The private economy is identified as the pioneering pillar of the Vietnamese economy with the goal of having 2 million quality enterprises by 2030. Photo: Hoang Loan

The article was immediately received, like a breath of fresh air for the business community and the economic future of Vietnam with its orientations, transmitting strength, aspirations and identifying the great mission of the private economy that will contribute to creating a breakthrough for the era of national development.

According to the figures cited in the article, the country currently has nearly 1 million enterprises and 5 million individual business households. The private economic sector currently contributes 51% of GDP, more than 30% of the state budget, creates more than 40 million jobs, accounts for more than 82% of the total labor force in the economy, and contributes nearly 60% of total social investment capital. General Secretary To Lam affirmed that this proves that, if there is a favorable development environment, Vietnamese enterprises can completely go far and compete fairly with the world.

On March 7, chairing a working session with the Central Policy and Strategy Committee on private economic sector development, speaking at the meeting, besides acknowledging the contributions, General Secretary To Lam pointed out the difficulties of the private economic sector: although large in number, it is limited in scale, potential, and competitiveness, especially in international competition. There is a lack of leading enterprises in important industries and fields.

In Hue City, statistics show that we currently have about 7,600 enterprises, of which 95% are medium, small and micro enterprises. Analysis of revenue structure shows that in 2024, the city's total budget will reach nearly 13,000 billion VND; of which, revenue from the non-state economic sector accounts for only nearly 1,800 billion VND. Revenue from household and individual businesses will only reach over 116 billion VND.

The majority of which are medium, small and micro enterprises, to develop, the private economy needs support policies and the ability to grow and adapt to itself. Photo: Hoang Loan

According to General Secretary To Lam, with the goal of unlocking private economic resources, by 2030, this economic pillar will contribute about 70% of the country's GDP, aiming for 2 million quality enterprises by 2030. Gradually forming and developing many private enterprises with global competitiveness, mastering technology and deeply integrating into international value chains and supply chains. Besides the state sector and foreign investment, the private economy is identified as a pioneering pillar in innovation and national development in the spirit of promoting internal strength. Along with that, institutional improvement will be prioritized, focusing on removing bottlenecks, building supportive policies, eliminating the ideology of "public over private" and the monopoly of state-owned enterprises in some fields...

According to General Secretary To Lam, Vietnam's private economy is currently facing many institutional and policy bottlenecks that need to be removed.

When the private economic mission is determined and difficulties are resolved, experts say that this is the condition for the private economy to "explode". But along with that, private enterprises themselves need to stand up and take action to break through. This context requires enterprises to be proactive, to think hard, to find ways to adapt and to ask what to do in the next 5 years, the next 10 years...

This is also the time when private enterprises must change from the traditional environment to a new, completely different environment, requiring enterprises to have international standards. In particular, enterprises must know how to choose their strengths, focus on core values ​​to grow, compete and develop.

For Hue businesses, one difficulty for breakthroughs, according to experts, is the inertia of lack of connection, fear of connection and limited ability to reach out. Some data shows that in the first 3 months of 2025, Hue City had 90 newly established businesses but up to 423 businesses registered to temporarily suspend operations, partly showing the fragile competitiveness of the private economic sector in Hue before the storm of development and integration.

Kim Oanh