Prime Minister Nguyen Tan Dung has agreed in principle the establishment of private economic corporations, pursuant to the proposal of the Vietnam Young Entrepreneurs Organisation (VYEO).

The PM came to decision on this issue during his working session with the VYEO Central Committee on Oct. 13, reported the Government Office on Oct. 29.

PM Dung assigned the Ministry of Planning and Investment to coordinate with concerned ministries, agencies and the VYEO to build the model of private economic groups, including the government’s supports, to summit to the PM for approval.

The PM affirmed that the government would create favourable conditions in terms of the business environment, legal system as well as administrative procedures for enterprises to set up shop, develop sustainably and build up strong brand names on the international market.

The Ministry of Industry and Trade was requested to work alongside with the VYEO and other agencies to support outstanding businesses’ efforts to further promote their brand names globally./.