President Tran Dai Quang urges business renovation for sustainable development. (Photo: VNA)

Hanoi (VNA) – Vietnamese enterprises, especially those in private sector, must unceasingly renovate themselves and take advantage of the fourth industrial revolution for their sustainable development while contributing to national growth, said President Tran Dai Quang.

He made the call at the launch of the “entrepreneurship innovation programme for national sustainable development” held by the Vietnam Private Business Association in Hanoi on January 25.

The programme is an important move in implementing the Party and State’s resolution and instructions on developing the private economic sector and promoting the role of local businesspeople in national construction and protection, the President highlighted.

He went on to say that domestic enterprises should study and apply advanced technology to enhance labour productivity and competitive and business management capacity, and take the initiative in joining global value chains and building Vietnamese brands.

The President ordered ministries, agencies and local administrations to enhance communication work to raise public awareness of the Party and State’s consistent policies to develop the private economic sector.

On the occasion, the State leader lauded the Vietnam Private Business Association’s giant stride in the past time. It has joined hands with relevant organisations to carry out the Party and State’s socio-cultural-economic development policies and made significant contributions to alleviating poverty and ensuring social security in the country.

Since the launch of the “Doi moi” (reform), the Vietnamese economy has been operating under the socialist-oriented market mechanism and the Party and State have encouraged the roles of private sector in the nation’s development.

Most recently, the 12th Communist Party of Vietnam (CPV) Central Committee adopted a resolution on “developing the private economy into an important driving force of the socialist-oriented market economy” at its fifth plenary meeting on May 10, 2017. -VNA