Private sector plays important role in the economy

Wednesday, October 5, 2016 | 16:56:21

(VOVworld) – The private sector is making a great contribution to Vietnam’s economy, accounting for 40 percent of the economic value.

Private sector plays important role in the economy - ảnh 1

Forum on the role of the private sector in Vietnam’s economic growth (Photo: vneconomy.vn)

The figure was released at a forum on the role of the private sector in Vietnam’s economic growth held by the Vietnam Union of Science and Technology Associations (VUSTA) on Tuesday in Hanoi. Economists said it is essential for private enterprises and State management agencies to coordinate their efforts. Dr. Tran Kim Chung, Deputy Director of the Central Institute of Economic Management, said: “It is necessary to complete the market economy mechanism to promote the development of the private economic sector. There is a need to increase transparency, and enhance the managing role of the State, stabilize the macro-economy, and increase investment efficiency. Large, medium, and small enterprises need to be renovated”.

Enterprises were encouraged to identify their strong and weak points, focus on their core business, and improve their management. The State needs to create an equitable business environment for all economic sectors.