Vietnam will focus on developing its private sector to turn it into an important driving force for the socialist-oriented market economy, contributing to rapid and sustainable socio-economic development and improving the economy's self-reliance.

The private business sector has been an important driving force of the economy and is expected to raise GDP contribution to 55% by 2025, a top economist told the second Private Economic Forum 2023 in Hanoi on April 2.

The Government wants the private sector to be a main driver in the country’s development, with a target of establishing 1.5 million businesses by 2025.

Australian Ambassador to Vietnam Andrew Goledzinowski has affirmed that the northwestern region remains the focus of the expanded bilateral partnership between Australia and Vietnam, especially in terms of clean water, agriculture, transport infrastructure, women's economic empowerment, tourism and private sector development.

Vietnam’s Ministry of Planning and Investment (MPI) and the US Mission to Vietnam, through the US Agency for International Development (USAID), on November 22 announced a new initiative to spur private sector-driven sustainable and inclusive growth across Vietnam.

Green bonds are an innovative tool for businesses to mobilise financing from the private sector such as banks, financial institutions, and especially foreign capital.

The Japan International Cooperation Agency (JICA) Vietnam has disbursed some JPY10.8 billion (US$75 million) worth of ODA in Vietnam, exclusive of funding for the private sector, between April 2021 and March 2022, according to Chief Representative Shimizu Akira.

The "Vietnam Nature-based Solutions for Adaptation in Agriculture through Private Sector Transformation” (VN-ADAPT) is expected to greatly contribute to supporting the resilience of the Mekong Delta region against the severe impacts of climate change.

Over the past 30 years, industrial parks (IP) and economic zones (EZ) across the country have attracted more than US$100 billion of investment, and created jobs for more than 4 million labourers, according to the Ministry of Planning and Investment (MPI).

National Assembly Chairman Vuong Dinh Hue affirmed that developing the private sector is a correct policy during his visit to Truong Hai Group (THACO) as part of a working trip to the central province of Quang Nam on July 27.