(Photo: baoquocte.vn)

The event, held by the Embassy of Vietnam in Venezuela together with the Venezuela-Vietnam Chamber of Commerce (CAVENVIET), aimed to share Vietnam’s achievements in economic restructuring in the Doi moi process with the Latin American nation.

President of the Vietnam-Venezuela Friendship Association Associate Professor Nguyen Viet Thao said that over 1.4 million private businesses were set up in Vietnam between 2016 and 2020.

The private sector is currently the largest contributor to the country’s gross domestic product and present 30 percent to the State budget.

He added that to foster the private economic sector’s development, the fifth plenum of the 12th Party Central Committee issued a resolution to turn the sector into an important driving force in the socialist-oriented market economy, which paves the way for the amendments and relevant regulations to keep improving with the investment climate.