The resolutions deal with development of the private economy; the restructuring and renewal of State-owned enterprises (SOEs); and completion of institutions for the socialist-oriented market economy.

Addressing the conference, PM Nguyen Xuan Phuc said Party Committees and authorities at all levels should thoroughly grasp the resolutions as they contain major orientations for the economy. 

The guidelines, key targets, tasks and solutions drafted in the resolutions should be used to build working programmes of agencies, sectors, all-level administrations and organisations, the PM said. 

He highlighted the important changes in the awareness about the role and position of the private sector, noting that State-owned businesses contribute 30 percent of GDP and over 246 trillion VND (10.8 billion USD) to the State budget, while the private sector contributes 40 percent of GDP and play a key role in generating jobs.

At the same time, the Government leader stressed that completing institutions for the socialist-oriented market economy is a strategic task and a key breakthrough, which will free up all resources for rapid and sustainable socio-economic development, especially in the context of the strong pace of the fourth industrial revolution. 

To make SOEs operate effectively in the market economy, he emphasised the need to clarify the State management function and the State ownership function, and establish an agency which represents SOEs and capital the State pours into the enterprises.

The leader also called for more efforts to increase the operation efficiency of small- and medium-sized enterprises and boost the start-up movement.

VNA