Vietnam will strive to have at least two million businesses by 2030, Tran Tuan Anh, head of the Party Central Committee’s Economic Commission, said, adding that the legitimate interests of enterprises must be guaranteed.

The commission had a working session with the business community on Thursday, aimed at promoting the role of the businesses in the industrialization, modernization, and international integration process.

The number of businesses in Vietnam has tripled over the past decade, Pham Tan Cong, chairman of the Vietnam Chamber of Commerce and Industry, said at the event.

The country currently has about 860,000 enterprises, creating jobs for 14.7 million workers, Cong continued, adding that the business sector contributes over 60 percent of Vietnam's gross domestic product (GDP) and about 70 percent of state budget revenue.

However, there is still a lack of connection and common strength in the business community, while many businesses and entrepreneurs have been found running illegal operations.

The country also failed to meet the target of reaching one million enterprises in 2020, Cong elaborated.

In order to develop a stronger business community in the coming time, Cong suggested that authorities continue perfecting the legal system in a way that encourages businesses to comply with regulations and prevents them from running illegal operations.

Tran Tuan Anh from the Economic Commission agreed that there must be a specific legal framework, mechanisms, and policies in the context of rapid international integration.

The commission will listen to proposals of businesses and ensure their rights and legitimate interests, the official continued.

One of the tasks in the socio-economic development strategy for the 2021-30 period is to develop the country’s private sector in terms of both quantity and quality.

Authorities encourage the establishment of private economic groups with strong potential as well as regional and international competitiveness. 

Vietnam will strive to have at least two million businesses by 2030, Anh stated, adding that the private sector will contribute about 60-65 percent of the nation’s GDP.

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