Making the private economy the most important driving force of the economy

The private economy is expected to take off and become the most important driving force of the economy. Reporters of Hanoi Moi Newspaper have recorded the recommendations and expectations of experts and businesses on this issue.

Economist Vu Vinh Phu: Need to change awareness

Private enterprises are still facing administrative barriers, complicated procedures, and high informal costs. Resolution No. 68-NQ/TW dated May 4, 2025 of the Politburo on private economic development will help strongly reform the business environment, creating more favorable conditions for private enterprises to develop.

The new resolution not only helps promote the role of the private economy but also contributes to creating strong growth momentum, enhancing competitiveness and promoting the country's sustainable development, helping Vietnam move closer to the goal of becoming a high-income developed country by 2045.

Changing the mindset about the private economy is not a simple matter, but it must be done to create a driving force for sustainable development for the country. We strongly agree with the guiding viewpoint of General Secretary To Lam , that is, we must change our mindset and awareness in order to change our behavior and actions towards this important economic sector.

It is necessary to affirm that the private economy is the most important driving force of the economy, especially for growth. This is the most important mindset. It is necessary to change the perception from "the private economy is complementary" to "the private economy is the pillar" of the economy.

Economist Nguyen Minh Phong: The private economy will continue to develop and expand in scale and scope.

Resolution No. 68-NQ/TW dated May 4, 2025 of the Politburo on private economic development has met the country's requirements and at the same time created a very strong spiritual resonance for society.

This sector currently contributes nearly 60% of total social investment capital, over 50% of GDP, over 30% of State budget revenue and especially over 80% of total labor force in the economy. Obviously, the private economic sector has only been developing for over 30 years, compared to hundreds of years of other developed countries, this is a very short period of time, but it has created a very strong position.

If we implement the policy well, a new institution and a new ecosystem will certainly be more favorable, helping businesses exploit and promote their best capacity and resonate to create the strength of a Vietnamese private economic community.

In other words, in the future, the Vietnamese private economy will continue to expand in scale and scope; at the same time, it will be strengthened in strength as well as improve its competitiveness. Efficiency will also be higher and in particular, two areas will be formed: One is large private economic groups with regional and global enterprises capable of leading other components and enterprises. The other is a network of small and medium-sized enterprises combining to create a two-tier economic structure along with the State economy and the FDI economy, which will create a strong foundation, a backbone to realize the aspiration of a strong Vietnam.

Director of VSD Vietnam Technology Joint Stock Company Nguyen Quang Tuan: Expecting an equal and transparent business environment

Enterprises are very excited when the Party and the State give special attention and encouragement to the private economy. The Government has continuously had policies to support private enterprises, but we really need policies that are close to enterprises, specifically policies on taxes, capital, etc. Currently, the policies are still scattered and not breakthrough enough.

We hope that the emphasis on the private economy will be materialized into actions, into policies to support and serve the private economic sector enthusiastically and quickly. Only when there is a change in thinking can we change our actions to promote the private economic sector to grow stronger.

In the new era, to meet expectations of double-digit growth, in addition to the group of growth solutions, the first thing that entrepreneurs and private enterprises want is to have breakthrough, unprecedented policies for the private sector to develop.

There, the business environment is guaranteed to be equal, transparent and provide the best support for private enterprises; private enterprises need to be trusted with tasks. Big enterprises do big tasks, small enterprises do small tasks.

Source: https://hanoimoi.vn/dua-kinh-te-tu-nhan-thanh-dong-luc-quan-trong-nhat-cua-nen-kinh-te-701445.html