Private firms still have room to grow – PM

At a meeting between him and the Vietnam Private Business Association in Hanoi on June 17, attendees hailed the Government’s policies that attach more importance to private businesses.

They spoke highly of the message the Government gave at the Vietnam Private Sector Economic Forum in May this year, saying that private enterprises need fair treatment and greater incentive, and should be given opportunities to grow.

Business executives suggested the Government continue administrative reform and make life easier for the private sector to do business.

Private firms, they noted, are able to get involved in major infrastructure, aviation and seaport projects, so the Government should award more such projects to them.

Speaking at the meeting, Prime Minister Phuc affirmed that the socialist-oriented market economy in Vietnam consists of State-owned enterprises, private firms, cooperatives and family-run businesses, which should be entitled to fair treatment.

Resolution 10 adopted at the fifth plenary of the 12th Party Central Committee said that the private sector is an important driver of economic growth as it contributes over 40% to the nation’s gross domestic product, the Government leader was quoted by the Vietnam News Agency as saying.