Private economy is the pillar that creates new growth momentum

Final Lesson: Turning Challenges into Golden Opportunities

Photo caption — Producing Tay Ninh specialty rice paper at Tan Nhien Company Limited (Truong Phu hamlet, Truong Dong commune, old Hoa Thanh town). Photo: Hong Dat/VNA

Strong businesses are strong nations. That is an indisputable truth in this period. It is time for Vietnamese entrepreneurs to assert their worthy position, not only as “people who enrich themselves”, but also as people who create the future for the country.

In fact, the business community and entrepreneurs are always the pioneering force in promoting growth, creating jobs, contributing to the budget and spreading the spirit of innovation. Practices over nearly four decades of innovation have proven that the business sector, especially private enterprises, is the most dynamic pillar of the economy . Currently, the private sector contributes about 50% of GDP, over 30% of state budget revenue, creates more than 40 million jobs, accounts for more than 82% of the total number of workers in the economy and contributes nearly 60% of total social investment capital.

From small factories in the early years of renovation, Vietnam now has large, powerful private corporations with regional and global competitiveness such as Vingroup, Masan , Thaco, Vietjet, Hoa Phat, FPT... These enterprises not only create material wealth but also contribute to raising the national brand, spreading the spirit of entrepreneurship and innovation in society. Even in difficult times - such as the COVID-19 pandemic or global economic fluctuations - the private enterprise sector is still resilient, maintaining production, keeping jobs for workers, and accompanying the State in social security programs.

It is a vivid expression of patriotism and social responsibility - core values that make up the identity of Vietnamese entrepreneurs.

In particular, as the country is entering a new stage of development - the stage of digital transformation, green economy, knowledge economy, the role of the business sector, especially private enterprises, becomes increasingly crucial. Vietnamese enterprises are capable and have undertaken many large-scale projects and works, with complex techniques, modern science and technology, especially in a short time and at reduced costs.

On the path of private economic development, the Party and the State not only pay attention but also proactively create a development environment for businesses to grow. In recent years, a series of policies have been issued to remove "bottlenecks" for production and business: from reforming administrative procedures, reducing legal compliance costs, to promoting digital transformation, innovation, developing capital markets and supporting small and medium enterprises.

Many other resolutions and directives have been continuously issued to improve the investment and business environment, reduce administrative procedures, and ensure the legitimate rights of private enterprises. In particular, the Politburo has just issued Resolution No. 68-NQ/TW on private economic development (Resolution 68). This is not only a consistent affirmation of the Party's major policy, but also a strong step forward in economic development thinking, which is to respect, encourage and accompany private enterprises.

Resolution 68 sets out a series of breakthrough orientations - from perfecting institutions, ensuring equal rights in accessing resources, to building a transparent, fair, safe and favorable business environment. The Party and the State clearly identify: Private economic development is an objective requirement, an important driving force for building an independent, autonomous and deeply integrated economy. It can be said that with Resolution 68, the private sector is facing a "golden" opportunity to rise strongly, affirming its position as the "growth engine" of the Vietnamese economy in the new era.

Resolution 68-NQ/TW on private economic development has proposed many long-term strategic solutions, such as forming strong private economic groups with regional and global competitiveness; supporting the development of innovative start-up businesses; perfecting the legal framework on ownership, protecting investors and handling business risks fairly and transparently. These orientations clearly demonstrate the Party's new thinking on private economic development - considering private enterprises as an "organic part", an "endogenous resource" of an independent and autonomous economy.

The birth and implementation of these resolutions is the clearest affirmation: The Party and State are creating the most favorable conditions for the private economic sector to develop strongly, becoming the pillar of the socialist-oriented market economy.

However, in the context of fierce global competition, State support is only a necessary condition, while the decisive factor still lies with each enterprise itself.

In the article "Private economic development - Leverage for a prosperous Vietnam", General Secretary To Lam emphasized: Towards the common vision of the country, the private economy also needs to define more clearly its mission and vision. The private economy must be a pioneering force in the new era, successfully implementing the cause of industrialization and modernization of the economy, enhancing national competitiveness, having social responsibility, contributing to improving people's lives, participating in building a civilized and modern society and contributing to building a dynamic and internationally integrated Vietnam.

To enter the new era, experts say that Vietnamese enterprises need to make drastic changes in thinking, working methods and strategic vision. First of all, enterprises must take innovation as the foundation for development. The world is rapidly shifting to digital economic models, green economy, and circular economy. Therefore, investing in technology, modern management, and high value-added products is the only way to avoid falling behind.

Second, it is necessary to build a sustainable corporate culture that values business ethics, transparency and social responsibility. A strong business is not only measured by revenue or profit, but by social trust and dedication to the community.

Third, it is necessary to connect, cooperate, and integrate. No business can go far alone. Cooperation between private enterprises, the state sector, foreign-invested enterprises, and international partners will create a combined strength, forming a production, trade, and service ecosystem with the Vietnamese brand.

And most importantly, businesses need to maintain their national character and Vietnamese aspirations. In the era of globalization, that character is the “soft key” that helps Vietnamese entrepreneurs confidently integrate, but not dissolve; pioneer innovation, but still preserve traditional values and business ethics.

On October 9, during a meeting with the business community and entrepreneurs on the occasion of this year's Vietnamese Entrepreneurs' Day, the Prime Minister emphasized three "pioneers" that Vietnamese enterprises need to aim for: Being a pioneer, exemplary, and leading in the development of science, technology, innovation, digital transformation, going straight into the development of core technologies, creating a movement and trend of innovation among the entire population, contributing to building a digital nation; being a pioneer and exemplary in legal production and business, contributing to building a socialist rule-of-law state of the people, by the people, for the people; being a pioneer and exemplary in implementing Resolution 68 on private economic development, contributing to building a socialist-oriented market economy, under the leadership of the Party, management of the State, and ownership of the people.

That message is not only a call, but also a direction for action for the business community in the new period: To become a leading force in the country's modernization, contributing to the realization of the aspiration to build a strong and prosperous Vietnam. Vietnamese businessmen today are not only "economic workers", but also "soldiers" on the development front, contributing to affirming the nation's endogenous strength in a volatile global context.

Entering a new era - the era of knowledge, creativity and deep integration, the country needs a business force strong enough, brave enough and of sufficient stature to take on the role of "growth locomotive".

The Party and the State have been, are and will continue to create the most favorable conditions for private enterprises to develop, from institutions, resources to the competitive environment. But to turn opportunities into reality, the business community must dare to think, dare to do, dare to take responsibility and dare to be a pioneer. They need to demonstrate their mettle, intelligence and aspiration to rise up, turning the challenges of the new era into golden opportunities to help businesses and the country take off together.

Source: https://baotintuc.vn/kinh-te/kinh-te-tu-nhan-tru-cot-kien-tao-dong-luc-tang-truong-moi-bai-cuoi-20251012075152388.htm