With clear and appropriate mechanisms, private enterprises will have more favorable conditions to operate sustainably and make positive contributions to the economy.
Hai Van Tunnel 2 is being expanded by a private enterprise - Deo Ca Group - Photo: TRUONG TRUNG
Speaking at the first meeting of the Steering Committee for the development of the private economic project on March 15, Deputy Prime Minister Nguyen Chi Dung emphasized that the Politburo's resolution on private economic development, when issued, will help businesses feel secure, create confidence and strong development momentum.
Therefore, the ultimate goal of the project is to contribute to building a truly effective resolution, helping to "untie" and clear bottlenecks that are hindering the development of the private sector.
If this (resolution) is implemented, it will be like "untying the bolts", clearing the bottlenecks so that the private economic sector can flourish, just like the bricks and stones that have long blocked the water flow will be removed so that the water can flow "rushingly".
Deputy Prime Minister NGUYEN CHI DUNGNew resolution will remove bottlenecks for private economy
According to Deputy Prime Minister Nguyen Chi Dung, the Private Economic Development Project is important but also very challenging. With a clear and appropriate mechanism, private enterprises will have more favorable conditions to operate sustainably and make positive contributions to the economy.
Regarding the role and position of the private economy, he said that at the meeting between General Secretary To Lam and the Central Policy and Strategy Committee, all delegates unanimously affirmed that the private economy is the most important driving force.
The contributions are shown through specific figures such as accounting for about 50% of GDP, more than 56% of total social investment capital, about 82% of total labor force of the economy, about 30% of total state budget revenue, more than 30% of total import-export turnover.
Mr. Dung stated the goal of striving to have 2 million enterprises by 2030, but it is necessary to ensure both the quantity and quality of enterprises; at the same time, he noted to clarify the content on developing leading and pioneering enterprises in various fields, including innovation, digital transformation, green transformation, etc.
The draft project has proposed policy groups. Mr. Dung suggested classifying and clarifying policies for each group of enterprises, such as large enterprises, small and medium enterprises, micro enterprises, business households, start-ups, and for each issue such as land, currency - banking, finance - fiscal, technology, linkage, etc.
The requirements that create breakthroughs
Ordering is considered a mechanism that is expected to open up great opportunities for private enterprises. According to National Assembly delegate Hoang Van Cuong, in the past, the private sector hardly participated in public investment, but now there are more opportunities through orders from the Government for private enterprises.
He assessed this as a positive signal, because in the world, countries with developed private economies all implement an "ordering" mechanism for this sector.
In addition, the Government is aiming to cut 30% of unnecessary administrative procedures to facilitate businesses. Mr. Cuong emphasized that this is the time for the private economic sector to take action and seize opportunities to make a breakthrough.
As the private economy is not only one of the growth drivers but also identified as the "most important driver", the implementation of appropriate support policies will play a decisive role in the coming period.
Therefore, taking specific actions to facilitate the development of the private economic sector will be of great significance in the coming period.
Mr. Pham Xuan Hoe, General Secretary of the Vietnam Financial Leasing Association, said that in order for the private sector to make a breakthrough in the coming period, institutional reform is needed.
In the new resolution on private economic development to be issued by the Politburo, it is necessary to review and abolish all administrative procedures in legal documents of ministries and branches, especially institutional issues that are restricting and hindering the development of the private economy, making it difficult for enterprises to access resources and be enthusiastic about doing business.
Mr. Hoe said that regulations such as procedures for accessing land and production and business premises should be abolished and consolidated. Along with that are administrative procedures for confirming regulations related to business addresses and business registration, especially complicated and cumbersome procedures that discourage business.
Remove barriers and regulations to help businesses access capital better, remove unsecured loans and collateral, make efforts to reduce costs to reduce interest rates, and have a policy to compensate interest rates for commercial banks.
Regarding the ordering mechanism, Deputy Prime Minister Nguyen Chi Dung said that the assignment of tasks and ordering of enterprises in the implementation of large, key national projects will be included in the Politburo's resolution so that when issued, it will create peace of mind, trust, and excitement, helping the private economic sector to operate and develop healthily and effectively.
The right policy will help private enterprises develop sustainably.
At the seminar "Vietnam's private economy: Breakthrough period 2025 - 2030" held on March 15 in Hanoi, experts and businesses highly appreciated the Party and State's policy of promoting the private economy to become the most important driving force for economic development.
Mr. Pham Dinh Doan, Chairman of the Board of Directors of Phu Thai Group, emphasized that the rapidly changing world context puts Vietnamese enterprises under great pressure, forcing them to adapt continuously. "One day of delay means losing opportunities. Enterprises need to speed up, join forces, do business systematically and expand internationally," said Mr. Doan.
According to him, to realize this policy, there needs to be a clear ordering mechanism for private corporations, helping them overcome difficulties, participate in the global value chain, transfer technology and move towards sustainable development, competing with large enterprises.
Proper support policies will create motivation to help private enterprises develop sustainably and contribute positively to the economy.
- Mr. DINH TUAN MINH (economic expert):
Create a mechanism for private enterprises to mobilize cheap capital
For the private economy to develop, the Government needs to support businesses in accessing capital at low cost. One of the solutions is to guarantee loans for large private corporations from international financial institutions such as ADB, WB, AIIB...
Many countries have developed development bank models to provide preferential capital for private enterprises to invest in domestic and foreign infrastructure.
The government can provide counterpart funds or mobilize capital from financial institutions, investment funds, issue bonds to establish development banks, thereby providing capital with low and stable interest rates, helping businesses have the conditions to participate in investing in the construction of large domestic infrastructure projects or participating in investing in projects abroad with the ability to recover capital with certainty.
Workers of Phuc Sinh Joint Stock Company process Vietnamese pepper for export to the EU market - Photo: Q. DINH
Currently, private enterprises wanting to participate in large infrastructure projects often have to borrow from commercial banks or issue bonds with high interest rates, reducing their competitiveness.
This is what prevents private enterprises from participating in large infrastructure projects funded by the Government. Large investments in long-term infrastructure projects also pose great risks to private enterprises without support from the Government.
In the current context of Vietnam, the Government can restructure the Vietnam Development Bank, which is currently not performing its functions properly, to increase its ability to mobilize capital from global financial institutions, international investment funds or domestic pension funds.
This will help create long-term, stable capital sources for private enterprises, promoting sustainable infrastructure development.
Source: https://tuoitre.vn/thao-chot-de-kinh-te-tu-nhan-bung-ra-but-pha-20250315224231449.htm
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