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Private sector contributes almost 43% of Vietnam’s 2020 GDP

Khanh Minh Friday | 01/08/2021 13:12

Domestic private enterprises are becoming the main driver of Vietnam's economic growth. Photo: Nhan Dan

The private sector which has soared to become the main driver of Vietnam’s economic growth contributed 42.68 percent of Vietnam’s gross domestic product in 2020.

The ratio was higher than the contribution of 41.75 percent in 2017, Deputy Prime Minister Truong Hoa Binh told a conference held by the Vietnam Association of Small and Medium Enterprises on Thursday.

Currently, the country has 800,000 operational firms, while 98 percent of them are small and medium-sized enterprises. The average number of enterprises per 1,000 people has increased to 7.9 from 5.4 businesses in 2016.

Vietnam SMEs are an essential part of the economy, contributing 33 percent of industrial production value, 30 percent of exports and creating jobs for 50 percent of the labor force, Deputy PM Binh was cited by Vietnam News Agency.

Small and medium enterprises contribute about 40% of GDP, 33% of industrial production value, 30% of export value and attract about 50% of the country's workforce.

► Vietnam reports 2020 economic growth at 2.91% despite pandemic

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