Private economy - the pillar to create new growth momentum

Photo caption — Car production at the Vinfast factory of the private economic group Vingroup in Cat Hai, Hai Phong. Photo: An Dang/VNA

From the spread of many breakthrough strategic resolutions, the transformation of the two-level government model, the consolidation of localities, ministries, and strong investment in infrastructure..., the private business community continues to transform strongly to become a pioneering force creating new momentum and new driving force, contributing with the whole country to open a new era of growth.

VNA has published a series of 5 articles entitled “Private economy as a pillar in creating new growth momentum” depicting the journey to realize the spirit of Resolution 68-NQ/TW, promoting the role of the private sector in the new context; experience in promoting the strength of private enterprises in dynamic Asian economies, reference models for Vietnam and turning the challenges of the new era into golden opportunities for the development journey.

Lesson 1: From aspiration to determination to act

Growing along the country's innovation journey, from having doubts about its role, the private economy has been striving to develop, making great contributions throughout the journey of building and defending the country. Private economic development in the new context has become an important driving force of the economy when Resolution 68-NQ/TW and a series of important resolutions have given equal investment opportunities in important areas such as infrastructure, innovation, digital transformation, green energy....

Affirming the most important role of motivation

Prime Minister Pham Minh Chinh stated that the Vietnamese private economic sector has been affirming its role as the most important driving force of the economy. The private economy has made an important contribution to promoting economic growth, increasing state budget revenue; effectively mobilizing social resources for development investment; creating jobs, livelihoods, income, improving people's lives, ensuring social security, demonstrating culture and business ethics; promoting international integration...

The good news, according to the Prime Minister, is that "the more pressure, the more our people strive and mature". In recent times, we have achieved results higher month after month, higher quarter after quarter, higher year after year and this term is expected to be higher than the previous term.

The clear evidence is that in the third quarter of this year, GDP growth is estimated at about 8.2%, the highest level in recent years. In that general result, there is a contribution from the business community and entrepreneurs, and it also shows that the business community and entrepreneurs, including the private economic sector, are growing stronger and more mature.

The strong participation and imprint of the private sector is also clearly shown in 250 projects and works inaugurated and started simultaneously on the occasion of the 80th anniversary of the August Revolution and the National Day of the Socialist Republic of Vietnam. Of the total investment capital of the 250 works and projects, about 63% is private investment capital.

Chairman of the Vietnam Association of Small and Medium Enterprises Nguyen Van Than expressed that the Party and State have identified the private economy as the most important driving force of the national economy after 40 years of renovation. The private economy and the state economy are two poles of growth, closely linked and inseparable, even in the context of the private economy making an increasingly large contribution to socio-economic development. In particular, the role of state resources needs to continue to be promoted, especially the role of ministries, branches, localities and the team of cadres, civil servants and public employees need to be pioneers in innovation and have the determination to transform the administrative system from asking and giving to serving businesses and people.

Accompanying and creating new institutions

The business community also acknowledged the efforts, actions, and management of the Government, the administrative infrastructure, and the economic institutions that have been firmly consolidated, becoming a launching pad for national development. Especially in 2025, the business community has witnessed enormous changes such as a revolution in national governance to be more effective and efficient, bringing the country into a new era.

Chairman of the Board of Directors of CMC Corporation Nguyen Trung Chinh acknowledged that, along with revolutionary resolutions; including Resolution No. 68-NQ/TW on private economic development, the transformation of the two-level government model, streamlining and merging localities and ministries, building a solid foundation to bring the country into a new era - the era of national growth.

Chairman of the Vietnam Young Entrepreneurs Association Dang Hong Anh shared, "The spirit of "harmonious benefits, shared risks" is no longer a slogan, but has truly become an effective action motto, spreading trust and clearing bottlenecks for businesses."

What is more encouraging is that the business environment is increasingly transparent, market confidence is strengthened, and the spirit of innovative entrepreneurship is spreading strongly. The number of new businesses has increased significantly; the corporate governance model has shifted from "passively waiting for policies" to "actively creating policies". Research institutes, universities and businesses have begun to closely cooperate in innovation, especially in digital transformation, AI technology, big data and creative industries.

