"The Four Pillars" and the private economic sector of Ho Chi Minh City: Mutual and parallel relationships

Ho Chi Minh City's private enterprises currently account for nearly 50% of the total and lead the country. Therefore, in the new development term, the city identifies the private economy as an important driving force for growth. This orientation is suitable for a post-merger megacity, especially in the context that Ho Chi Minh City is newly required to pioneer the implementation of the "four pillars" including: Resolution 57, Resolution 59, Resolution 66 and Resolution 68. However, for this "four pillars" to truly be a launching pad for the private sector, enterprises must both take advantage of the mechanism and accompany the implementation, as a mutual relationship.

Bustling production activities in industrial parks

In a recent discussion with the business community, a representative of the consulting unit shared that, with more than 98% of them being small and medium-sized enterprises, the business community nationwide and Ho Chi Minh City in particular consider the "four pillars", especially Resolution 68 on Private Economic Development, as an important gateway to a larger market with stronger momentum. However, implementing the resolution should be a journey of understanding and effectively accompanying businesses.

Orienting the journey for the next 5 years, Ho Chi Minh City determined: "Support the development of private economic groups capable of reaching regional and world levels; pay attention to developing a generation of young, dynamic, creative, good at management, and with a spirit of serving society." According to the business community, these two elements of "support" and "development" must be implemented from both sides: the State and the businesses and businessmen themselves.

Excerpt from “Draft Documents of the 1st Congress of the Ho Chi Minh City Party Committee, term 2025 - 2030”, “Support the development of private economic groups capable of reaching regional and world levels; pay attention to developing a generation of young, dynamic, creative, good at management, and with a spirit of serving society”.

According to Ms. Nguyen Thi Minh Giang - Director of Newing Consulting Company, "If we focus on private enterprises, we must have a group of large enterprises with a leading role; second is unknown, small and medium enterprises; and third is the State. These three groups must join hands to participate."

The “four pillars” really come into practice, increasing the internal strength of hundreds of thousands of private enterprises in Ho Chi Minh City, requiring the determination of all relevant parties to go all the way. And that is also an important solution for Ho Chi Minh City to be in the group of 100 fast-growing, modern, sustainable cities in the world by 2030 – not a distant goal.

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