HANOI, Oct. 31 (Xinhua) -- Vietnam has set up the Private Economic Development Research Board to make proposals on mechanism, policy and administrative procedure reforms relating to private economic development, the board's representatives said Tuesday.
In the medium-term, the research board, established on Monday with six members, who are well-known businesspeople, will work to help Vietnam advance to Top 3 in the ASEAN in national competitiveness by 2022, private enterprises contribute 60 percent to the country's gross domestic product (GDP) by 2020, and boost innovation startups and the fourth industrial revolution.
The board will also help develop the e-government, gather national data and economy-digitalizing strategies, mobilize capital for hi-tech agriculture, and slash logistics costs by re-planning logistics networks basing on the North-South express railway.
According to statistics from the Vietnamese Ministry of Planning and Investment, Vietnam's private economic sector currently contributes some 43 percent to the country's GDP, accounts for 39 percent of the total social investment and generates 11.9 percent of all jobs.
Up to 105,125 Vietnamese enterprises with total registered capital of nearly 1,022 billion Vietnamese dong (45.2 billion U.S. dollars) were set up in the first 10 months of this year, witnessing respective year-on-year rises of 14.6 percent and 43.8 percent, said the ministry.
