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CPVCC to discuss solutions to spur private economy development

VGP – The Communist Party of Viet Nam Central Committee (CPVCC) will discuss major tasks and solutions to foster the development of private economy, according to Party General Secretary Nguyen Phu Trong.

May 05, 2017 2:28 PM GMT+7

Party General Secretary Nguyen Phu Trong speaks at the opening ceremony of the 5th plenum of the 12th Party Central Committee in Ha Noi on May 5, 2017. Photo: VGP

Party General Secretary Trong made the above statement at the opening ceremony of the CPVCC’s six-day plenum on Friday.

Over the past 15 years, the Party and State have issued a number of policies, guidelines and measures to facilitate the development of private economy, including the Resolution on renovating mechanisms and policies to encourage and facilitate private economy adopted by the 5th plenum of the 9th National Party Congress.

As a result, private economy has made increasingly great contributions in rallying social resources for economic growth with stable GDP share of 39-40% while the number of private businessmen and companies kept rising fast.

However, the Party leader also pointed out shortcomings and weaknesses, including growth slowdown, limited financial and governance capacity, and weak competitiveness.

In addition, many private companies operate unstably and face losses, dissolution and bankruptcy. Law violations, trade fraud, tax avoidance and debt, unhealthy competition, environment pollution, and food hygiene remain serious issues.

Party leader Trong asked the Party Central Committee to assess past achievements and thoroughly analyze shortcomings and weaknesses in order to work out goals, major tasks and solutions to make private economy an important driver of Viet Nam’s socialist-oriented market economy./.

By Huong Giang