Tuesday, December 12, 2017 9:02:13 PM - Markets closed
VN-INDEX 927.25 +9.80/+1.07%
HNX-INDEX 110.91 -0.87/-0.78%
UPCOM-INDEX 54.06 -0.21/-0.39%
Experts urge private economy boost
Source: VNS - 4/14/2017 10:36:39 AM
 (0 ratings. You must sign in to rate.)
Việt Nam needs a number of large and medium-size firms in order to mentor and push forward small businesses, which are the backbone of a healthy economy, according to General Secretary of the Vietnam Chamber of Commerce and Industry, Phạm Thị Thu Hằng. She spoke Thurday in Hà Nội at a workshop on developing the private economy.

“There will be leading enterprises standing on the top of the pyramid to direct other enterprises to push up the economy,” said Hằng. She said State-owned enterprise encroachment on private business operations must be minimised, and policies must be formulated to drive up the private sector and develop its competitive capacity.

The seminar, jointly held by the Central Theoretical Council, Vietnam Association of Consumer Goods Development and Hanoi Business Association, was aimed at evaluating the situation of private economic development, breaking down barriers and creating conditions for the private economic sector to boost sustainable operation.

Deputy Chairman of the Central Theoretical Council Nguyễn Văn Thạo said Party and State policies and mechanisms had created the legal basis and favourable socio-economic environment for developing the private sector. In the past two years, the startup movement had been accelerated. More than 110,000 businesses were established in 2016 – the highest figure in recent years.

Employing 85 per cent of the workforce, the private sector grew at an average rate of 10.2 per cent per year in the 2003-15 period, contributing about 39-40 per cent of the country’s GDP.

Thảo said the private sector had initially formed a number of large-scale private economic groups, but it had not yet become a key driving force for the economy because most business models were intended to turn individual households into enterprises.

“A majority of private businesses are operating on a small scale, with low and out-of-date technologies and slow renovation. Their financial capacity, labour productivity, business efficiency, product quality and competitiveness are weak,” said Thảo.

A presentation at the seminar reported that there are more than 80 per cent of private businesses operating in trade and services, over 10 per cent in industry and only 1 per cent in agriculture.

Agreeing to the measures needed to develop the private economy, the rector of Việt Nam National University’s School of Economics and Business, Nguyễn Hồng Sơn, emphasised the importance of building and implementing national industry policies, which would focus on developing the private economy, encouraging the appliance of modern technologies and renovation and creativeness.

According to the director of the Central Institute for Economic Management, Nguyễn Đình Cung, the Government has adopted policies on the development of the private businesses. These include encouraging investment in areas subject to sustainable development; accelerating divestment, restructuring, equitisation of State-owned enterprises; building a level playing field for various types of businesses in the Vietnamese market; fostering investment in advanced technologies; renovating and raising the quality of vocational training; and supporting large private businesses to expand to overseas market.


Newer News
13:33 TPP-11 forging ahead without the US
11:26 EVN reports 8-percent rise in 11-month electricity output
09:55 Seafood turnover expected to hit $8.3b
09:40 WB forecasts Vietnam's GDP growth at 6.7% this year
11/12 Vietnam plans to raise over $570 million through IPOs in energy firms
11/12 Key exports rebound
09/12 Việt Nam records $2.76b trade surplus: Ministry
09/12 Aquaculture output scales up 8 percent
08/12 Manufacture is economic propellant
08/12 FMCG growth in Q3 put at 6.4%
Older News
13/04 Businesses more aware of CSR: Vietnam Report
11/04 EU investors pump more than $21.56 billion in Việt Nam
11/04 VN to reach GDP of 6.5% this year
07/04 Domestic price hike hurts VN rice exporters
07/04 Q2 GDP growth forecast: 5.6%
04/04 Việt Nam’s pepper products to be traded on VNX 9
04/04 Cambodia, Myanmar: opportunities for VN firms
03/04 PetroVietnam surpasses business targets in Q1
03/04 VN manufacturing PMI hits 22-month high in March
31/03 HCM City’s CPI falls 0.09 percent in March
 
Newsletter Signup
Top Stories
VN manufacturing PMI hits 22-month high in March
CPI goes up 4.96 percent year-on-year in first quarter
Slight rise in February CPI
Draft decree on State monopoly in trade submitted to Government
CPI ups 0.46% in January
Market Update
Last updated at 3:01:37 PM
VN-INDEX 927.25 +9.80/+1.07%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.