The Politburo, Vietnam's Communist Party decision making body, aims to create a "fair business environment" for entrepreneurs in the country as it recognizes their importance in the economy, according to a resolution on the government's website.
The nation will make socio-economic development plans public and "transparent" to help reduce business risks for entrepreneurs, according to the Politburo statement dated Dec. 16.
It also encourages an increase in the number of medium-sized firms as well as consolidation and merging of companies in order to build strong brands capable of competing regionally by 2020, the release said.
"It affirms that Vietnam respects the role of different economic sectors," including private businesses, Nguyen Duc Kien, deputy head of the National Assembly's economic committee, said by phone from Hanoi Wednesday. "Business management was once considered something impure."
The resolution is the Politburo's first on entrepreneurs, Kien said. The move further highlights the growing influence of entrepreneurs in the economy, after the nation in January officially allowed private business owners into the Communist Party for the first time.
The country seeks to "build a large and strong group of entrepreneurs who have national spirit, political awareness, business culture, high social responsibility," and good management skills, the statement said.