ROLE OF PRIVATE ECONOMY ON THE PROCESS OF TRANSFORMING THE ECONOMIC GROWTH MODEL IN VIETNAM AND SOME RECOMMENDATION

Abstract

The private sector is pivotal in the transition of Vietnam's economy from a centrally planned system to a socialist-oriented market economy. Data from the General Statistics Office for the period 2011-2022 indicates that Vietnam's private economy significantly contributed to economic growth in the first two decades of the 21st century. This contribution is evident in GDP growth, state budget enhancement, job creation, and increased worker income. The article analyzes the current situation and discusses solutions for mobilizing resources from this economic sector in alignment with the Party and State's policy for transforming the economic growth model in the near future.