Deputy Prime Minister Nguyễn Chí Dũng chairs a meeting with ministries and agencies to discuss the country’s private sector development project on Monday. VNA/VNS Photo

HÀ NỘI — Deputy Prime Minister Nguyễn Chí Dũng on Monday chaired a meeting with ministries and agencies to discuss the country’s private sector development project, noting that related solutions must be targeted, accurate, bold enough, and within authorities' jurisdiction.

At the meeting, Deputy Minister of Finance Nguyễn Đức Tâm outlined the ministry’s draft project, which consists of five key sections – a review of relevant development mechanisms and policies; an assessment of recent private sector growth; international experience and lessons for Việt Nam; perspectives, objectives, tasks, and solutions for private economic development in the next phase; and recommendations and implementation roadmap.

He reported that the economic sector contributes approximately 51 per cent of Việt Nam’s GDP, over 30 per cent of State budget revenue, more than 30 per cent of total import-export turnover, nearly 60 per cent of total social investment capital, and 82 per cent of the workforce. However, 98 per cent of private enterprises are micro-, small-, and medium-sized, with low technological capacity, weak research and development (R&D), limited innovation, and poor corporate governance. Their productivity, operational efficiency, and competitiveness remain low, and there is a lack of connectivity both within the sector and with the foreign direct investment (FDI) one.

Nguyễn Thùy Anh, deputy head of the Party Central Committee’s Commission for Policies and Strategies, stressed the need to "decode" the relationship between the private sector and the broader market economy, as well as the State's role in shaping its growth.

Deputy Minister of Industry and Trade Phan Thị Thắng underscored the importance of fostering domestic enterprises capable of developing the country’s supply chains and production networks.

Deputy PM Dũng called for the swift finalisation of the project, ensuring it aligns with directions from the Politburo, the Party General Secretary, and the Prime Minister. Once implemented, it must provide a breakthrough for the sector, removing barriers while fostering business confidence and enthusiasm.

This is a resolution of the Politburo; therefore, it must be concise, clear, specific, actionable, and highly feasible, the official stated.

He urged the Ministry of Finance to review key targets and policy directions, ensuring that all indicators are well-calculated, realistic, and backed by international best practices.

The Deputy PM stressed the importance of fiscal, monetary, and administrative solutions as the primary tools for market regulation and facilitation, minimising direct state intervention that could distort market fairness or violate international commitments. — VNS