HCMC – The Government wants the private sector to be a main driver in the country’s development, with a target of establishing 1.5 million businesses by 2025.

Half of the 1.5 million domestic enterprises would be medium and large-sized, according to the Government’s Resolution 45 issued today, April 1.

By 2030, Vietnam plans to set up at least two million firms, many of which will be large corporations capable of competing in the global market.

The Ministry of Planning and Investment is in charge of formulating policies to support the operations of strong local companies, particularly in economic growth-driving sectors.

The assignment involves setting up manufacturing infrastructure for rising business demand, including industrial and economic zones.

The private sector is expected to contribute 55% of GDP in 2025 and 60-65% in 2030.

The Government has sought to raise the workforce productivity of local businesses by 5% per year and encourage 35-40% of domestic enterprises to participate in innovation and technology activities.

Some 95% of Vietnam’s almost one million businesses are now classified as small or medium in size.