Vietnam gets increasingly privatised

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Vietnam streetVietnam, technically a communist country that in the past decades has made a shift from a highly centralised planned economy to a socialist-oriented market economy, sees its private sector continuously growing.

The number of private sector enterprises in Vietnam rose 2.56 times between 2006 and 2011 while the number of state-owned enterprises over the same period fell by 12.7 per cent, news service VietnamNet Bridge reported.

According to a 2012 census by the country’s General Statistics Office, the number of private sector enterprises made up the vast majority, recording 96.2 per cent with companies set up through foreign direct investment making up the remaining 2.8 per cent. This indicates that the number of FDI companies had doubled from 2006 to 2011.

There were 3,230 state-owned enterprises, accounting for 1 per cent of all enterprises.

Private businesses employed nearly 11 million people, 67 per cent more than in 2006. In 2011, they had mobilised a combined capital of $703 million, 4.4 times more than the 2006 figure. However, 23.5 per cent of the capital was held by state-owned companies.

The national survey also revealed that Vietnam has almost 5.2 million administrative offices, businesses and agencies, an increase of 27.4 per cent.

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Reading Time: 1 minute

Vietnam, technically a communist country that in the past decades has made a shift from a highly centralised planned economy to a socialist-oriented market economy, sees its private sector continuously growing.

Reading Time: 1 minute

Vietnam streetVietnam, technically a communist country that in the past decades has made a shift from a highly centralised planned economy to a socialist-oriented market economy, sees its private sector continuously growing.

The number of private sector enterprises in Vietnam rose 2.56 times between 2006 and 2011 while the number of state-owned enterprises over the same period fell by 12.7 per cent, news service VietnamNet Bridge reported.

According to a 2012 census by the country’s General Statistics Office, the number of private sector enterprises made up the vast majority, recording 96.2 per cent with companies set up through foreign direct investment making up the remaining 2.8 per cent. This indicates that the number of FDI companies had doubled from 2006 to 2011.

There were 3,230 state-owned enterprises, accounting for 1 per cent of all enterprises.

Private businesses employed nearly 11 million people, 67 per cent more than in 2006. In 2011, they had mobilised a combined capital of $703 million, 4.4 times more than the 2006 figure. However, 23.5 per cent of the capital was held by state-owned companies.

The national survey also revealed that Vietnam has almost 5.2 million administrative offices, businesses and agencies, an increase of 27.4 per cent.

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