Private sector helps boost local economy

Illustration photo

The number of private SMEs accounts for 97.2% of total number in Ha Noi. They have unceasingly been growing, contributing over 40% of GRDP and over 50% of job generation. 

The private sector has become a pioneer force in the cause of construction and development in Ha Noi. 

Experts attributed the achievements to flexible mechanisms and policies of the Ha Noi municipal People’s Committee and the endeavor of the private business community. However, it is necessary for the city to continue improving the investment environment and resolving bottlenecks for the private sector to flourish. 

General Director of Viet Nam Agricultural and Food product import, export joint stock company Tran Thi Thu Hang assessed that the business environment in general and Ha Noi in particular has been improved dramatically. However, the businesswoman still hopes for a more transparent business environment. 

A representative from Hanoisme said that SMEs are coping with the difficulties of capital, technology, human force, administration, promotion. They are struggling to access to foreign markets. Their competitiveness remains modish.  

Three big plans

To convert the private sector into a driving force for the local economy, the local authorities have set three plans.

Firstly, creating a favorable investment and business environment for private sector and support them to renovate; develop manpower; and alter technology.  

Secondly, implementing mechanisms and policies to perfect the   socialist-oriented market mechanism by 2030.

Thirdly, restructuring and renovating SOEs./.

By Kim Anh