Private economy - the pillar to create new growth momentum - Part 2

With strong and practical policies, over the past time, the private economy has continuously developed in many aspects, especially in accessing production factors and markets; efficiency and competitiveness have gradually been improved; activities have been diversified in most industries, fields and regions.

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

Initially, a number of large-scale private economic groups operating in multiple sectors, with the ability to compete in domestic and international markets, have been formed. After the Resolution No. 68-NQ/TW of the Politburo on private economic development was issued, the private business community is facing a great opportunity to join the State in creating a new growth model - where businesses are not only policy beneficiaries, but also policy co-creators.

The private sector is expected to become a driving force for breakthroughs, contributing to maintaining high growth rates. Photo: The Duyet/VNA

VNA reporters recorded the opinions of corporations and private enterprises on opportunities and solutions to accompany the country in the new era.

Mr. Tran Dinh Long, Chairman of the Board of Directors of Hoa Phat Group Joint Stock Company:

Looking back nearly 30 years since our country officially joined ASEAN (in 1995), the Vietnamese steel industry was still very small. Up to now, the Vietnamese steel industry has risen to rank 11th in the world, leading the Southeast Asia region. This is truly a proud achievement not only for the steel industry, but also the common result of the integration and development efforts of the Vietnamese economy .

Mr. Tran Dinh Long, Chairman of Hoa Phat Group. Photo: Duong Giang/VNA

To achieve these achievements, it is clear that not only thanks to the efforts of each enterprise and each worker, but also the attention and close direction of the Government, the Prime Minister and ministries, departments and branches.

To date, Hoa Phat Group is the largest steel producer in Southeast Asia, equivalent to the Top 30 largest steel enterprises in the world. From 2026, Hoa Phat's steel production capacity will reach 16 million tons/year; including 9 million tons of HRC steel, high-quality steel, contributing to fully meeting the needs of domestic and foreign markets.

During 33 years, with steady and effective development, the Group's contribution to the state budget has been increasing. Hoa Phat has also been continuously honored in the most prestigious domestic and international rankings.

We hope that the implementation of Resolution No. 68-NQ/TW dated May 4, 2025 of the Politburo on private economic development will be accelerated further, creating more favorable conditions for businesses. Because in the current fiercely competitive environment, time is a vital factor.

Therefore, when businesses send petitions, we hope the Government, ministries and branches will consider and resolve them more quickly, so that businesses do not miss out on development opportunities.

In addition, with domestically produced products that meet the demand, we hope that the State's investment projects and programs will give special priority to using domestic products. This is both a way to support Vietnamese enterprises and a concrete action to implement the policy of "Vietnamese people give priority to using Vietnamese products".

Currently, domestic enterprises are making great efforts to invest, expand production, and are ready to participate in national programs such as building social housing, developing infrastructure, housing for workers, students, etc. We hope that the Government will have more transparent ordering and bidding mechanisms and prioritize Vietnamese goods in these projects. That will further motivate the business community to develop more sustainably.

Mr. Tran Duc Tung, Deputy General Director of Hanel Manufacturing, Processing and Import-Export Joint Stock Company (Hanel PT):

After nearly 40 years of innovation, Vietnam is entering a new phase of development. This is also the time to affirm the pioneering role of Vietnamese entrepreneurs in creating a new growth model.

As a business with more than 25 years of participation in the global supply chain, HanelPT realizes that the biggest challenge for Vietnamese businesses when wanting to reach international level lies not only in production capacity or technology, but first of all in the difference in business culture and sustainable development thinking.

Production line of HANEL PT. Illustration photo: BNEWS/TTXVN

In developed markets, green, transparent, and ESG (Environmental, Social, and Governance) compliance are considered mandatory standards in international cooperation. Changing perceptions and building a sustainable business value system is a difficult but necessary step if one wants to participate deeply in the global value chain.

In addition, small and medium-sized enterprises still face limitations in accessing preferential capital sources, investment in research and development (R&D) and international market expansion. To compete globally, enterprises need to invest more heavily in R&D, automation, digital transformation and green production, meeting the strict standards of international corporations and markets.

