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Difficulties in developing the private sector

by VTV411 July 2018 Last updated at 09:52 AM

VTV.vn - Despite its contribution to the economy, the private sector's development has yet to be able to reach its full potential, due to an unfavorable business environment and high business costs.

This opinion was shared at a conference on Monday on "Improving the environment for the private sector".

The event was co-organized by the Vietnam Chamber of Commerce and Industry (VCCI) & the Central Institute for Economic Management (CIEM).

In 2017, Resolution 10 was signed on developing the private sector as an important driving force of the socialist-oriented market economy. Nevertheless, until now, private enterprises only make up 8% of Vietnam's GDP, with the rest belonging mostly to household businesses.

Experts say public awareness of the differentiation between types of businesses in terms of ownership remains low. Business costs are also cited as a leading barrier when it comes to the development of the private sector.

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