MPI pledges to prop up private sector development
MPI pledges to prop up private sector development
The Ministry of Planning and Investment seeks to stimulate the development of the private sector and create a level playing field for all businesses to achieve breakthrough targets set in the resolutions of the Party Central Committee, the National Assembly and the Government.
Minister of Planning and Investment Nguyen Chi Dung outlined the goals of the ministry during a working session with Prime Minister Nguyen Xuan Phuc in Hanoi today, February 19, reported the Vietnam News Agency.
The ministry will rev up economic restructuring and growth model reform, improve the quality of growth, boost labor productivity and enhance the competitiveness of the economy, Dung said.
At the same time, the ministry will take steps to restructure each sector and public investment, while developing infrastructure through public-private partnerships.
He added that stronger actions will be taken to set up national innovation centers and boost the activities of the Vietnam Innovation Network. This, to some extent, develops manpower and encourages innovation in the country, thanks to the application of achievements from the Fourth Industrial Revolution.
The ministry will also facilitate smart production models, smart cities, green growth and clean energy, as well as increase resilience to climate change, particularly in the Mekong Delta, the country's main rice growing area.
He noted that the ministry will work harder to give a breakthrough boost to the country’s economic hubs, especially Hanoi and HCMC, and four key economic regions and will bolster the development of key sectors based on Industry 4.0 applications and international market trends.
Therefore, the ministry is committed to making breakthrough improvements in its governance by building a streamlined apparatus, enhancing the efficiency of policy execution at all levels and improving transparency and accountability, he stressed.
According to the minister, the three decades of reform have helped turn Vietnam into a middle-income country. Compared with 1989, gross domestic product (GDP) in 2018 grew 38-fold, while per capita GDP surged by 26 times.
However, regional and global developments typically occur in a complicated and unpredictable manner. Also, certain issues in the national economy still need significant time to be resolved, he admitted.
The path of innovation and development is long, and the MPI is willing to canvas public feedback and take more drastic action to help with the fast and sustainable development of the country, he noted.
In a recent interview with the Vietnam News Agency on the Government’s efforts to help the private sector become a mainstay in the national economy, Minister Dung said that the ministry had advised the Government to issue a resolution on the improvement of the investment environment and to remove many more business conditions.
“We should also improve our understanding of the role of the private sector in the national economy. To my knowledge, in some localities, many people have not adopted a proper attitude toward this sector. Adding to that, quite a few central Government agencies have not correctly assessed the challenges that the private economic sector has been facing. That’s why the ‘ask-and-give’ attitude still lingers when private enterprises ask them for help,” he stated.
He added that Vietnam has ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership while being a signatory to more than 10 free trade agreements. This has required businesses to change their technologies so that they can participate in the global value chain. As part of that value chain, the private sector needs the Government’s support.