Faced with that challenge, with policies on green credit, land and a favorable legal corridor, the growth rate of Vietnam's private economic sector will make a remarkable breakthrough, contributing to bringing Vietnam into a truly global era.

In the new development stage, the Party and the State have had clear and consistent orientations and policies in affirming and promoting the role of the private economic sector and considering it an important driving force. This also means that Vietnamese entrepreneurs need to demonstrate their role more clearly and strongly in response to that trust and expectation.

First of all, I think that private enterprises need to strongly invest in R&D, innovation and development of products and services with high added value, contributing to raising the level of Vietnamese brands in the global value chain. In addition, enterprises must fully fulfill their obligations to the budget, link economic growth with social security and sustainable development in the direction of ESG.

In addition, Vietnamese entrepreneurs need to demonstrate a spirit of creative companionship; in which large enterprises lead and support small enterprises, and small enterprises guide and spread the spirit of cooperation and kindness in the community.

Ms. Le Thi Them, Chairwoman of the Board of Directors of Huy Hoang Production and Business Cooperative:

In the context of a fiercely competitive market economy, connection and cooperation are key factors to help the private business community thrive. As a business operating in the field of agricultural production and trading, I always promote sustainable development values, especially the application of clean technology and local branding. The Quang Ninh Young Entrepreneurs Association has created many opportunities to help businesses like us expand our markets, access support policies and connect with major partners.

In recent times, the Quang Ninh Young Entrepreneurs Association has continuously expanded its trade connection and trade promotion activities to create opportunities for member businesses to meet, exchange experiences, and seek strategic partners. The Association regularly organizes economic forums, trade fairs, and exchange programs between young entrepreneurs inside and outside the province. Through forums and seminars, we have learned many valuable experiences on green agricultural development models, thereby improving product quality and enhancing competitiveness.

In particular, expanding cooperation with international businesses and economic organizations has helped many young businesses have the opportunity to access new technology, expand markets and improve competitiveness in the international arena, creating a dynamic business ecosystem, contributing to building a responsible business community, making practical contributions to socio-economic development.

In addition, networking and cooperation activities also support us in finding capital sources, accessing investment funds and participating in key local economic development projects. Through this, the bridge between businesses and local authorities is clear, helping to reflect the difficulties and problems of businesses to the authorities, thereby proposing appropriate support policies, creating favorable conditions for business development.

Mr. To Duy Thong, General Director of Sunrise Ins Company Limited:

With the recently issued Resolution 68 and the National Assembly Resolution on private economic development, I am fully confident that the private enterprise sector will make great strides, contributing even more strongly to the overall development of the country in the new period.

This Resolution has clearly affirmed the equal status of the private economic sector compared to other economic components, thereby strengthening the confidence and mindset for businesses to confidently invest long-term and expand their scale of operations. In particular, the Politburo emphasized the formation and development of large-scale private economic groups with international competitiveness, while creating conditions for businesses to participate in key national projects, contributing to enhancing the autonomy and internal strength of the economy.

Mr. To Duy Thong, General Director of Sunrise Ins Company Limited. Photo: BNEWS/TTXVN

However, for the private sector to develop more sustainably and effectively, there are still some barriers that I think need to be removed soon, specifically as follows:

Firstly, the Government needs to continue to improve mechanisms and policies to build a transparent and healthy competitive environment.

Second, it is necessary to promote support policies for the entire business community, especially the agricultural import-export business sector because this is a force closely linked to farmers as well as the Vietnamese agricultural economy. This support needs to be combined with stable macroeconomic policies to create a foundation for long-term development.

Third, there needs to be a clear strategic orientation for the economy, identifying priority sectors and fields for the next 5, 10 or 20 years, helping businesses have a basis for planning long-term development.

In addition, I think the State needs to continue simplifying administrative procedures and building more open mechanisms to help businesses shorten project implementation time, improve production and business efficiency and enhance competitiveness in the market. (To be continued)

Lesson 3: The heart and vision of Vietnamese enterprises

Source: https://baotintuc.vn/kinh-te/kinh-te-tu-nhan-tru-cot-kien-tao-dong-luc-tang-truong-moi-bai-2-20251012072730569.htm