Figure 1 Since the renovation period, state-owned enterprises (SOEs) and the private sector have always been the two main pillars of economic growth in the country, besides foreign-invested enterprises (FIEs). Although the proportion of the two economic sectors in GDP has decreased from 72 per cent in 2010 to 69 per cent in 2018, they still make up a relatively high proportion. Dam Nhan Duc, head of Research and Corporate Development at MBBank It is noteworthy that the contribution of the private sector has been maintained at a high rate of 43 per cent while SOEs decreased slightly from 29 per cent in 2010 to 26 per cent in 2018 (see Figure 1). This can partly be explained by the results of the government's equitisation process, as the contributions of many enterprises were carried on from the SOE to the private sector bracket after equitisation. According to the General Statistics Office, the number of SOEs decreased from 12,000 in 1990 to 500 wholly-state-owned enterprises in 11 industries and sectors by the end of 2018. Notwithstanding their remarkable successes and contributions, domestic enterprises (including SOEs and privately-owned firms) are underperforming compared to the average, especially to FIEs, despite the many barriers… Read full this story
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