In nearly 40 years of reform since 1986, we have had many stages, times and ways of innovation. The reforms began in 1986, 1989, 1999, 2009, 2019, summarizing about 35 years of reform. In that flow of change, compared to before, we have made many remarkable advances. In particular, this time, although difficult, has many advantages. Compared to 10 years ago, Vietnam's economic scale is now larger, its resources are also larger, and there are more real opportunities. Compared to the period when we were besieged and embargoed, and had not opened up, now, although the outside is gloomy, we still have a domestic market.
VinFast electric car factory in Cat Hai district, Hai Phong city
In terms of business, especially private enterprises, in 1999, we only had 30,000 small businesses in existence. Currently, we have about 900,000 businesses, more than 30 times more than before, and many businesses have become private economic groups. Previously, foreign direct investment (FDI) was almost non-existent, but now we have attracted it (from 1986 to 2022, Vietnam has attracted about 438 billion USD in FDI capital, of which 274 billion USD has been disbursed). It must be said that the current force and resources are much larger than before, so there is no reason why we cannot overcome difficulties.
In that challenge, we need to pay primary attention to institutional reform. Institutions here are the legal system, policy mechanisms, business investment environment, administrative procedures, etc. All are barriers that hinder our production and business capacity, creativity, innovation, and even lack of transparency leading to embezzlement and corruption. With a standard legal system, we will have progress, fairness, and equality; with simple and neat administrative procedures, we will have a dynamic and creative team of entrepreneurs; with a streamlined, high-quality administrative apparatus that works for the people, we will have an orderly, stable, and effective society.
If we want to be strong, we must have a truly market-oriented economic system, a stable, effective, and high-quality political system, etc. We must have capable leaders and cadres who dare to do, dare to think, dare to make breakthroughs, and take responsibility. In particular, we must build a team of dynamic and creative entrepreneurs and businesses to overcome crises. Once we overcome this situation, we will recover very quickly.
Recently, in some areas, we have intervened too much in administration, leading to non-market, the consequences of which are causing market crisis and chaos. If we want a real market, let the market solve its problems; we should not interfere in the business activities of enterprises. In addition, we must continue to resolutely cut unnecessary or overly rigid investment and business procedures such as construction permits, fire prevention and fighting... Such things create a matrix of procedures that want to tear each other apart, and this is currently the most exhausted aspect of enterprises. If we cannot handle it, we will still be stuck because we do not invest in creating assets or useful production capacity.
Or in management, we also have to learn from experience in coordination between ministries and branches, how to be responsible. We cannot let the situation of vaccine shortage happen, then localities complain about difficulties, one ministry kicks it to another... In difficult or normal times, do not inspect and check too much, making it difficult for businesses.
There are many solutions in the current context. First of all, we have to restore confidence and find a way to make the market operate well and businesses operate normally. The most important thing is to let the market do its thing, and second, any intervention must follow the principle of the state to let the market do better, not to replace the market, not to prevent the market, and not to intervene excessively in the market.
If we want to be strong, we must have a truly market-oriented economic system, a stable, effective, and high-quality political system, etc. We must have capable leaders and cadres who dare to do, dare to think, dare to break through, and take responsibility. In particular, we must build a team of dynamic and creative entrepreneurs and businesses to overcome crises. When we overcome this situation, we will recover very quickly. At the same time, the economy will not be broken, and dynamic and creative business teams will also break through and recover quickly. It is necessary to do so.
There is a lot to do in this context if we are truly for the people, correctly assessing reality, based on reality, and this reality must be real reality, not the reality of data. Based on reality, we are not overly optimistic and leaders must convey the message that we have successes but are also facing many difficulties, we must make more efforts from leaders to farmers, workers, and intellectuals.
Let's strive to be better, to be able to reach a strong and prosperous Vietnam.
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