(VOVWORLD) -Party General Secretary To Lam has underlined the private economic sector’s major contributions to Vietnam’s overall achievements over nearly 40 years of renewal, calling it the most important force to accelerate national economic growth.
 Party General Secretary To Lam. Photo: VOV |
In Monday article, the Party leader said that a wealthy economy cannot rely solely on the state sector or foreign investment, but must rely on its internal strength, which is a strong private sector as a trailblazer of national innovation and development. However, in order for the private economy to contribute more with momentous changes in size and competitiveness, Vietnam must keep its breakthrough reforms in institutions, policies and the business environment.
The General Secretary emphasized that the upcoming Politburo Resolution on the private economy will focus on some solutions, including a complete, socialist-oriented, modern, dynamic and integrated market economy institution, protection of property rights, ownership rights, freedom of business and contract enforcement of private enterprises.
He stressed prioritizing the building of regional and global private economic groups, supporting small and medium enterprises, household economy and cooperative economy, and promoting the wave of startups, innovation, digital transformation and application of new technologies. Resources for the private economy development must be maximized, Mr. Lam said.
The Party chief said he believes that given appropriate institutions, correct policies and a favorable business environment, the private economy will be nurtured to grow healthily, make a huge leap forward, and together create a prosperous, dynamic Vietnam that is reaching out to the international arena.