Kinhtedothi- The private economic sector plays the most important role in the country's economic development and growth. This sector is facing great opportunities, especially from changes in the policies of the Party and Government.
Creating a place for private enterprises
According to Prof. Dr. Hoang Van Cuong - Member of the Economic and Financial Committee of the 15th National Assembly, National Assembly Delegate of Hanoi City, in 2006, the private economic sector was mentioned as an important driving force of economic growth. However, up to now, the private economic sector has been recognized as "the most important driving force of the economy". The evidence is that the Government has also taken specific actions to create favorable conditions for the development of the private economic sector.
While in the past, the private sector's participation in public investment was limited, up to now, the private sector has been widely involved in public investment through government orders for private corporations. The government also aims to cut 30% of unnecessary administrative procedures to facilitate the development of the private economic sector. In particular, the Politburo will soon issue a resolution on private economic development.
Dr. Vo Tri Thanh - Director of the Institute for Brand Strategy and Competition Research expects that the Resolution will have 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...
In addition, the resolution promotes innovation, creates links with small and medium enterprises, and develops 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.
In fact, although the business environment in Vietnam has improved, there are still major bottlenecks. Reports published by the Vietnam Chamber of Commerce and Industry (VCCI) in recent years also show that many private enterprises still face difficulties in administrative procedures, access to land, credit and are affected by informal costs. This reduces the motivation to expand production, innovate technology and improve competitiveness.
In addition, the linkage between private enterprises, FDI and state-owned enterprises remains weak. While FDI enterprises hold the majority of high-value supply chains, domestic private enterprises mainly participate in low-value-added stages. Without appropriate support policies, the private economic sector will find it difficult to promote its role in promoting sustainable growth. For the private economy to truly become a strong driving force, there must be synchronous and drastic solutions for private enterprises to develop.
With nearly one million enterprises and five 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 workforce in the economy, and contributes nearly 60% of total social investment capital.
The private economy not only helps expand production, trade and services but also makes an important contribution to improving labor productivity, promoting innovation and increasing national competitiveness. The strong rise of many Vietnamese private enterprises not only dominates the domestic market but also affirms their brands in the international market. "This proves that if there is a favorable development environment, Vietnamese enterprises can absolutely go far and compete fairly with the world," the General Secretary wrote. This is a clear message about the need for a synchronous policy system so that the private economic sector can develop more strongly.
"Trust private businesses"
Vietnam strives to form and develop large, strong private economic groups with international competitiveness and the mission to lead and support other domestic enterprises to participate deeply in the global value chain.
Vietnam is standing at a new historical starting point, a new era - "the era of the Vietnamese nation's rise", as General Secretary To Lam said. How have businesses and entrepreneurs prepared?
Vietnamese enterprises and entrepreneurs have been and are preparing themselves to revive the country's development, especially to create momentum for economic development. In addition to giving advice to the Party and the State, enterprises and entrepreneurs have been and are proactively absorbing, adapting and mastering scientific and technological advances; at the same time, anticipating and anticipating new developments in technology in all areas of the economy.
In particular, accompanying the entire political system, the business community is striving to overcome its limitations and weaknesses, fostering thinking and aspirations, cultivating resources and multiplying the mission with a new mindset and new momentum to firmly step into the era of national growth, for the prosperity of the country, for the happiness of the people.
Vietnam has now become number 1 or number 2 in many industries and fields in the world, from agricultural exports to software. Up to now, Vietnam has had a number of businessmen in the top of the world's "dollar billionaires". The business community is a class with ambition, knowledge, and intelligence, and has been and is the leading nucleus in society.
Affirming that the capacity and initiatives of Vietnamese private corporations are unlimited, Chairman of the Board of Directors of Truong Hai Group Corporation Tran Ba Duong hopes that the Party, State and Government will trust private enterprises. Mr. Tran Ba Duong emphasized that: "Whatever THACO is doing, we are trying to contribute to growth". According to Mr. Tran Ba Duong, THACO has established certain foundations in the industries it is operating in to move towards a new era and develop with very clear directions and strategies set by the Government.
Similarly, Mr. Tran Dinh Long - Chairman of the Board of Directors of Hoa Phat Group Joint Stock Company emphasized that, with the growth target of 8%, in which the private sector contributes 60%. At that time, each enterprise will play the role of a cell of the economy and so will Hoa Phat. Therefore, Hoa Phat commits to grow 15% per year, responding to the country's double-digit growth target for the period 2025 - 2030.
Mr. Nguyen Viet Quang - General Director of Vingroup Corporation also said that in recent years, Vingroup has continuously made strong efforts to invest in strategic areas such as energy infrastructure, green economy, digital economy, and supporting industries to contribute to realizing the vision of sustainable development. "Vingroup is committed to playing the role of one of the pioneering enterprises promoting innovation and sustainable development of the country. With the companionship and support of the Government, ministries, departments, and branches, Vietnamese private enterprises have the opportunity to reach out, contributing to building a prosperous, green, and sustainable economy," Mr. Quang stated.
Ready for the era of growth
After nearly 40 years of implementing the Doi Moi process, Vietnam has risen from a backward economy to become one of the Top 40 leading economies, with a trade scale in the Top 20 countries in the world, and is an important "link" in 16 free trade agreements connecting with 60 key economies in the region and globally.
The size of the economy increased from 26.3 billion USD in the early years of Doi Moi to more than 476.3 billion USD in 2024. According to Deputy Prime Minister Nguyen Chi Dung, Vietnam is considered by the United Nations and international friends as a success story, a bright spot in poverty reduction, and constantly improving the material and spiritual life of the people.
However, the world is witnessing many major changes, the emergence of new industries, changes in policies of major economies leading to shifts in investment flows, adjustments in the structure of trade and investment. This poses risks and challenges but at the same time brings new opportunities and fortunes to countries.
The new context is also posing new requirements for the country's economic development, such as green and sustainable growth, the goal of achieving net zero by 2050, attracting investment and creating breakthroughs for pioneering industries such as semiconductors, AI, and green hydrogen.
Growth based on science and technology, innovation, promoting new growth drivers, coming from circular economy, digital economy and new economic models.
Therefore, large enterprises proactively take the lead and pioneer in big, difficult, and new tasks, solving problems at the national level to create momentum for economic development and create room for development for small and medium enterprises in other fields.
At this time, the whole country is excited, with great hope that Vietnam will enter a new era, Vietnam will be a powerful, prosperous country, standing among the most advanced countries in the world. This is the moment that Vietnam will do everything to develop, it cannot be missed.
Experts and international organizations also expect the private economic sector to be a "bridge" to help Vietnamese enterprises access more international investors. Ms. Nguyen Thi Dieu Phuong - Deputy CEO, VinaCapital Group, currently in charge of private investment and investment negotiation, assessed that private investment activities in Vietnam have many opportunities to develop, especially in the context of the macro economy will continue to grow strongly, thereby creating quality and large-scale enterprises. "We have also contacted and met many investors, including funds and strategic investors from Singapore, Thailand, Europe, the US, Japan... who are looking for investment opportunities in private enterprises in Vietnam" - Ms. Dieu Phuong shared.
A report by the World Bank (WB) in Vietnam released last week showed that in 2024, private investment will contribute up to 62% of total social investment capital, helping total social investment growth reach 7.2%, almost equal to the level before the Covid-19 pandemic. According to WB economic experts, increased private investment was the main factor driving investment last year. Experts expect this to continue in 2025 and be one of the driving forces supporting growth for Vietnam in the coming time.
Source: https://kinhtedothi.vn/trao-su-menh-lich-su-cho-doanh-nghiep-tu-nhan.html
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