Vietnam issues decree to boost private sector development

Under the plan, ministries, sectors, localities and business associations have been tasked with devising and implementing widespread and regular public communication campaigns to disseminate the key content of the official order.

Implementation plans must include quantifiable targets and clear allocation of responsibility to ensure equitable and fair treatment of the private sector and develop open, friendly, incorruptible and development-enabling relations between the administration—local and central—and enterprises.

Enterprise support policies and programmes will be reviewed, and the focus will be on simplifying procedures and documentation, increasing support to better reflect market conditions, ensuring adequate resource allocation and encouraging the engagement of associations, research institutes and universities in delivering these support measures, a news agency reported.

The Ministry of Agriculture and Environment has been tasked with fine-tuning land laws and introducing mechanisms to manage land price volatility, particularly for non-agricultural land used for business purposes.

The Finance Ministry has been asked to amend the government order on the management of industrial and economic zones. This includes a proposal requiring local authorities to allocate either a minimum of 20 hectares per industrial zone or 5 per cent of land at those zones to high-tech firms, small and medium enterprises (SMEs) and innovative start-ups.

The goal is cut the time needed for processing land lease applications and land use right certificates by at least 30 per cent.

The Finance Ministry has also been directed to revise laws on bidding to incorporate preferential policies to encourage the private sector's participation alongside the state in strategic sectors, including high-speed railway, urban railway systems, key industries, energy and digital infrastructure and green transport.

The Ministry of Industry and Trade is assigned with developing and implementing the ‘Go Global’ programme, aimed at expanding Vietnamese enterprises’ presence in international markets.

ALCHEMPro News Desk (DS)