Topic: private sector

Regulatory reforms, financial support, improved infrastructure, and tax incentives have collectively created fertile ground for private sector development, according to GIZ Vietnam.

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.

Measures including development of institutions that ensure transparency, reduce administrative procedures, and eliminate unnecessary steps that cause inconvenience or bottlenecks for businesses.

Mr. Le Chi Phuc, CEO of SGI Capital, tells Vietnam Economic Times / VnEconomy’s Phan Linh how institutional reform can maximize the potential of the private sector and drive sustainable growth opportunities for Vietnam over the next decade.

State budget funds will be allocated to a variety of activities designed to promote sustainable business practices.

The business sector contributes approximately 60% of GDP, 98% of total export turnover, and creating jobs for approximately 85% of the country's workforce.

Vietnam is now home to over 940,000 active enterprises.

Nearly one-third of enterprises in the 2019 list did not appear in 2020 and 2021.