Barriers need to be removed to make the private sector the backbone of the economy.

Cần xóa bỏ rào cản để kinh tế tư nhân thành rường cột của nền kinh tế - Ảnh 1. — Many businesses in Ho Chi Minh City need support to grow and participate deeply in the supply chain. In the photo: Production at a Vietnamese business in the Ho Chi Minh City High-Tech Park - Photo: NGOC HIEN

Talking to Tuoi Tre Online , businessmen and experts said that with its dynamism, creativity and flexible adaptability, the private economic sector has contributed significantly to GDP growth, job creation, promoting technological innovation and improving the competitiveness of the economy.

However, there are many barriers that are hindering the development of private enterprises, requiring a "revolution" in thinking for the private economy to take off.

* Ms. Duong Thanh Thuy - Vice President of Trung Thuy Group, founder of Miss Ao Dai brand:

'Unleashing' Vietnamese private enterprises to grow

The obstacle for most businesses today is the congestion in administrative procedures that erodes trust. Many businesses get lost in the jungle of procedures that every level has the authority to resolve, but "no one cries for public property", businesses are in trouble.

This is the time for a real “revolution” to change the country’s leadership thinking and unleash private economic resources. General Secretary To Lam emphasized that the private economy plays a very important role in shaping the future of Vietnam’s economy.

For the private economy to truly become a strong driving force, there need to be synchronous and drastic solutions for private enterprises to develop.

Firstly, there must be a shield to protect officials and change the mindset of law enforcement officers so that this team dares to think, dares to do, and dares to take responsibility for the development of the country instead of just worrying about their own safety.

Cần xóa bỏ rào cản để kinh tế tư nhân thành rường cột của nền kinh tế - Ảnh 2. — Mrs. Duong Thanh Thuy

Second, it is necessary to regulate the time for handling administrative procedures, with a "deadline" for each procedure so that businesses can calculate cash flow and plan their business because time is money, the longer the delay, the more damage it causes to the business.

Third, it is necessary to create conditions for small businesses to develop and "nurture" small businesses to grow instead of focusing only on large businesses. In particular, promoting socialized investment and encouraging private investment in infrastructure development projects will nurture businesses.

Fourth, we need to create an open business environment that attracts investment and raises wages for workers instead of competing by relying on cheap labor. Instead of criminalizing economic relations, we need to guide and support businesses to do the right thing.

Fifth, the domestic retail market must be protected because foreign enterprises with the advantage of low interest rates are competing unfairly with domestic retail enterprises.

Dr. Vo Tri Thanh - Director of the Institute for Brand Strategy and Competition Research:

Need breakthrough policies for private economy

Cần xóa bỏ rào cản để kinh tế tư nhân thành rường cột của nền kinh tế - Ảnh 3. — Dr. Vo Tri Thanh

The private economic sector plays the most important role in the country's economic development and growth.

In the near future, the Politburo will have a resolution on private economic development. I hope that the role of the private economy will be affirmed most strongly. This is the sector that plays the most important role in economic development and growth . It is necessary to create breakthroughs for private enterprises to make more efforts, including breakthrough solutions from the policy environment, infrastructure, human resources, access to production factors such as land, people, technology, capital, etc.

In addition, the resolution needs to promote innovation, create links with small and medium enterprises, and develop leading enterprises. In addition, it is necessary to create conditions for start-up development, improve the quality of transformation for small and medium enterprises, and create leading enterprises in the economy so that the private economy can truly rise up and develop the potential of the private economy.

Mr. Nguyen Van Tri - General Director of Lap Phuc Company Limited:

Creating a place for private enterprises

Cần xóa bỏ rào cản để kinh tế tư nhân thành rường cột của nền kinh tế - Ảnh 4. — Mr. Nguyen Van Tri

For the manufacturing business sector, it is necessary to have a policy-making mindset so that domestic enterprises and Vietnamese private enterprises can grow.

The process of attracting massive FDI has made foreign enterprises participate in all economic sectors, especially in supporting industries, but not many Vietnamese enterprises can participate in the supply chain.

Therefore, this is the time to screen investors, which areas prioritize FDI attraction and which areas prioritize domestic enterprises, there must be incentive mechanisms, creating a foothold and helping Vietnamese private enterprises grow, increase revenue and increase contributions to the budget and growth of the country.