PRIVATE ECONOMY IN THE SOCIALIST ORIENTED MARKET ECONOMY IN VIETNAM IN THE PAST AND DEVELOPMENT SOLUTIONS

Abstract

After 15 years of implementing the 5th Central Conference of the IX term (March 2002) on private economic development, the Party organized the 5th plenum of the 12th Central Committee (June 2017) to continue to set forth guidelines and solutions measures to develop the private economy in the new context. The 13th Party Congress (January 1, 2021) advocates: “Create all favorable conditions for the private economy to develop quickly, sustainably, diversifying both in size and quality. Forming and developing large domestic private economic groups with strong potential and regional and international competitiveness in association with building corporate brands”, together with the 2020 Enterprise Law, which has taken effect force. It is these guidelines and policies of the Party and the State of Vietnam that have continued to promote the development of the private economy with many positive results, but there are also certain limitations. This study goes into understanding the influencing factors as well as the development status of the private economy in Vietnam over the past time, and on that basis, proposes recommendations to further develop the private economy in Vietnam shortly.