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Changing mindset to support private economy
The Duong - Ngoc Thuy 11:15, 2017/07/27
The resolution of the 5th plenum of the XII Party Central Committee regarding the private sector as the driving force of the economy has been translated in the resolute actions by the government.
There have been policies to support the private sector. However, according to the opinions of enterprises, the private sector should not be considered merely as important, but as the economy itself.

From being considered “one of the driving forces” in the past, the private sector is now regarded as “one of the important driving forces” for economic development. This is  a  crucial transformation in thinking. But the next question concerns how to create motive forces  for the  private sector development?


So far, solutions have been implemented to develop the market economy, raise the competitiveness and create opportunities for all economic sectors, either state, foreign or private enterprises. In the conversation with enterprises immediately  after his inauguration, Prime Minister Nguyen Xuan Phuc conveyed the message of considering enterprises the driving force of the economy, which will guide the actions for his terms of office. Accordingly, the government has worked to facilitate startups and the creation of enterprises. As well, the number of newly-established enterprises has increased sharply (more than 110,000 newly created  in 2016, an increase of 16% over the previous year). And so far in this year, 61 thousand enterprises have been created (up 12.4%). The number of enterprises adding capital to expand production and business also increased sharply.

However, enterprises also said that the support policies are still fragmented, lacking transparency, inaccessible for  enterprises and slow in implementation. In addition, government agencies keep issuing permits, requirements and licenses which are hindering the growth of the business community.

With this being said, it is required to have drastic action in changing mindset. There is an urgency to apply incentives and  eliminate the mechanism asking businesses to submit petitions. Enterprises need fair treatment, equal opportunities and consistent policies. 
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