Seminar discusses development of private sector

Delegates at the seminar (Source: vtv.vn)

Da Nang (VNA) – Business players and experts discussed ways to develop the private sector towards realising the country’s goal of becoming a modern industrialized country by 2035 during a seminar held in the central city of Da Nang on June 15. 

To achieve the goal, the Vietnamese government and the World Bank drafted the Vietnam Report 2035 last July, which recommended six key transformations that Vietnam should make to reach upper-middle income status, including enabling economic modernisation with a productive and globally competitive private sector. 

Economist Pham Chi Lan, in her speech, urged for a favourable environment to enhance the private sector’s competitiveness and productivity, comprehensive reform of State-owned enterprises, market-oriented agricultural reform, tapping external trade opportunities, and joining global value chains. 

General Secretary of the Vietnam Chamber of Commerce and Industry (VCCI) Pham Thi Thu Hang pointed out low productivity and the weakness of the private sector as hindrances to Vietnam’s economic growth. She said the weakness partly has its root in limited institutions, which once improved will create more development space for businesses, particularly those in the private sector. 

Tran Thi Lan Huong from the World Bank suggested laying a legal framework for the people to exercise their basic rights and create mechanisms to ensure state agencies’ transparency and accountability to the public. 

The seminar was co-hosted by the VCCI and the WB.-VNA