(VOVworld) – The Government has issued a Resolution No. 35 on business support and development by 2020 to promote its economic restructuring and improve its growth.

Private sector is the driving force of Vietnam’s competitiveness. (Photo: Hoang Ha)

Vietnamese businesses, particularly private businesses, are the driving force to increase Vietnam’s competitive capacity and its economy’s autonomy. The Resolution aims to raise the number of businesses to at least one million by 2020.

The private sector will contribute 48-49% of the GDP and 49% of the social investment capital. The Total Factor Productivity (TFP) will make up 30-35% of the GDP. The Resolution sets its goals and solutions of enhancing administrative reforms, facilitating businesses’ operation, and creating a favorable condition for newly-established enterprises.