14th annual conference on economic growth and development

With five groups of solutions and 25 tasks, the plan puts forward that by 2030, the State’s management methods will be reformed in a fundamental and comprehensive manner and aligned with international principles and practices in a bid to create a favourable business climate for all economic sectors, thereby helping achieve all targets relevant to the private economic sector as stated in Resolution No 10-NQ/TW, developing the private economic sector into an important driving force of the socialist-oriented market economy. During the course of the three years implementing the resolution, Vietnam’s private economic sector has seen robust development and has gradually become a driving force in promoting national economic growth. Private businesses, particularly large scale ones, have made remarkable strides in establishing their roles and position in the national economy. Many private enterprises have shown performance levels as effective as or even more so than State-owned and foreign-invested enterprises. More and more major private corporations and domestic joint stock companies have invested abroad in developed countries to expand their markets and promote their brands such as Vingroup, Vietjet Aviation Joint Stock Company, Truong Hai Auto Corporation (Thaco), T&T Group, Vietnam Dairy Products Joint Stock Company (Vinamilk), and FPT Group. Private enterprises made up only 20% of the 500 largest enterprises in Vietnam (VNR500) in 2017, the figure then reaching 57.8% in 2019. The proportion of overall revenue from private enterprises also increased to 37.51% in 2019 from 27% in 2016. These figures were made possible thanks to the efforts of enterprises themselves as well as Government policies designed to create a favourable and equal business environment in recent years. However, according to the General Statistics Office, private enterprises only contribute about 9.1% of GDP. To address the problem, the 13th National Party Congress’s Resolution was …

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The Power Development Master Plan 8 aims to mobilize all domestic and international resources for electricity development, ensuring a sufficient supply of electricity with increasingly high quality and reasonable electricity prices. Specifically, by 2030, the total installed power capacity of Vietnam will reach 137.2 gigawatts (GWs). Of which, coal-fired thermal power accounts for 26 percent; gas-fired thermal power 21 percent; hydroelectricity 18 percent; wind, solar, and other renewable energy 29 percent. In 2045, the total power capacity will nearly hit 276.7 GWs. Of which, coal-fired thermal power accounts for 18 percent; gas-fired power 24 percent; hydroelectricity 9 percent; wind, solar, and other renewable energy above 44 percent. Through the structure of the power source, it shows that the Power Development Master Plan 8 encourages the development of renewable energy, besides hydroelectricity, from about 13 percent in 2020 to nearly 30 percent in 2030, and 44 percent in 2045. Contributing opinions to the Draft National Power Development Plan 8, experts said that many economic and technical factors are difficult to determine. For example, the Covid-19 pandemic continues to develop complicatedly, possibly negatively affecting the supply and demand of the energy system in general and the power system in particular. Besides, the boom in investment registration for renewable energy projects, especially solar and wind power, requires a more appropriate approach in planning, designing, investing, and operating the power system. In particular, it is necessary to have a lucid, transparent, objective, and scientific mechanism to encourage the development of renewable energy. To be able to carry out well the Power Development Master Plan 8 in the current situation, the challenge is that the electricity demand is still growing at a high speed but the primary energy source is increasingly scarce. To ensure electricity supply until 2030, Vietnam is expected to …

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A view of Bắc Giang City. — Photo baodautu.vn BẮC GIANG — The northern province of Bắc Giang is improving a master plan on the development of industrial parks (IPs) and complexes, as well as land use planning, according to it its provincial Party Committee. The province is also refining a master plan on urban areas for the 2021-30 period to attract investment. It built a project on supporting start-ups in the locality, towards strongly developing the private economy, and issued a list of projects in need of investment in the fields of agriculture and rural development. The locality considered building mechanisms to support investment in hotel construction projects and high-end services. In particular, Bắc Giang will step up administrative reform, improve the provincial competitiveness index, pool resources to build key socio-economic infrastructure while enhancing the quality of human resources and State management on projects. The province will actively assist investors and businesses in tackling difficulties and accelerating projects, especially those regarding infrastructure construction and business in IPs. From 2016 to the end of 2020, the province drew 909 projects worth over US$5.88 billion, marking a 3.5-fold rise from 2011-2015, 616 of them were domestic ones with total registered capital of over VNĐ55.7 trillion, and $3.84 billion were foreign direct investment. It is now home to 1,786 valid projects, including 1,311 domestic ones worth more than VNĐ92.2 trillion and 475 foreign-invested ones valued at over $6.2 billion. Projects are mostly in industry with 54.3 per cent, trade and services with 40.5 per cent, and agriculture with 5.6 per cent. Since 2016, Bắc Giang has granted licences to over 6,000 enterprises and 705 branches and representative offices, with a combined registered capital of more than VNĐ64.3 trillion. Its gross regional domestic product has expanded by 14 per cent annually. Cumulatively, there …

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