Wednesday , May 31 2023

Vietnam eyes 50% increase in private businesses to 1.5 mln

The government plans to have 1.5 million privately owned businesses by 2025 to make the private sector an important driving force for the economy.

A recent resolution issued by the government envisages half of them being medium or large sized. Currently there are nearly one million private businesses, of which more than 95% are small or medium sized.

The private sector is expected to contribute 55% of the country’s GDP by 2025, rising to 60-65% in the next five years.

The government also seeks to raise the productivity of private sector workers by 5% a year to close the gap with the ASEAN-4 group (Indonesia, Malaysia, Philippines, Thailand).

The Ministry of Planning and Investment has been tasked with drafting supportive policies and working with cities and provinces to develop infrastructure at industrial parks, industrial clusters and economic zones.

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