Scene of the policy panel discussion. Photo: Ngoc Anh/VOV5

The seminar, organized by the Vietnam Record Association to discuss private economic development, said the private sector is contributing 50% of Vietnam’s GDP and more than 30% of the total budget revenue, and employing 80% of the workforce. Many private enterprises have built prestigious brands and gained a foothold in regional and global markets.

Delegates analyzed private enterprises’ engagement in science, technology, and innovation, and proposed mechanisms and policies to promote their participation in the global value chain. To maximize the private sector’s potential, Vietnam needs to improve its institutions, create a more favorable business environment, protect property rights, and encourage innovation, economists said.