The private economy is the most important driving force for growth, so we need to change our thinking and awareness to change our behavior and actions.
VinFast automobile factory in Hai Phong - Photo: NAM TRAN
Have specific policies and clear strategies to create equality and fairness for the private economic sector.
The important messages of General Secretary To Lam about the private economy at the meeting on March 7 have great significance in the current context, expected to create solid foundations and give wings to Vietnamese enterprises.
In fact, after nearly 40 years of renovation, Vietnamese private enterprises have made remarkable progress in all aspects. We have more than 940,000 operating enterprises and more than 5 million individual business households.
Looking at other countries, the role of private enterprises is very important, taking on many major functions.
In the US, for example, Space X has successfully launched rockets into space. This is a completely private enterprise, a breakthrough success in a particularly complex field: space technology - a territory that seems to have no place for the private sector.
Or inventions and technological innovations that change the world also come from the private sector.
In Vietnam, according to statistics, the private economic sector is contributing about 45% of GDP, 40% of total social investment capital, employing 83% of the total workforce, contributing 30% of total state budget revenue, accounting for 25% of export turnover and 35% of import turnover.
The country also has the first Vietnamese billionaires and many Vietnamese brands recognized by the world such as VinGroup, FPT, Truong Hai, Hoa Phat...
However, there are still many concerns about the development of private enterprises. Resolution 10 of the 5th Central Conference on June 3, 2017 on the private economy set a target of having at least 1 million enterprises by 2020, but so far it has not been achieved.
There are up to 5 million business households and individuals, but only about 2 million have registered their businesses. Millions of business households have little motivation to convert to enterprises because of concerns about cumbersome procedures, legal risks and inadequate management skills.
Vietnam also has too few medium and large-scale domestic private enterprises, especially in the manufacturing and processing industries. Vietnamese private enterprises are mainly small and informal. This has hindered productivity growth and innovation.
Along with that, the management level of Vietnamese enterprises has not met the requirements, as most of them started from family scale, so the business organization and management activities are not systematic.
Connectivity is also very weak, stemming from fragmented business thinking. Intermediary organizations such as business associations have not really played a connecting role, while the legal and policy environment has not really encouraged connectivity.
Vietnamese private enterprises have also failed to connect successfully with FDI enterprises in Vietnam and the global production chain. It is a fact that domestic private production enterprises have not developed strongly and lack effective support mechanisms.
Vietnam currently ranks 105/137 in terms of the number of domestic suppliers and 116/137 in terms of the quality of domestic suppliers, lower than other countries in the region such as Malaysia, Indonesia, Thailand, Philippines...
Compared with the FDI sector, domestic enterprises have not yet relatively mastered independent production chains, which somewhat affects the building of an independent and self-reliant economy.
Although there have been many institutions and policies that pay more attention to private enterprises, since 2020, domestic private enterprises have suffered extremely negative impacts, growth has slowed down and the number of enterprises leaving the market is increasing.
Therefore, with new directions from the Party leader, the private business community expects that in the coming period, it will be necessary to continue removing barriers and strongly reforming institutions to unleash private resources.
There are mechanisms to order, empower, and encourage private participation, investment in important areas, purchase technology or public services...
To develop a sustainable private economy, there needs to be a separate law on business associations and business associations to encourage business cooperation.
Along with that is a program to improve operational capacity to protect business interests, build a business culture in the direction of mutual support, solidarity, integrity, dedication, and contribution to the country and people.
Source: https://tuoitre.vn/be-do-cho-doanh-nhan-viet-dan-than-20250309084135411.htm
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