Vietnamese Enterprises: Look far, look wide, think deep, do big

VTV.vn - In the new era, entrepreneurs are not only "economic people", but also "social creators".

At the Vietnam Private Economic Forum 2025, Prime Minister Pham Minh Chinh told the business community and entrepreneurs: “If you are successful, the country will be successful. If you are rich, the country will be rich. If you are weak, the country cannot be rich and strong.”

The "manifesto" for the private economy

The story of Ms. Nghiem Thi Linh Chi (Director of Cuong Chi Pharmaceutical Company Ltd.) converting her business model is a clear demonstration of the appeal of the new policy. A few months ago, Ms. Chi was a business owner, but now she has become the Director of a business. The reason she quickly converted her business model is because she saw many benefits. First of all, she will be exempt from corporate income tax for the first 3 years.

“The exemption from corporate income tax is very beneficial for us as all profits will be used to reinvest in the business. This is a very beneficial point for small and medium enterprises when converting their business models,” Ms. Chi shared.

Ms. Chi's business is one of more than 128,000 newly registered businesses in the first 8 months of 2025, an increase of nearly 16% over the same period last year.

The above growth rate is one of many positive results proving the effectiveness and success of implementing Resolution 68 on private economic development, considered as "Contract 10" in agriculture in the past.

Many experts say that Vietnam’s private economic sector has undergone many changes, including three major turning points. During the period 1986-1990, from considering the private economic sector as an object of reform, to recognizing and allowing it to operate in a number of fields and industries.

The second turning point was the birth of the Enterprise Law in the period 1999-2000, which made a big institutional shift, from the point where enterprises were only allowed to do what the State permitted to them to the point where enterprises were allowed to do what the law did not prohibit.

Many experts say that Vietnam's private economic sector has undergone many changes, including three major turning points.

The third phase is expected to be Resolution 68, which promises to create a change in both quantity and quality for the private economic sector in Vietnam. Resolution 68 has many new breakthroughs in three aspects: One is reducing hassles (cutting down on business licenses, simplifying administrative procedures); Two is increasing protection and safety for entrepreneurs; Three is unlocking resources.

For the first time, a resolution of the Politburo clearly stated that the guarantee of property rights, freedom of business, and equal competition rights of enterprises are specified by legal regulations. Removing administrative barriers, the mindset of "if you can't manage, then ban" and the "ask - give" mechanism will further open the door to market entry for the private economic sector.

Great expectations, many challenges

“Like a drought meeting a shower” is the statement of a business when commenting on Resolution 68. The expectations are great, but the challenges are not small when Resolution 68 sets a target of 2 million businesses operating in the economy (equivalent to 20 businesses operating/1,000 people). There are at least 20 large businesses participating in the global value chain. The average growth rate of the private economy is about 10-12%/year; contributing about 55-58% of GDP, about 35-40% of total state budget revenue...

Dr. Nguyen Si Dung, former Deputy Head of the National Assembly Office, emphasized that Resolution 68 not only opens up development opportunities, but also places new responsibilities on the shoulders of businessmen - both urgent and long-term - so that the private economy is the most important driving force of the national economy.

A strong business cannot only pursue short-term profits, but must consider protecting the environment, caring for workers' lives and contributing to the community as strategic goals.

First is the responsibility to build a culture of integrity and transparency in business: “A culture of integrity is not only an ethical standard but also a “passport” for businesses to enter the global market,” Dr. Nguyen Si Dung emphasized. Along with that is the responsibility to combine the desire to get rich with the desire to contribute.

In the new era, entrepreneurs are not only “economic actors” but also “social creators”. A strong enterprise cannot only pursue short-term profits, but must consider environmental protection, caring for workers’ lives and contributing to the community as strategic goals.

The development history of many countries shows that when the business class matures with social responsibility, the country will have a solid foundation for sustainable development. In Vietnam, many pioneering businessmen have proven this through green development programs, clean agricultural value chains, or the construction of social housing for workers.

“Resolution 68 is a reminder that the career of getting rich and the career of serving the Fatherland must go hand in hand and cannot be separated,” said Dr. Nguyen Sy Dung.

Look far, look wide, think deep, do big

Speaking at the High-Level Dialogue of the Vietnam Private Sector Forum (VPSF) in 2025, Prime Minister Pham Minh Chinh gave 16 words to the business community and the private economic sector: "Pride - Patriotism - Intelligence - Humanity - Ethics - Integration - Development - Breakthrough".

The Prime Minister hopes that businesses and the private economic sector will demonstrate business ethics and social responsibility; create motivation, inspire, and promote the spirit of national solidarity; continue to innovate thinking and take drastic actions for the benefit of the nation, people, and for their own benefit... "Businesses need to have a long-term vision, think deeply, do big things, develop to be stable, be stable to develop, develop quickly and sustainably," Prime Minister Pham Minh Chinh suggested.

Speaking at the High-Level Dialogue of the Vietnam Private Sector Forum (VPSF) in 2025, Prime Minister Pham Minh Chinh gave 16 words to the business community and the private economic sector: "Pride - Patriotism - Intelligence - Humanity - Ethics - Integration - Development - Breakthrough".

The Prime Minister also expects the business community to continue promoting the spirit of autonomy, self-reliance, and self-strengthening, contributing to building an independent and self-reliant economy associated with proactive and comprehensive integration. Here, resources originate from thinking and vision, motivation originates from creativity and innovation, and strength originates from people and businesses.

The head of the Government has shown his listening and understanding of the concerns and worries of businesses. The Prime Minister pointed out the bottlenecks that the business community is facing: institutions, infrastructure, capital, human resources and administrative procedures...

In response to these concerns, the Prime Minister made a strong commitment to action: “Open institutions, smooth infrastructure, smart management”. Along with that, the Government is stepping up the construction of databases to promote digital transformation; strengthening decentralization and delegation of power along with resource allocation, improving implementation capacity for subordinates and strengthening inspection and supervision; promoting human resource training, digitalizing management; transforming the state from management to development creation, serving the people and businesses.

The Prime Minister affirmed: The Government will accompany and create a favorable environment for pioneering enterprises, contributing to Vietnam's rapid and sustainable development.

"Equal competition among economic sectors. The State does what the private sector cannot do, the State does not do what the private sector can do and does better," Prime Minister Pham Minh Chinh emphasized at the meeting of the Government Party Committee Standing Committee on the State Economic Development Project.

Source: https://vtv.vn/doanh-nghiep-giau-co-la-dat-nuoc-giau-co-100250929213017202.htm