Vietnamese entrepreneurs in the era of national progress.

Immediately after the founding of the nation, on October 13, 1945, President Ho Chi Minh sent a letter to the Vietnamese business community, writing: “Currently, the ‘National Salvation Business and Industry Group’ is working to do many things that benefit the nation and the people. I highly welcome this and expect many good results. While other sectors of the nation are striving to achieve complete independence, the business and industry sector must work to build a solid and prosperous economy and financial system…”

Inheriting and developing his ideology, 20 years ago, October 13th was chosen as Vietnam Entrepreneurs' Day (according to Decision No. 990/QD-TTg dated September 20, 2004 of the Prime Minister ), with the main meaning of encouraging and honoring the role of entrepreneurs who have contributed many achievements to the nation and the people.

Every year, on October 13th – Vietnamese Entrepreneurs' Day – we experience a special feeling. It's an occasion to express our gratitude to and honor outstanding businesses and entrepreneurs who have made significant contributions to the socio-economic development of the country.

Over nearly 40 years of implementing the reform policy, with the correct guidelines and policies of the Party and State, the Vietnamese business community has developed strongly in both quantity and quality, in terms of capital, revenue, profits, and labor efficiency; demonstrating its role as the main force managing and organizing production resources, creating goods and services for society, and promoting the growth and socio-economic development of the country.

President Ho Chi Minh meeting with Hanoi's business and industrial leaders at the Northern Government House in 1945. Photo: VNA

Currently, we have over 930,000 active businesses, approximately 14,400 cooperatives, and more than 5 million business households; investing in production and business development in almost every region and sector; operating not only domestically but also with many businesses developing, gaining recognition, and establishing brand value that reaches the region and the world; contributing to enhancing Vietnam's position and prestige on the international stage. At the same time, a force of entrepreneurs has emerged, especially young, dynamic entrepreneurs who dare to think, dare to act, dare to face difficulties, and successfully start new business models associated with innovation. This team of entrepreneurs and the business community not only plays a role in economic development but is increasingly affirming its important role and contribution to the cause of national construction and defense.

The Party and State of Vietnam have always had a strategy for building and developing the Vietnamese business community in the cause of national construction and defense. The 2013 Constitution affirms: “The State encourages and creates conditions for entrepreneurs, businesses, and other individuals and organizations to invest, produce, and conduct business; to sustainably develop economic sectors, contributing to national construction.”

The 13th National Congress of the Communist Party of Vietnam set forth the goals and aspirations for the country's development: by 2025, to become a developing country with a modern industrial sector, surpassing the lower-middle income level; and by 2030, to become a developing country with a modern industrial sector and an upper-middle income level. The 13th National Congress also outlined the task of: "Developing a strong and large-scale business community, with a spirit of dedication to the nation, possessing progressive cultural and ethical standards, and excellent management and business skills…".

On October 10, 2023, the Politburo signed and issued Resolution No. 41-NQ/TW on building and promoting the role of Vietnamese entrepreneurs in the new era. The Government issued Resolution No. 66/NQ-CP on May 9, 2024, to realize the goal of developing a strong entrepreneurial force in terms of quantity, quality, and rational structure; possessing vision, intelligence, ethics, entrepreneurial spirit, legitimate wealth creation, dynamism, creativity, advanced management capabilities, adherence to the law, ethical business practices, a business culture with national identity; social responsibility, environmental awareness, and making worthy contributions to national development goals.

Ho Chi Minh City awarded Certificates of Merit to outstanding entrepreneurs and businesses in 2024 on the afternoon of October 11, 2024. Photo: VNA

With the policy of industrialization and modernization; economic development as the central task; building an independent and self-reliant economy coupled with proactive and comprehensive international integration, we affirm that President Ho Chi Minh's thoughts on encouraging the development and promoting the role and responsibility of Vietnamese entrepreneurs towards the prosperity of the country still retain their profound value and pressing relevance, especially in the era of our nation's progress.

The Party and State always respectfully welcome Vietnamese entrepreneurs – those who are talented, dedicated, and deeply aware of their crucial responsibility and pioneering role in contributing to socio-economic development and enhancing the country's potential, prestige, and international standing. This serves as an inspiration and encouragement for Vietnamese businesses and entrepreneurs to continue to have faith in their noble role and mission in building and developing the country in the new era.

High-rise buildings and urban areas along Hanoi's Ring Road 3. Photo: DUY LINH

A view of Ho Chi Minh City. Photo: VNA

Facing a new historical turning point, Vietnam is committed to effectively leveraging the opportunities presented by the Fourth Industrial Revolution to promote the renewal of its growth model, restructure the economy, and implement strategic breakthroughs to modernize the country. To seize these opportunities and keep pace with new trends, we must prepare ourselves to enter this new era – the era of Vietnam's national resurgence.

