Ho Chi Minh City urged to think differently in promoting private sector

Saturday, 2019-05-04 16:24:53
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The working session between permanent member of the Secretariat Tran Quoc Vuong and the HCMC Party Committee. (Photo: SGGP)
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NDO - Politburo member and permanent member of the Secretariat Tran Quoc Vuong has asked Ho Chi Minh City to think and act differently in order to promote the private sector.

Vuong made the statement at a working session with the city’s Party Committee on May 4, to prepare documents for the upcoming 13th National Party Congress.

The Politburo member spoke highly of HCMC’s achievements in the past 10 years, which continue to affirm its role as the economic engine in the southern region and the country.

He stated that the city needs to create breakthroughs in building the IT and climate-resilient infrastructure, in addition to rapid and sustainable socio-economic development.

Concerning the development of the private sector, Vuong emphasised that the city needs to focus on developing large private enterprises because ultra-small businesses have already been carried out.

Over the past ten years, Ho Chi Minh City’s socio-economic development has seen marked changes, with economic growth averaging 8.3% per year and its economic output accounting for one fifth of the country’s GDP.

The private sector has also contributed more than 45.7% of the city’s gross output and has become a true driver of the southern economic hub’s growth.

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