At the meeting with representatives of businesses and outstanding entrepreneurs nationwide on October 9, Prime Minister Pham Minh Chinh expressed the need to continue promoting the spirit of confidence, pride, self-reliance and self-control to take longer steps, "reaching far out to sea, going deep into the earth, flying high in the sky"; in which the business community must play a pioneering, core and exemplary role.

Prime Minister Pham Minh Chinh emphasized that in order to develop rapidly and sustainably, Vietnam must make breakthroughs in science and technology, innovation and digital transformation according to Resolution 57 of the Politburo, while promoting the role of the private economy - the most important driving force of the economy according to Resolution 68.

The Politburo also issued Resolution No. 41-NQ/TW on building and promoting the role of Vietnamese entrepreneurs in the new era, with a spirit of patriotism, self-reliance and aspiration to contribute. The Prime Minister stated that it is necessary to create mechanisms for entrepreneurs to maximize their capabilities, creative potential and devote themselves to the country.

Up to now, the Government, ministries, branches and localities are promptly and effectively implementing many policies on business development as well as urgently amending and supplementing laws related to investment and business; institutions are a breakthrough but at the same time are also a bottleneck, so we must strive to turn institutions into a competitive advantage, a "breakthrough of breakthroughs". Along with that, building a 2-level local government, transforming the state to a development-creating administration, proactively serving people and businesses.

Institutional-oriented realization

Private enterprises expressed their desire to contribute to the development and high growth of the country, making the country rich and strong. In that journey, it is impossible for everyone to do it alone, it requires the joint efforts of enterprises. At the same time, realizing the strong and substantial support of the Government, the business community also expressed the hope that Resolution No. 68-NQ/TW will be accelerated further, creating more favorable conditions for enterprises because in the current fiercely competitive environment, time is a vital factor.

Appreciating the efforts and achievements of the Government in economic management, Ms. Thai Huong, Chairwoman of the TH Group Strategy Council, raised the issue that the Government has tried very hard, but in order for the Government and the Prime Minister to do more, ministries, branches and functional agencies need to give specific advice. We have had Resolutions, but if we do not put forward appropriate policy mechanisms and enforcement measures, we will encounter difficulties in implementation.

Ms. Huong believes that it is necessary to avoid the situation of "retroactive law" or "project waiting for new agency" after rearranging administrative units, causing waste of time and costs for businesses.

"Businessmen are the vanguard on the production and business front. But the commanders, advisors and facilitators for us to fight must be civil servants, public employees and officials in state agencies. Therefore, I request the Government to consider civil servants and public employees as the leading and most important group for us to follow," said Nguyen Van Than, Chairman of the Vietnam Association of Small and Medium Enterprises.

Three months ago, the regulatory system had 16,000 sub-licenses and now only 10,000 have been resolved. Mr. Nguyen Van Than stated: "So our administrative settlement is very good. But we really want to continue to promote institutional reform, improve the investment and business environment and abolish unnecessary business conditions."

Mr. Than proposed that the Party, the National Assembly and the Government institutionalize the mandatory participation of representative organizations of Vietnamese enterprises and business associations in monitoring, supervising and independently evaluating the process of building and implementing laws and development programs, plans and projects of the State related to the private economy in general and small and medium enterprises in particular.

Representatives of the technology business community, according to Chairman of CMC Nguyen Trung Chinh, hope the Government will perfect institutions and policies that are synchronous, stable and transparent, because that is the foundation for businesses to confidently invest and innovate. Vietnamese businesses are making efforts to contribute to building digital infrastructure, digital government, digital economy and digital society, towards the goal of Vietnam becoming a developed industrial country and a technology powerhouse by 2045.

Taking note of the suggestions of private enterprises, Prime Minister Pham Minh Chinh said the Government will continue to research, absorb and realize the orientation of open institutions, transparent infrastructure and smart governance. "If the institutions are not open, we must make them open; without transparent infrastructure, development is impossible and governance must be smart, there is no other way," the head of the Government emphasized.

Believing that with a supportive Government, innovative ministries and branches, smooth infrastructure, creative institutions, the private enterprise team will take the lead in realizing the aspiration to build a strong and prosperous Vietnam. (To be continued)

Lesson 2: Working with the State to pave the way for development models

Source: https://baotintuc.vn/kinh-te/kinh-te-tu-nhan-tru-cot-kien-tao-dong-luc-tang-truong-moi-bai-1-20251012072209977.htm