The Resolution No. 10-NQ/TW embodies a belief of private enterprises

The Resolution No. 10-NQ/TW embodies a belief of private enterprises

CEO of Thien Minh Group, Tran Trong Kien affirmed that the Resolution No 10-NQ/TW on “developing the private economy sector into an important motivation of the socialist-oriented market economy” embodies a belief of private enterprises. With such belief, the businesses will make greater commitments on resources and long-term investments in order to improve labour productivity as well as contribute more to the economic growth. On the other hand, there will be more entrepreneurial start-ups that bring creativity and dynamism to the economy. However, in accordance to Kien, this belief will be lost if the Government does not take drastic and rapid actions to put this resolution into practice.

The private sector is contributing almost 40% to GDP and over 50% to growth. As Kien’s point of view, the contribution can reach 60% to GDP and 70-80% to growth over the next five years. The most important thing that the Government needs to do is to ensure their creativity, integrity and actions to be realized at all levels and branches from the Central to the provinces and cities. In addition, the quality of human resources in Government takes the most important role in order to achieve these goal.

The small and medium enterprises play an important part and account for the vast majority of the private ones operating in Vietnam. These businesses have contributed largely to the economic growth through innovation, dynamism, and rapid growth potential. Most of large private enterprises in Vietnam have been growing from the small ones since a decade.

Kien also said that the business environment will be more difficult for the small and medium enterprises as most of the sectors in the economy has been covered by the bigger ones. Some practices, policies and approaches of the Government are now being focused on the large enterprises only. The small firms just have the opportunities in new areas.