Find a public-private model of nation building

To create a wide-open "playground" for private enterprises in the country's growing era, a new management approach is needed, which is "management in motion" through controlled testing mechanisms.

Vietnamese private enterprises are capable of shouldering the mission of making the country's economy grow. In photo: Tan Cang - Cat Lai Port. Photo: Nguyen Le

Private enterprises are capable of "dominating"

Vietnam's economy is facing an unprecedented opportunity as the Politburo issued Resolution No. 68-NQ/TU (Resolution 68) on private economic development. Accordingly, it allows the assignment of major national tasks to private enterprises to pioneer and lead the solution of important problems; participate in developing key capacities of the economy and important economic sectors.

At the special meeting of Committee I on financial technology and digital assets in Ho Chi Minh City on September 30 (operating within the framework of the Vietnam Private Economic Panorama program), Ms. Nguyen Thi Phuong Thao, Chairwoman of the Board of Directors of SOVICO Group Joint Stock Company, recalled the story of "100 days of rescuing HoSE" 4 years ago, when the Ho Chi Minh City Stock Exchange (HoSE) was seriously congested.

The total cost for this "rescue" is only a few million USD, mobilized from socialized sources, if hired from abroad it could be up to several tens of millions of USD.

From there, Ms. Phuong Thao believes that nothing is impossible when the Government places its trust and entrusts private enterprises to shoulder the mission of serving the economy.

According to Ms. Phuong Thao, in the financial and banking sector, Vietnam has a strong joint stock commercial banking system, capable of supplying capital to the economy, without having to depend on capital from outside.

According to experts, private enterprises have the aspiration, resources (finance, knowledge, technology) and operational capacity to realize economic goals, leading the country into a new era.

Quang Trung Software Park (Ho Chi Minh City) - a gathering place for many private technology enterprises. Photo: QTSC

Public and private sectors jointly design the "playground"

According to the Private Economic Development Research Board (Board IV), in the field of urban infrastructure, there is a public-private partnership (PPP) model, but in the financial field, there is no similar public-private partnership model. Therefore, according to Board IV, it is necessary to establish a "public-private national construction" model to realize the goals of Resolution 68.

Dr. Tran Quy, Director of the Vietnam Institute for Digital Economic Development and Chairman of MetaDAP Digital Asset Platform Company, said that the "public-private nation-building" model must be leveraged projects that solve the "bottlenecks" of the digital economy.

Thereby, Dr. Tran Quy proposed two strategic projects. In which, the project "National Digital Identity and Electronic Contract Platform" builds a single platform, allowing all citizens and businesses to have a nationally authenticated digital identity, which can be used to open bank accounts, sign electronic contracts, and perform public services.

The project “Blockchain-based Carbon Credit and Renewable Energy Asset Exchange” creates a transparent secondary market for carbon credits and other “green” assets, directly reconciling and promoting both national strategies: Green Growth and Digital Transformation.

Private enterprises in Ho Chi Minh City are very dynamic, creative and sharp in business. Photo: L.Hoang

Experts from Panel IV proposed two mechanisms: Mechanism 1, applying the “flying cranes” model for large enterprises to lead, creating opportunities for small and medium enterprises; Mechanism 2, public-private partnership in designing development strategies, in which the private sector participates more deeply in policy making.

These mechanisms are based on a commitment to transparency between the public and private sectors, with regular monitoring and measurement mechanisms; mechanisms for quick and effective problem solving and direct high-level reporting on macro and cross-sectoral content.

Mr. Don Lam, Deputy Head of the Private Economic Development Research Department (Department IV), General Director of VinaCapital Group, said that to create immediate impact, a list of key projects under the "public-private joint nation building" mechanism will be announced starting from 2025 and expected to be completed within 5 years.

These projects will be “models” to demonstrate the value of the spirit of “working together, sharing responsibility”, quickly resolving arising problems and measuring effectiveness in a transparent manner.

Pursuant to Notice No. 436/TB-VPCP dated August 22, 2025 of the Government Office, it is expected that on October 10, the Private Economic Development Research Board (Board IV) will organize the program "Panorama of Vietnam's private economy". At the program, Board IV will propose the model of "public-private co-building the nation" and the implementation mechanism; public-private dialogue to find solutions to realize the model, as well as promote the initiative of the private sector in implementing national economic development goals.

Source: https://hanoimoi.vn/tim-mo-hinh-cong-tu-dong-kien-quoc-718115.html