Workers at a garment-textile factory in Vietnam (Photo: VNA)
Hanoi (VNA) –
A webinar on the role of the private economic sector and experience in foreign
investment management of Vietnam in Doi Moi (renewal) process took place in Venezuela
on June 9.
The event, held by the
Embassy of Vietnam in Venezuela together with the Venezuela-Vietnam Chamber of
Commerce (CAVENVIET), aimed to share Vietnam’s achievements in economic
restructuring in the Doi moi (Renewal) process with the Latin American nation.
Addressing the event, President
of the Vietnam-Venezuela Friendship Association Associate Professor Nguyen Viet
Thao said that over 1.4 million private businesses were set up in Vietnam between
2016 and 2020.
The private sector
currently is the largest contributor to the country’s gross domestic product
and present 30 percent to the State budget.
He added that to foster
the private economic sector’s development in the new context, the fifth plenum
of the 12th Party Central Committee issued a resolution on turning the sector
into an important driving force of the socialist-oriented market economy, which
paves the way for the amendments and supplements of relevant regulations in
keeping with the improvements of investment climate.
After 35 years of Doi
moi, Vietnam attracted nearly 400 billion USD in foreign direct investment
across over 30,000 projects from 130 countries and territories. Close to 70,000
FDI firms are operating in about 300 industrial parks./.