Private economic development, experience of some countries and lessons for Vietnam

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Private economic development is an indispensable requirement. No matter what economic modeling approach that countries follow, governments could not deny the enormous contribution of this economic sector. In the current period of international integration, the role of the private economy is much more important to the majority of countries, especially industrialized nations. In our country, an affirmation was made regarding the importance of the private sector in the 12th Congress which asserted that: "The private economy is an important driving force of the economy". In fact, in recent years, the private economy has significantly contributed to national economic development. However, currently, there are still policy barriers that hinder the development of the private economy and the internal strength of the economy. Hence, the authorities should encourage researchers on conducting research with the aim of developing this kind of important economic component in accordance with the practical conditions of the country. Within the scope of the article, the author defines the word ``private economy'', the perspective of Vietnam's private economic development, and analyzes the achievements of the private economy in the period of 2011-2018. In addition, the article also examines the experience of some countries, from which we could be able to gain meaningful lessons to improve our national private economic model. The countries chosen include: (i) China, a neighboring country, has a political system relatively similar to Vietnam. China early developed and focused on the private economic system as the result of successfully identifying the vital role of the model in national economic growth. (ii) South Korea and the United States, despite being capitalist, have achieved successful private economic development with an array of valuable lessons for Vietnam.