ASEAN KEY DESTINATIONS
Private sector plays greater Vietnam role
Over the last 20 years, for example, bakery manufacturers, including Kinh Do, Duc Phat and A Chau, invested in modern technologies and began to dominate local markets with high quality goods.
Although the textile and garment sector exports most of its goods, some private companies like Thai Tuan and Phuoc Thinh produce brocade for women that sells locally.
Hanh Fashion is well-known for office dresses, while Foci, Viet Thy and PT2000 are highly recognised by youth.
In addition, Minh Long pottery company has reached a very high level of production. In the industrial sector, Truong Hai has grown as a reputable automobile manufacturer, and 30 other private enterprises have provided components for FDI enterprises.
Along with fast growth in quantity and awareness about corporate governance, the market vision of private companies has led to changes in the way foreigners are investing in Viet Nam. Foreign investors have begun to co-operate or develop franchise production rights for local private enterprises.
Successful companies have proven their professional ability in modern management and have shifted from a family-company model.
All have achieved significant economic effectiveness.
Of the 1,000 enterprises that contributed the highest earnings to the State budget, private enterprises and State-owned and FDI companies each contributed 33 per cent.
The rate illustrates the effectiveness of the private sector and its value to the country.
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