The private sector will contribute about 55% of GDP by 2025

DNHN - The government's resolution establishes a goal of around a 55% private sector contribution to GDP by 2025. Le Minh Khai, Deputy Prime Minister, has recently signed Resolution No. 54/NQ-CP dated April 12, 2022, which promulgates the government's action plan for implementing the National Assembly's resolution on the economic restructuring plan for the period 2021–2025.

The goal is to have the service sector grow at a rate of 6.5 to 7% each year, while the processing and manufacturing industries grow at a rate of 6.5 to 7%. Labour productivity grows faster in important economic zones and in five cities that are run by the government than in the rest of the country.

By 2025, close the competitiveness gap between the United States and the ASEAN-4 nations, particularly in measures of institutions, infrastructure, and human resources.

Between 2021 and 2025, the state's budget deficit averages 3.7 per cent of GDP.

Reduce the overall number of public non-business units by at least 10% from 2021 levels, with at least 20% of self-financed units.

The stock market's capitalization is at least 85% of GDP, the bond market's outstanding debt is at least 47% of GDP, and the corporate bond market's outstanding debt is about 20% of GDP. There are about 1.5 million businesses in the world, and about 60,000 to 70,000 of them are medium and large businesses.

About 55% of GDP is private, and five to ten national goods may become global brands. To achieve these goals, the government assigned the Ministry of Planning and Investment the primary responsibility for developing measures to improve the quality of public investment management institutions and coordinating their implementation with other ministries, branches, and local governments.

To secure the central budget's leading position and proactiveness, the Ministry of Finance should develop a project on upgrading the mechanism of decentralization of state budget allocation and administration in conjunction with other ministries, branches, and municipalities.

Concerning financial market expansion, the government assigned the Ministry of Finance the major duty of working with other ministries, branches, municipalities, microfinance institutions, financial consulting businesses, accounting, auditing, and credit rating agencies. Conduct research and create policies and laws to encourage venture capital investment.

The Ministry of Natural Resources and Environment is responsible for creating a draft law revising and augmenting many sections of the Land Law 2013 and reporting it to the government for submission to the National Assembly for promulgation in 2013.

The Resolution identifies tasks and answers for urban economic growth. Strengthening regional and urban-rural links, boosting the role of important economic regions and cities, modernizing industries, establishing a green economy, and leveraging advantages. 

Hoai Huong