(VOVWORLD) - The private sector is a key driver of Vietnam’s economy, making significant contributions to GDP, job creation, innovation, labor productivity, market expansion, and state budget revenue. To achieve the target of double-digit growth in the coming years, Vietnam is pursuing a clear and strategic approach to private sector development—one that requires a fundamental shift in mindset, awareness, and action. This message, reinforced by Party and Government leaders in recent days, has instilled confidence and motivation in private enterprises.
 General Secretary To Lam speaks at a working session with the Party Central Committee's Policy and Strategy Commission. (Photo: chinhphu.vn) |
Currently, Vietnam’s private sector contributes more than 50% of GDP, accounts for 30% of state budget revenue, and employs approximately 85% of the workforce, making it the main engine of economic growth. But, private businesses still face numerous challenges, including difficulties in accessing credit and land.
A clear strategic direction
Recognizing the urgency of reform, the Party and State have prioritized removing obstacles and unlocking the full potential of this crucial economic sector in order to realize Vietnam’s strategic development goals for 2030 and 2045.
During a working session with the Party Central Committee’s Policy and Strategy Commission on Friday, Party General Secretary To Lam said: "We need a clear strategy for private sector development that aligns with the country’s current economic conditions and evolving geopolitical landscape. This strategy should enhance the sector’s resilience, adaptability, and competitiveness. We also need to improve essential infrastructure and human resources to support long-term growth of the private sector."
The Party leader said the private sector must be a key growth driver, alongside the state and collective economies, to boost sustainable national development. He said the Party and State will introduce major policies that create strong momentum for private businesses to thrive.
Mr. Lam urged enterprises to pursue innovation and high tech and directed ministries, sectors, and localities to further improve the investment and business environment to ensure the private sector’s sustainable development. He also called for bold breakthrough policies to foster the growth of large-scale enterprises, particularly in key strategic industries.
The Government has established a Steering Committee to develop a private sector development project, led by Prime Minister Phạm Minh Chính. A new resolution on breakthrough development policies is also in progress.
Deputy Minister of Finance Nguyen Duc Chi said: "We are actively working with industry and business associations to understand the concerns and aspirations of enterprises, particularly large firms, in order to formulate government resolutions and decrees that align with the Party’s direction, ensuring that they help the private sector to grow in the long term. The Ministry of Finance will work closely with businesses and relevant stakeholders to design the most suitable incentive policies—ensuring compliance with international commitments while fostering strong domestic and global expansion of Vietnamese enterprises."
A new engine of economic growth
This year, the Government aims to increase the private sector’s GDP contribution to around 55%, drive private investment growth into double digits, and maintain 16% credit growth. A key focus will be facilitating access to credit for private businesses engaged in production and commercial activities.
Furthermore, the Government is promoting stronger links between small and medium enterprises (SMEs), large domestic corporations, and foreign direct investment (FDI) enterprises in order to ensure that Vietnam’s 900,000 private businesses and 5 million business households will be empowered to absorb new technologies and innovations and transform them into a powerful engine of national economic growth.
Economist Dinh Trong Thinh said: "Policy frameworks are already in place. What we need is to ensure their full and effective implementation to support the development of the private sector. To this end, the Party Central Committee, the National Assembly and the Government are actively working on reforms—streamlining state management, reducing administrative procedures, enhancing governance efficiency, and minimizing unofficial costs. These efforts aim to encourage private enterprises to operate freely within legal boundaries and maximize their contributions to economic growth."
With the Party’s strong leadership and the Government’s unwavering commitment, Vietnam’s private sector is on the turning point of a promising transformation.