Hanoi: Innovation and private sector development should have no bounds, aiming to achieve the national goals of prosperity, strength, democracy, equity, and civilised society in this new era, said Prime Minister Pham Minh Chinh. The cabinet leader made the statement on May 8 at a working session with the Government’s policy advisory council to gather input on the National Assembly (NA)’s draft resolution concerning specific mechanisms and policies to promote the development of the private economic sector, in line with the Politburo’s Resolution No. 68-NQ/TW, dated May 4 this year.

According to Vietnam News Agency, the Prime Minister emphasized the importance of the private sector in driving economic growth and achieving the country’s broader objectives. The session focused on dissecting the draft resolution, which aims to establish a framework that encourages private entrepreneurship and investment.

The draft resolution seeks to introduce specific mechanisms that will facilitate private sector participation across various industries, fostering an environment that supports entrepreneurship and innovation. This approach aligns with the Politburo’s recent resolution, which underscores the importance of empowering the private sector to contribute significantly to the nation’s economic landscape.

Pham Minh Chinh reiterated that the government is committed to creating a business-friendly environment, reducing bureaucratic hurdles, and providing necessary support to private enterprises. The Prime Minister’s remarks reflect a strategic push towards leveraging the private sector as a key engine of economic growth and development in Vietnam.