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Private economy a driving force in Việt Nam

Update: February, 15/2019 - 09:00
Minister of Planning and Investment Nguyễn Chí Dũng.
Viet Nam News

Minister of Planning and Investment Nguyễn Chí Dũng talks to Vietnam News Agency on the Government’s resolve to help private enterprises become a mainstay in the national economy.

What has the Ministry of Planning and Investment advised the Government regarding the private sector?

The 5th Resolution of the 12th Party Central Committee considers the private sector an important driving force in the national economy. More recently, the Government has listed the task as an important motivation for the nation to advance in 2019.

To achieve this goal, the Ministry of Planning and Investment has advised the Government to issue Resolution 02 on the improvement of the investment environment and slash many more business conditions. We hope Resolution 02 will be strictly implemented by all ministries, sectors and localities.

We should also raise our awareness on 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 attitude of “ask and give” still lingers when private enterprises ask them for help.

Việt Nam has ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) while being a signatory to more than 10 Free Trade Agreements (FTA). This has required us to change our technology so that we can participate in the global value chain. As a part of that value chain, the private sector needs the Government’s support.

What role do big Vietnamese companies play in helping private enterprises join the value chain?

To my knowledge, many countries have adopted national policies to help develop big enterprises, including transnational economic groups. Việt Nam is no exception. We want to have major economic groups or big enterprises take the lead.

More recently, the Government has adopted many important policies and decisions on the development of the private economic sector, including big private enterprises. However, I have to admit that the Government’s policies have not been strong enough. I hope in the near future things will change.

We already have some big private enterprises in operation, like Vingroup, Sungroup, FLC, VietJet, Viettel and others. However, these enterprises need the Government to adopt stronger policies to help them develop and operate, particularly in the field of science and technology, credit and land. What’s more important is that the Government should create a bigger playground so they can contribute bigger shares to the national economy or act as a driving force for other enterprises to advance.

What policies should the Government adopt to encourage private enterprises?

Quảng Ninh has attracted many big private enterprises to invest in projects, including Vân Đồn Airport. This is a strong indication of the capacity of Vietnamese enterprises.

It is the task of the Ministry of Planning and Investment to conduct a thorough study and come up with good proposals to attract capital investment from the private sector, particularly in major infrastructure projects.

It is time for us to hold high the principal that what the private sector can do, the public sector should not do. The Government should increase efforts in doing what the private sector can’t do or won’t do – particularly major infrastructure projects or projects in the public interest.

It is the Government’s mission to develop ecosystems and support the private sector in the course of applying advanced technology in production. In my opinion, this is the right way for Vietnamese enterprises to learn and be on par with their foreign peers.

How has the Government helped major Vietnamese enterprises embrace Industry 4.0?

This is a very interesting topic. Vingroup is good example for other enterprises to follow. At the beginning, Vingroup was only an economic group focusing on service delivery and real estate. But now it has switched to the field of hi-tech. It has called upon Vietnamese living abroad and foreign experts to help develop a high tech industry in Việt Nam.

Of course, the Government has expressed their willingness to go side by side with Vietnamese enterprises in the fourth industrial revolution.

Assigned by the Government, the Ministry of Planning and Investment has developed a National Strategy on the fourth industrial revolution. We hope the strategy will be available in 2019. And of course, in the Industry 4.0, enterprises, research institutes and academies will be the major players.

To prepare for that day, the Ministry of Planning and Investment is conducting a study to establish an innovation centre in Hòa Lạc High Tech Zone – some 20km from Hà Nội. —VNS

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