Private economic development: 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 protecting the country.

Processing seafood for export.

In the spirit of the 14th National Party Congress, the spirit of Resolution No. 68-NQ/TW on private economic development is spreading strongly, affirming the position of this sector as the "most important driving force" in the national economy.

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.

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 the past time, 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.

Prime Minister Pham Minh Chinh speaks at the first High-level Private Economic Panorama Meeting (ViPEL 2025).

Chairman of the Vietnam Young Entrepreneurs Association Dang Hong Anh shared, "The spirit of 'harmonious benefits and 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 typical entrepreneurs nationwide on October 9, Prime Minister Pham Minh Chinh expressed the need to continue promoting the spirit of confidence, pride, self-reliance and autonomy to take longer steps, "reaching far out to sea, going deep into the ground, 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 two-level local government, transforming the state to a development-creating administration, proactively serving people and businesses.

Turn challenges into golden opportunities

Vietnam is entering a new phase of development, with the aspiration to become a developed, high-income country. In this historic journey, the business community and entrepreneurs are identified as the core force, the main driving force promoting the prosperity of the country.

Strong businesses make a strong nation. 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 of the country.

In fact, the business community and entrepreneurs have always been 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... 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 of 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 directions - 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.

Loading and unloading goods through Hai An port (Hai Phong).

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" and 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, there is a need for association, cooperation and integration. 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-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: VNA/Vietnam+

Source: https://baophutho.vn/phat-trien-kinh-te-tu-nhan-tu-khat-vong-vuon-len-den-quyet-tam-hanh-dong-240984.htm