PM approves plan to boost sustainable growth of private sector
Prime Minister Nguyen Xuan Phuc has approved a plan to boost the sustainable development of the private business sector towards 2025 with a vision to 2030 with six major solutions.
Hanoi (VNA) – Prime Minister Nguyen Xuan Phuchas approved a plan to boost the sustainable development of the privatebusiness sector towards 2025 with a vision to 2030 with six major solutions.
The solutions include continuing to improve the investmentand business environment to ensure trust and promote the sustainable operationof private firms, encouraging businesses to apply sustainable models andcleaner production technology, and saving natural resources and protecting theenvironment.
The plan underlines the promotion of innovative startups andthe effective implementation of policies supporting small and medium sizedenterprises, as well as increasing the capacity of governing and businessmanagement boards.
Private firms will be encouraged to apply advancedtechnologies and exploit opportunities brought about by the Fourth IndustrialRevolution, while business associations will play a greater role in assistingprivate companies to develop in an efficient and sustainable manner, accordingto the plan.
The solutions are designed to increase the quality andefficiency of private businesses, creating a firm foundation and importantmotivation for national socio-economic development.
The plan targets at least 1.5 million firms by 2025 and 2million by 2030, as well as stronger connectivity among private firms.
In 2030, the gap in technology, human resources andcompetitiveness among businesses is expected to have reduced, while the ratioof firms joining regional and global production and value chains is hoped to matchthose in leading ASEAN countries (ASEAN 4).
The plan targets that in the 2021-2030 period, the privatesector will see 6-8 percent expansion in the number of employees per year,while the average growth in income of labourers is expected to reach 25-30percent per year. The sector’s contribution to the State budget is also hopedto increase 23-25 percent annually.
The PM asked ministries, sectors and localities to integratethe solutions into national target programmes to optimize resources.
The People’s Committees of provinces and cities were alsorequested to allocate human resources and an annual budget for theimplementation of the solutions./.
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Illustrative image (Source: VNA) 
