Private sector urged to be the driving force of Vietnam’s economy

A national conference was held in Hanoi on Thursday to examine the resolutions of the Party Central Committee's fifth plenary meeting.

Three resolutions were issued at the meeting on: making the private economy a driving force of Vietnam's socialist-oriented market economy; completing the socialist-oriented market economy institution; and continuing to re-organise, renovate, and improve the efficiency of State-owned enterprises.

In his address, Prime Minister Nguyen Xuan Phuc highlighted the importance of the resolutions saying they are the foundations for restructuring the state sector and promoting the private sector: Building and fine-tuning the socialist-oriented market economy is a strategic task and a breakthrough in motivating and liberating resources, and creating favorable conditions for rapid and sustainable economic growth, especially in the context of the 4th industrial revolution. We need to fine-tune legislations to promote the development of high-tech agriculture, reform development plans, public investment, resource allocation, and wages, ensure social security, maintain macro-economic stability, control public debts, and deal with bad debts.

Prime Minister Phuc underlined the importance of pushing State-owned enterprises to operate efficiently in the market-oriented economy, and asked that more attention be paid to speeding up, restructuring, equitizing, divesting capital, and improving the efficiency of SOEs, which should focus on their core business in the interest of national defense and security.

Source: VOV5