By Anh Minh October 13, 2021 | 12:46 pm GMT+7 VNExpress
A worker manufactures face masks at a factory in Hanoi. Photo by VnExpress/Ngoc Thanh
The government’s target of having 1.5 million enterprises by 2025 seems unattainable, National Assembly’s Committee on Economy has said.
The government’s plan to restructure the economy in 2021-25 includes a target of 60,000-70,000 small- and medium-sized enterprises by that year, and the private sector contributing some 55 percent of GDP.
Appraising the plan on Tuesday the committee said the target seems unfeasible. Its head, Vu Hong Thanh, said the Covid-19 pandemic has hit businesses hard, forcing many to suspend operations, wind up or go bankrupt.
According to the General Statistics Office, some 90,000 left the market in the first nine months of this year.
“Enterprises’ finances have been weakened enormously,” Thanh said.
The committee proposed amending the targets as the pandemic continues to affect the economy.
Minister of Planning and Investment Nguyen Chi Dung acknowledged the difficulty in achieving the 1.5-million target.
Five years ago the government set a target of having one million enterprises by 2020, but it was not attained. There are only 820,000 now.
The plan envisages completely restructuring state-owned enterprises by 2025, thoroughly addressing their shortcomings and lack of profitability, and increase the country’s stock market capitalization to GDP ratio to at least 85 percent.
National Assembly Chairman Vuong Dinh Hue said the Ministry of Finance and the State Bank of Vietnam should seek ways to expand the government and corporate bond markets.
The ministry is planning to issue more government bonds, he added.
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I am an attorney in the Washington DC area, with a Doctor of Law in the US, attended the master program at the National School of Administration of Việt Nam, and graduated from Sài Gòn University Law School. I aso studied philosophy at the School of Letters in Sài Gòn.
I have worked as an anti-trust attorney for Federal Trade Commission and a litigator for a fortune-100 telecom company in Washington DC. I have taught law courses for legal professionals in Việt Nam and still counsel VN government agencies on legal matters. I have founded and managed businesses for me and my family, both law and non-law.
I have published many articles on national newspapers and radio stations in Việt Nam.
In 1989 I was one of the founding members of US-VN Trade Council, working to re-establish US-VN relationship.
Since the early 90's, I have established and managed VNFORUM and VNBIZ forum on VN-related matters; these forums are the subject of a PhD thesis by Dr. Caroline Valverde at UC-Berkeley and her book Transnationalizing Viet Nam.
I translate poetry and my translation of "A Request at Đồng Lộc Cemetery" is now engraved on a stone memorial at Đồng Lộc National Shrine in VN.
I study and teach the Bible and Buddhism. In 2009 I founded and still manage dotchuoinon.com on positive thinking and two other blogs on Buddhism. In 2015 a group of friends and I founded website CVD - Conversations on Vietnam Development (cvdvn.net).
I study the art of leadership with many friends who are religious, business and government leaders from many countries.
In October 2011 Phu Nu Publishing House in Hanoi published my book "Positive Thinking to Change Your Life", in Vietnamese (TƯ DUY TÍCH CỰC Thay Đổi Cuộc Sống).
In December 2013 Phu Nu Publishing House published my book "10 Core Values for Success".
I practice Jiu Jitsu and Tai Chi for health, and play guitar as a hobby, usually accompanying my wife Trần Lê Túy Phượng, aka singer Linh Phượng.
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