concluding the meeting, Prime Minister Pham Minh Chinh welcomed and highly appreciated the heartfelt, responsible, and high-quality opinions, reflecting the extensive experience of the members of the Steering Committee; and requested the drafting team to further refine the draft reports, projects, and resolutions to be submitted to the Politburo, ensuring both timeliness and quality.

Agreeing with the draft plan, the Prime Minister requested that the content of the plan be clearly presented, using simple, easy-to-remember, easy-to-implement, easy-to-monitor and inspect language; the scope of the plan is the development of the private economy from now until 2030, with a vision to 2045; the space for private economic development includes individuals, household businesses, and various types of private enterprises.

The proposal must demonstrate a more powerful and groundbreaking guiding ideology, innovate thinking, transcend conventional thinking limitations, focus on key priorities, and implement breakthrough mechanisms and policies that act as levers, creating a feasible and effective impetus and turning point for the development of the private economy, making a significant contribution to achieving the country's two centenary goals.

The plan must unleash the entire productive capacity and resources of the country through the private economy; mobilize all private resources for national development; effectively utilize internal resources including human resources, natural resources, history, and culture, and effectively combine them with external resources such as capital, technology, human resources, and management experience.

In particular, the Project must fully understand and build upon the Party and State's guidelines, policies, and strategies on private economic development, especially by closely following and concretizing the directives and content of General Secretary To Lam's article on the private economy.

The Prime Minister emphasized the need for a full and profound understanding of the role and importance of the private sector in the overall national economy, recognizing it as the most important driving force for national economic development.

For the private economy to develop, it is necessary to ensure property rights, freedom of business, and equal access to natural resources and national assets; it is necessary to shift from a passive approach of receiving and processing administrative procedures and requests from citizens and businesses to an active and proactive approach of promoting the development of the private economy for the benefit of the nation and its people.

Clearly stating that the goals for private economic development must be set higher in terms of quantity, quality, contribution to GDP, and labor productivity growth, the Prime Minister emphasized that the plan must provide solutions for improving institutions, including building and implementing institutions that are transparent, reduce administrative procedures, eliminate unnecessary procedures, and avoid causing inconvenience or bottlenecks for people and businesses, while minimizing compliance costs as much as possible, including specific timeframes for establishing businesses.

Prime Minister Pham Minh Chinh presides over the second meeting of the Steering Committee for the development of the private economy. (Photo: Duong Giang/VNA)

The plan must outline how to mobilize resources, focusing on diversifying resources, products, markets, and supply chains; creating the most favorable conditions for private sector participation in the market; promoting public-private partnerships, especially by applying models such as "public leadership, private management," "public investment, private management," and "private investment, public use"; and unleashing resources from the people while ensuring property rights, protecting the legitimate rights and interests of citizens, and avoiding the criminalization of economic relations.

Emphasizing the need to trust, hope, motivate, inspire, and encourage all citizens to participate in the development of the private economy, which is also the development of the country, especially promoting science, technology, innovation, digital transformation, green transformation, and sustainable business in the private sector, the Prime Minister directed that the private sector must be mobilized and assigned tasks to participate in implementing the three strategic breakthroughs that the Party and State are currently pursuing, especially in large-scale infrastructure development projects such as high-speed railways, airports, seaports, and expressways; or in modernizing the defense and security industries, as well as participating in solving major national issues such as pandemic prevention and control…

Noting the need to strengthen connections between private enterprises, state-owned enterprises, and foreign-invested enterprises; and to create conditions for private enterprises to develop and expand regionally and internationally…, the Prime Minister requested continued consultation with experts, scientists, localities, especially private enterprises and individual business households, to finalize the Project.

In addition, we will prepare and submit to the National Assembly for consideration and promulgation laws and resolutions on the development of the private economy; develop a resolution of the Government on the Government's action program and organize the dissemination and implementation of the Central Committee's resolution on the development of the private economy so that it can be implemented immediately after the Central Committee issues the resolution.

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