The government has decided to establish a board for private economic development research (IV Board).

The board is aimed at helping it to reform mechanism, policies and administrative procedures related to the private economic sector, in keeping with the national economic objectives. It will also take the initiative of setting up an assisting system and mobilising resources for the performance of the assigned tasks.

The board will be managed by the Government’s Advisory Council for Administrative Procedure Reform, said a representative of the Vietnam Private Sector Forum (VPSF) on Thursday.

The VPSF representative said that the decision of setting up the new board was issued after a short dialogue between Prime Minister Nguyen Xuan Phuc and enterprises at the 2nd Vietnam Business Forum on July 31, where the "talking along with doing" attitude of the Prime Minister was lauded.

The board is chaired by Truong Gia Binh, who is President of Viet Nam Software and IT Services Association and Deputy Chairman of the Advisory Council for Administrative Procedure Reform.

Binh’s deputy is the General Director of Vina Capital Group and Deputy Chairman of Global Agenda Council on ASEAN (World Economic Forum), Don Di Lam.

Members of the board also include representatives from the Viet Nam Software and IT Services Association, the Business Federation of southern Binh Duong Province, Shrimp Association of southern Binh Thuan Province and the Tourism Advisory Board, as well as the VPSF Advisory Board and Vina Capital Group.

Statistics from the Ministry of Planning and Investment showed that the private economic sector contributes 43.22 per cent to the country’s gross domestic product (GDP), accounts for 39 per cent of the total social investment and generates 11.9 per cent of all jobs. Meanwhile, the State economic sector contributes 28.69 per cent to the GDP. 

VNS