Party Central Committee concludes 5th plenum in Hanoi

Delegates adopted 3 resolutions on the socialist-oriented market economy, continued renovating, restructuring and improving performance of State-owned enterprises (SMEs), developing the private economic sector towards an important momentum of the socialist-oriented market economy.

In his closing remarks, Party leader Nguyen Phu Trong said perfecting the socialist-oriented market economy is a strategic task to create breakthrough in rapid and sustainable social economic development.

Economic mechanism perfection must be in line with renovation and perfection of the political system and personnel organization, consolidating socialist orientation while upholding and strengthening the leadership role of the Communist Party of Vietnam (CPV).

The Party leader called for mindset change in private sector development, considering it as inevitable in the path towards socialist oriented market economy. 

He underlined the need to facilitate the private sector growth in all areas not forbidden by law while promoting SMEs, corporate innovation and start-up movements. Private economic groups of multi shareholdings and private sector’s capital contribution to state economic groups should be promoted to join global value chains.