Illustrative photo (Source: VNA)

Hanoi (VNA) – The business community, Government bodies and sectors will seek out ways to boost the private sector at a conference late this month in Ho Chi Minh City.

President of the Vietnam Chamber of Commercial and Industry (VCCI) Vu Tien Loc said the Government aims to make drastic moves to promote private firms.

The event is also expected to create a national action plan on developing the private sector, thus facilitating the operation of between 1.5 and 2 million firms by 2020.

Participants will also discuss incentives and preferential policies to help private firms grow in 2016.

According to the VCCI, with 1.5-2 million firms, the SME force could create stable jobs for between 30 and 40 million labourers.

SMEs account for 35 percent of overall business investment. They contribute nearly 50 percent of the nation’s annual growth.

The Ministry of Planning and Investment is compiling the Law on small- and medium-sized enterprises (SMEs). The law is scheduled to be scrutinised by the next National Assembly.-VNA