Revamping State management would boost private economic sector: workshop
Experts attending a workshop in Hanoi on March 12 suggested creating an equal competition environment and reforming the system of State resources allocation to spur the development of the private economic sector in Vietnam.
Hanoi (VNA) – Experts attending a workshop in Hanoion March 12 suggested creating an equal competition environment and reforming thesystem of State resources allocation to spur the development of the privateeconomic sector in Vietnam.
According to the Ministry of Planning and Investment,the sector makes up 42-43 percent of the national GDP and employs around 85percent of the workforce.
Minister of Planning and Investment Nguyen Chi Dung highlightedthe ample space for growth of the sector, which, he said, needs maximum support.
He said management agencies should change their mindsetto contribute to the sector’s growth, given good opportunities for localenterprises like those generated by free trade agreements, the fourth IndustrialRevolution, and the shift of global production chains.
The minister also pointed out limitations in the sectorsuch as low productivity and poor scientific-technological capacity.
Economist Pham Chi Lan said connectivity between Vietnamesefirms has remained weak, and they have yet to paid due attention to improving theconnectivity as well as competitive capacity to join regional and global valuechains.
Deputy Director of the Central Institute forEconomic Management (CIEM) Dr. Phan Duc Hieu stressed the need to identify theState’s role in the market economy and encourage enterprises to play a part ininvestment and provision of public services.
He also suggested raising the quality and feasibilityof incentives, saying apart from the mindset, management methods should also berevamped./.
Vietnam has prepared the best conditions to spur its economic growth as the global economy is grappling with the severe impacts of the COVID-19 pandemic, experts have said.
Permanent members of the Government held a meeting under the chair of Prime Minister Nguyen Xuan Phuc on February 18 to discuss a draft plan on comprehensively reforming the State’s economic management.
The 2021 list of the 500 fastest-growing companies in Vietnam (FAST500) was released by the Vietnam Report JSC and the VietNamNet e-newspaper on March 10.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Illustrative image (Photo: VNA) 