The new context presents new demands for the country's development orientation. We must not only strive for growth targets but also for green and sustainable growth. We must not only develop traditional businesses but also focus on attracting investment and creating breakthroughs for pioneering industries. Growth must not rely solely on capital and resource exploitation as before, but on science and technology and innovation. We must not only promote and renew traditional growth drivers but also foster new growth drivers from the green economy, circular economy, and digital economy.

In this context, businesses and entrepreneurs need to: Take the lead in promoting the three strategic breakthroughs (institutions, infrastructure, and human resources); take the lead in developing science and technology, applying the achievements of the Fourth Industrial Revolution, innovating, renewing traditional growth drivers (investment, exports, consumption) and promoting new growth drivers (digital economy, green economy, circular economy, sharing economy, knowledge economy, night-time economy, etc.); take the lead in contributing to macroeconomic stability, controlling inflation, prioritizing growth, and ensuring major economic balances; take the lead in building modern corporate governance; take the lead in consolidating and strengthening national unity, doing a good job in social welfare, not sacrificing progress, fairness, and social welfare for the sake of mere economic growth, ensuring no one is left behind, and contributing to rapid, sustainable, inclusive, and comprehensive development.

Prime Minister Pham Minh Chinh, along with leaders of the State Capital Management Committee at Enterprises, visited and inspected the Ninh Binh Fertilizer Plant in August 2022 to discuss solutions to overcome difficulties and obstacles at the plant. Photo: State Capital Management Committee at Enterprises

To promptly address difficulties in production and business activities, the Government and the Prime Minister have implemented many tasks and solutions to stimulate consumer demand, support production and business, and develop the market; strongly promoting the development and improvement of policies and laws, especially major policies that directly impact the business environment… As a result, the business environment has continuously improved; support for businesses has seen many positive changes, access to information and policies is easier, administrative reform and digital transformation have been effective, including the promotion of online processing of administrative procedures, contributing to significant reductions in time and costs for businesses.

With the spirit of "harmonious benefits, shared risks," harmonizing the interests of the State, businesses, and the people, let us: "Listen together, understand together," "share vision and action together," "work together, win together, and develop together," "share joy, happiness, and pride together." Vietnamese entrepreneurs and businesses will always demonstrate pioneering spirit in socio-economic development, for the benefit of the nation and its people, for the strength and prosperity of the country, and for the happiness and well-being of the people.

On September 21, 2024, Prime Minister Pham Minh Chinh chaired a meeting of the Government Standing Committee with major enterprises to discuss solutions contributing to the socio-economic development of the country. Photo: VNA

Our country has never before possessed the strength, potential, position, and international prestige it enjoys today, thanks in large part to the contributions of entrepreneurs and businesses. With a constructive spirit, the Government and the Prime Minister have consistently supported businesses to create a transparent, favorable, and equitable business environment, especially by building a socialist-oriented market economy with fair and healthy competition among economic sectors; developing a comprehensive, modern, and strategic infrastructure to reduce logistics costs, input costs, and enhance the competitiveness of products, businesses, and the economy; creating new development spaces, industrial zones, urban areas, and service sectors; increasing land value; training high-quality human resources for the country as a whole and for businesses in particular; perfecting modern corporate governance models; and mobilizing all resources for development. Protecting the legitimate rights and interests of businesses and entrepreneurs, and avoiding the criminalization of economic and civil relations; focusing on the following issues:

Furthermore, business associations need to proactively research and assess the challenges and opportunities of their respective industries and sectors; promptly share information, provide guidance, and offer consulting support to member businesses; strengthen business linkages, support investment and business connections, and help businesses overcome difficulties and proactively seize new opportunities and trends.

In particular, for the business community: It is necessary to continue working with the Government to implement solutions that contribute to promoting socio-economic development, especially breakthrough, innovative, and creative solutions. Large enterprises need to set an example, leading the way in major, difficult, and new tasks, solving national-level problems to create momentum for economic development and create room for the development of small and medium-sized enterprises in various sectors.

Entrepreneurs and businesses need to proactively innovate their business thinking, improve management capacity, productivity, quality, and competitiveness; strengthen innovation, research, development, and application of advanced science and technology. They should continue to promote national spirit and solidarity to build Vietnamese brands in the international market; uphold the spirit of cooperation and linkages among Vietnamese businesses towards common values and benefits from multiple perspectives; and strengthen their responsibility to the community, society, nation, and people.

The success of entrepreneurs and businesses is also the success of the nation. The business community needs to continue working together, united in purpose, and striving towards the goal of transforming Vietnam into a developing country with modern industry and a high-middle income by 2030, and a developed country with a high income by 2045, as set forth by the 13th National Congress of the Communist Party of Vietnam. Each entrepreneur should demonstrate a spirit of solidarity, self-reliance, self-confidence, self-strength, national pride, and a desire to excel through concrete actions, working together to lead the country into a new stage of development, catching up with trends, and preparing for a new era – the era of the Vietnamese nation's rise.