Revamping State management would boost private economic sector: workshop
Experts attending a workshop in Hanoi on March 12 suggested creating an equal competition environment and reforming the system of State resources allocation to spur the development of the private economic sector in Vietnam.
Hanoi (VNA) – Experts attending a workshop in Hanoion March 12 suggested creating an equal competition environment and reforming thesystem of State resources allocation to spur the development of the privateeconomic sector in Vietnam.
According to the Ministry of Planning and Investment,the sector makes up 42-43 percent of the national GDP and employs around 85percent of the workforce.
Minister of Planning and Investment Nguyen Chi Dung highlightedthe ample space for growth of the sector, which, he said, needs maximum support.
He said management agencies should change their mindsetto contribute to the sector’s growth, given good opportunities for localenterprises like those generated by free trade agreements, the fourth IndustrialRevolution, and the shift of global production chains.
The minister also pointed out limitations in the sectorsuch as low productivity and poor scientific-technological capacity.
Economist Pham Chi Lan said connectivity between Vietnamesefirms has remained weak, and they have yet to paid due attention to improving theconnectivity as well as competitive capacity to join regional and global valuechains.
Deputy Director of the Central Institute forEconomic Management (CIEM) Dr. Phan Duc Hieu stressed the need to identify theState’s role in the market economy and encourage enterprises to play a part ininvestment and provision of public services.
He also suggested raising the quality and feasibilityof incentives, saying apart from the mindset, management methods should also berevamped./.
Vietnam has prepared the best conditions to spur its economic growth as the global economy is grappling with the severe impacts of the COVID-19 pandemic, experts have said.
Permanent members of the Government held a meeting under the chair of Prime Minister Nguyen Xuan Phuc on February 18 to discuss a draft plan on comprehensively reforming the State’s economic management.
The 2021 list of the 500 fastest-growing companies in Vietnam (FAST500) was released by the Vietnam Report JSC and the VietNamNet e-newspaper on March 10.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
Illustrative image (Photo: VNA) 
