Topic: private economic sector

The program identifies eight key groups of solutions to foster private sector growth, beginning with innovating mindsets, raising awareness, inspiring confidence, and creating new momentum throughout society.

Key discussions focused on the scope and target subjects, the position and role of the private sector, tasks and solutions—particularly legal mechanisms and policies for private sector development.

Though now recognized as a key component of Vietnam’s economy, domestic private enterprises still have much to do on their own part to reach their full potential.

With nearly 1 million enterprises and about 5 million individual business households, the private economic sector currently contributes to about 51% of GDP and more than 30% of the state budget, creates more than 40 million jobs, accounts for over 82% of the total workforce in the economy, and makes up nearly 60% of total investment across the entire society, according to Party General Secretary To Lam.