Vietnam to have at least 1.5 million enterprises by 2025

Wednesday, 2019-10-16 12:59:34
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The plan encourages enterprises to use clean technologies and sustainable business models. (Illustrative model)
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NDO – The Prime Minister has approved a plan on the sustainable development of enterprises in the private sector by 2025, with a vision to 2030, that aims to have at least 1.5 million enterprises by 2025.

The plan pointed out six groups of key solutions to promote the quality and effective development of private enterprises in order to create a solid foundation and important driver for the rapid and sustainable socio-economic development.

The six groups of solutions include the improvement of the investment and business environment, the encouragement of enterprises to use clean technologies and sustainable business models, the promotion of start-up and innovation, the enhancement of labour productivity and building of high-quality human resources, the encouragement of private enterprises to utilise the opportunities from Industry 4.0, and the increasing of the role of business associations in supporting the effective development of the private sector.

Under the plan, Vietnam also aims to have two million enterprises by 2030 and narrow the gap in technology level, quality of human resources, and competitiveness between enterprises by 2030.

The plan also intends to increase the rate of private enterprises participating in the regional and global value chain to be on par with leading ASEAN countries (ASEAN-4).

In the 2021 – 2030 period, the average income of workers in the private sector is expected to increase by 25-30% per year and the average contribution of the private sector to the state budget is estimated to rise by 23-25% per year.

The Ministry of Planning and Investment is assigned to monitor and value the implementation of the plan and report the results to the Prime Minister each year.