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<p style="text-align:justify">A conference held in Ha Long city in the northern province of Quang Ninh on April 15 provided a panorama of Vietnam&rsquo;s private economic sector, and how to turn it into an important driving force of the socialist-oriented market economy.</p>

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			<td style="text-align:justify"><img alt="At the conference on Vietnam’s in Quang Ninh on April 15. (Photo: VNA)" src="https://image-en.nhandan.vn/w800/Uploaded/2024/bpcgtqvp/2024_04_15/dong-luc-quan-trong-cua-nen-kinh-te-9465.jpg" /></td>
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			<td style="text-align:center">At the conference on Vietnam&rsquo;s in Quang Ninh on April 15. (Photo: VNA)</td>
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<p style="text-align:justify">The conference was co-organised by the Vietnam Chamber of Commerce and Industry (VCCI) and the provincial People&rsquo;s Committee, and chaired by the Vietnam Union of Science and Technology Associations (VUSTA).</p>

<p style="text-align:justify">It was the first activity by the communities of scientists and businesspeople this year in response to the Politburo&rsquo;s Resolution No. 41-NQ/TW dated October 10, 2023, on building and promoting the role of Vietnamese entrepreneurs in the new period.</p>

<p style="text-align:justify">According to a report presented at the conference, Vietnam is home to nearly 900,000 operational private firms, with about 7 million businesspeople.</p>

<p style="text-align:justify">The private sector contributes nearly 45% of the country&#39;s GDP, one-third of State budget revenue, more than 40% of social investment capital, 35% of import turnover, and 25% of export value, and creates jobs for 85% of the country&#39;s labourers.</p>

<p style="text-align:justify">VUSTA President Phan Xuan Dung stressed that the fourth Industrial Revolution requires enterprises and businesspeople to set forth new development strategies in order to catch up with their foreign counterparts.</p>

<p style="text-align:justify">Participants looked into relevant policies and guidelines, including those to diversify capital, and promote the role and position of the sector, and Quang Ninh province&rsquo;s experience in this field.</p>

<p style="text-align:justify">The private economic sector has significantly contributed to Quang Ninh&rsquo;s development over the past years. The province counts 16,981 enterprises with accumulative registered capital of 346.64 trillion VND (13.7 billion USD), of them 10,555 established between 2017 and 2023.</p>

<p style="text-align:justify">Private investment in the province has been on the rise, with an annual growth rate of over 10.2%, and the sector makes up about 70% of its social investment capital.</p>

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