Ha Noi (VNA) - Asian Development Bank (ADB) Country Director Bradford Philips has pledged to strongly support the development of the private sector in Viet Nam, especially in policy making.

Philips made has the commitment at a seminar entitled "Achievements in development of private sector - a strategic approach" held by ADB in Ha Noi on Wednesday.

The private sector made important contributions to the country's development, said Pham Chi Lan, Advisor to the Government Research Commission. It made up 49 percent of the country's gross domestic product (GDP), 27 percent of total investment and 27 percent of industrial production.

The sector has effectively increased job creation, promoted economic  restructuring and developed the manufacturing industry and new occupations. It has helped create jobs for women, young and ethnic minority people and handicapped people.

The sector made important contributions to the country's exports successes, helping diversify and expand outlets. It contributed to creating a healthy competitive environment and accelerating the renovation of State-owned enterprises.

Lan said the development of the private sector is facing challenges in environmental protection, in limitations in the legal system, in gaining access to land use, medium and long-term credits, technology transfer and personnel training.