In the first ten months of 2021, despite the serious impact of the Covid-19 pandemic, over 93,000 new firms were set up.

In 2011, there were about 325,000 private enterprises in Vietnam and the figure rose to 647,000 in 2019.

Manufacturing at Cosmos Industrial Co.,Ltd in Vinh Phuc Province.

The scale of production and capital of private enterprises also increased sharply, from 6,875 trillion VND (303.6 billion USD) in 2011 to 24,024 trillion VND (1.06 trillion USD) in 2019, nearly 3.5 times higher.

Over the last five years, the number of private enterprises making it into Vietnam’s 500 largest companies is on the rise. Six private firms have even made their way into the Asian and global lists.

The private sector plays an increasingly significant part in the economy as it contributed 40 percent of Vietnam’s GDP.

The Central Institute for Economic Management (CIEM) attributed the positive results to the policy of developing the private economic sector in association with the economic transformation process of the Party and State.

According to experts, although there have been positive improvements, the capacity of the private economic sector is still limited, and does not commensurate with their role and expectations.

In order to improve the capacity of the private economic sector, it is necessary to focus on solutions to assist businesses in restoring production, minimising the negative impacts of the pandemic, stabilising production and business, and ensuring workers' income and safety for workers, including creating conditions for enterprises to access new loans to restore production and business.

Bac Giang city supports businesses’ development

(BGO) – The self efforts together with attention and assistance from local party, authority and competent forces have helped enterprises and cooperatives in Bac Giang city (Bac Giang province) to gradually overcome the difficulties caused by Covid-19 to stabilize the production and business activities.  

Luc Ngan receives study supporting devices from sponsor businesses

(BGO) – On October 26, representative of Vina Solar Technology Company Limited and Vina Cell Technology Co.,Ltd in Viet Yen district (Bac Giang province) visited and sponsored study supporting devices to Luc Ngan district.

Bac Giang adjusts screening test for labours in industrial production businesses

(BGO) – Basing on local Covid-19 situation in Bac Giang province, the Steering Committee for assisting business in production development and disease prevention on October 16 issued document to adjust the SARS-CoV-2 screening test by RT-PCR for labours at industrial production companies in the province.

Public Administration Service Center focuses on improving PCI ranking, creating favorable conditions for businesses

(BGO) - In order to contribute to improving the province’s competitiveness and  investment attraction, over the past time, the provincial Public Administration Service Center has actively coordinated with departments and agencies to promote administrative reform, remove difficulties and create favorable conditions for enterprises to develop production and business.

Government vows to create favourable conditions for production and business activities

The Government is urgently devising measures to provide guidance on safe, flexible adaptation to as well as effective control of the Covid-19 pandemic, while also creating favourable conditions for production and business activities and ensuring pandemic prevention and control safety.

Source: NDO/VNA