Strengthening Vietnam’s private sector legal framework: Institutional breakthroughs and sustainable development directions
Keywords:
Private Economy, Business Law, Institutional Reform, International Integration, Sustainable DevelopmentAbstract
The article examines the changes in the law governing the private economy in Vietnam. From a position of being constrained, the private sector has become a crucial driving force in propelling the market economy towards socialism, making significant contributions to GDP, the state budget, and creating jobs for a large portion of the workforce. The study clarifies the legal reform process, supporting policies, the role and contribution of the private sector, and points out barriers and challenges in the development process. The article also analyzes institutional breakthroughs, new legal documents, and development trends in the context of digital transformation, international integration, and sustainable development requirements. On that basis, the author proposes solutions to improve the legal framework and improve the business environment in order to maximize the potential of the private economic sector, towards the goal of Vietnam becoming a developed and high-income country by 2045.
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