This is a continuation and development from the 12th and 13th Party Congresses, but it has advanced further in theoretical understanding, aligning with international trends regarding the role of private enterprises in sustainable development, technological innovation, and enhancing national competitiveness, opening a new chapter in the Party's thinking on economic growth models.
In Vietnam, the private sector, especially small and medium-sized enterprises (SMEs), accounts for over 98% of all businesses, contributes approximately 50% of GDP, creates over 60% of new jobs, and is the most dynamic force in the economic transformation process. However, this sector still faces many institutional barriers, resource limitations, difficulties in innovation, digital transformation, and access to green finance.
This is also why it is necessary to continue improving institutions, finance, human resources, and infrastructure so that the private sector can play a leading role in driving the economy in the new era.
In the context of a world undergoing profound transformation, the trends of comprehensive digital transformation, green transformation and low-carbon economy, and innovation based on science and technology , especially artificial intelligence, biotechnology, and new materials, are reshaping global value chains and reallocating capital, labor, and markets. Competition between nations is no longer based solely on market size or labor costs, but on technological capabilities, digital resources, governance quality, and the innovative capacity of businesses.
For Vietnam, if institutional conditions are not created to enable the private sector to be proactive and pioneer in new fields, the economy will find it difficult to achieve the goals of independence, self-reliance, and sustainability. Recognizing the critical importance of this moment, the draft document has introduced many new and progressive points, affirming that the private sector is the most important driving force (a breakthrough in understanding); The private sector is linked to three strategic pillars: innovation, digital transformation, and green growth.
Emphasizing modern market institutions: protecting property rights and ensuring fair competition. Strengthening inter-sectoral policy linkages: finance, science and technology, environment, and education . All these orientations will lay the fundamental foundation for the development of private enterprises in future economic sectors.
However, small and medium-sized private enterprises still hope that the draft document will clarify and provide more specific guidelines on the following principles:
(i) Improving institutions and protecting property rights : Protecting legitimate ownership rights; a fast and transparent dispute resolution mechanism; economic laws institutionalized in a way that restructures and supports failed startups to return to the market.
(ii) Strongly reform tax policies to promote innovation for small and medium-sized enterprises: Deduct all research and development costs; provide tax incentives for green projects, clean energy, AI, and digital transformation; and provide corporate income tax exemptions and reductions for innovative businesses.
(iii) Improving the mechanism for mobilizing private capital and green finance : Strongly encouraging the development of the private capital market and venture capital funds; building a carbon market; establishing a State Credit Guarantee Fund based on the principle of conditional risk guarantee by the State and risk pricing by the market; developing green bonds according to international standards.
(iv) Forming a national innovation ecosystem : Linking the State - enterprises - institutes and universities; training centers for digital skills - green energy - automation; supporting enterprises to participate in international research networks.
(v) The State's role in policy implementation : The State should not only "create" but also "accompany - promote - fairly supervise"; perfect the legal framework for PPPs in innovation; and establish a sandbox mechanism for new business models (AI, fintech, circular economy).
(vi) Regional linkages and innovation cluster development : Each economic region must have a private innovation center, linking businesses with digital infrastructure, green finance, and human resource training.
(vii) Enhancing the role of business associations through mechanisms for incorporating them into the national policy-making process : Mechanisms for commissioning policy critiques; participation in the development of independent reports on the business environment; improving data, forecasting, and impact analysis capabilities.
Within that overall picture, Hanoi and Ho Chi Minh City, as the two largest economic, political, cultural, and social centers in the country, hold particularly significant importance. They are also the hubs of businesses, high-quality human resources, innovation ecosystems, and the strongest technological absorption capacity in the country.
Policy changes in these two special urban areas always have a rapid and wide-ranging ripple effect, strongly impacting the entire private business sector nationwide. From that perspective, it is necessary to emphasize that the development of the private economy is a nationwide orientation, applied uniformly to all localities and all types of businesses. Hanoi and Ho Chi Minh City need to emphasize and clarify their leading role, without diminishing the overall and universal nature of the policy.
From the perspective of the small and medium-sized enterprise community nationwide, we are fully confident that the document submitted to the 14th National Congress of the Party, after consultation, will be refined and supplemented so that political awareness is transformed into a transparent institution, a modern financial mechanism, and an equal competitive environment. This will be a crucial foundation for the private sector to truly become the most important driving force of national growth, contributing to making Vietnam a developed, high-income country by 2045.
Dr. To Hoai Nam
Permanent Vice President and General Secretary of the Vietnam Association of Small and Medium Enterprises (VINASME)
Source: https://hanoimoi.vn/buoc-phat-trien-moi-trong-tu-duy-cua-dang-ve-mo-hinh-tang-truong-kinh-te-723563.html
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