Journey of Vietnam's private economy

Since the 1986 Renovation, Vietnam's private economy has gone through many stages, from legal recognition to rapid growth and international integration.

But it was not until 2025 that the private economy was for the first time elevated to the most important position in the national economy. Going back in history, right from the beginning of the nation's founding, Uncle Ho was concerned with the development of the country's economy. And Resolution 68 of the Politburo today is a journey throughout...

FROM A LETTER TO THE INDUSTRIAL AND COMMERCIAL WORLD 80 YEARS AGO

Right after the National Day on September 2, 1945, President Ho Chi Minh sent a letter to the Vietnamese industrial and commercial community. In the letter signed on October 13, 1945, he wrote:

"Together with the gentlemen in the industrial and commercial community, I am very happy to hear that the industrial and commercial community has united to form the Industrial and Commercial Association for National Salvation and joined the Viet Minh front.

Currently, the National Salvation Industry and Commerce Association is working to do many things that benefit the nation and the people. I welcome and look forward to many good results. While other sectors of the nation are working hard to gain complete independence for the country, the industrial and commercial sectors must work to build a stable and prosperous economy and finance.

The government, the people and I will wholeheartedly help the business community in this construction work. National affairs and family affairs always go together. A prosperous national economy means prosperous businesses of entrepreneurs. Therefore, I hope that the industrial and commercial community will make efforts to persuade industrialists and merchants to quickly join the National Salvation Industry and Commerce Corps, and together invest capital in the work of benefiting the country and the people."

The letter that President Ho Chi Minh sent to the Vietnamese business community in the early days of the young Democratic Republic of Vietnam had a very profound meaning, not only for the business community but also for the development process of the national economy. In the letter, Uncle Ho expressed his joy when the business community united, joined the National Salvation Industry and Commerce Corps and accompanied the Viet Minh Front in the struggle for independence. The letter was not only a word of encouragement, but also a strong commitment of the young revolutionary government: the Government and the people will wholeheartedly help the business community in the process of building the country. This demonstrated a far-sighted vision of the essential role of the private economy and business community in the process of national construction. In particular, the letter also conveyed a message of long-term orientation: the business community needs to strive to unite, contribute capital, intelligence and enthusiasm to build a strong financial - economic foundation.

General Secretary To Lam and Party and State leaders visited the private economic exhibition on May 18, 2025. At the TH Group booth, the General Secretary instructed TH Group to "bring farmers along", produce clean food, and take care of the health of Vietnamese people, especially children.

PHOTO: GIA HAN

Until today, 80 years have passed, the spirit in the letter still holds true; reminding Vietnamese businessmen that their mission does not stop at profit but is also linked to social responsibility, responsibility to the country. In the context of global integration and the new era, the spirit of "serving the country and benefiting the people" that President Ho Chi Minh advised has become more practical, guiding the business community to promote its role as an important driving force of the economy, contributing to the prosperous development of Vietnam.

TO THE 21-YEAR JOURNEY OF VIETNAMESE BUSINESSMAN

Inheriting and promoting the ideology in President Ho Chi Minh's letter to the business community, 21 years ago, October 13th was chosen as Vietnam Entrepreneurs' Day (according to Decision No. 990/QD-TTg signed by Prime Minister Phan Van Khai on September 20, 2004), with the main meaning of encouraging and honoring the role of entrepreneurs who have contributed many achievements to the Fatherland and the people.

Prime Minister Pham Minh Chinh chaired a dialogue with businesses and business associations on the private economy, May 31, 2025

PHOTO: NHAT BAC

Since then, after 21 years, the business community has grown exponentially. From 112,000 businesses, it has increased to 930,000 businesses, an increase of 8.3 times after 20 years. In the first 8 months of 2025 alone, the number of business registrations increased sharply thanks to the momentum of Resolution 68 of the Politburo, with the number of businesses entering the market reaching 209,200, 1.3 times the number of businesses withdrawing from the market (160,900 businesses); of which the number of businesses returning to operation was 81,100, an increase of 41.4% over the same period in 2024.

Currently, with nearly 1 million enterprises, about 5 million individual business households, entrepreneurs and private enterprises contribute about 51% of GDP, more than 30% of the state budget, create more than 40 million jobs, account for more than 82% of the total labor force in the economy, contribute nearly 60% of total social investment capital. Many private enterprises have grown strongly, affirmed their brands and reached out to regional and world markets. Even in difficult times, natural disasters, epidemics, such as the Covid-19 pandemic, businesses and entrepreneurs still strive to maintain production and business activities and proactively and actively support to overcome the consequences; together with the Party, State and people to overcome difficulties, always demonstrate a burning patriotism and high social responsibility to the community, contributing to ensuring progress, fairness, social security and leaving no one behind.

It can be said that the Vietnamese business community and enterprises have affirmed their position as an important driving force of the economy; an effective channel to mobilize social resources for development investment; making an important contribution to promoting economic growth, increasing budget revenue; creating jobs, livelihoods, income, improving people's lives, ensuring social security; promoting international integration; contributing to the development of science, technology, innovation, digital transformation; making an important contribution to the cause of building, defending the Fatherland and developing the country.

AND THE EXTREMELY IMPORTANT MILESTONE TO BREAKTHROUGH

The year 2025 marks a particularly important milestone for the private economy when Resolution No. 68-NQ/TW of the Politburo on private economic development was quickly developed and promulgated under the direction of General Secretary To Lam.

At the National Conference to disseminate and implement Resolution No. 66-NQ/TW on innovation in law-making and enforcement to meet the requirements of national development in the new era and Resolution No. 68-NQ/TW on private economic development held in Hanoi on May 18, 2025, General Secretary To Lam delivered an important speech, emphasizing innovations and reforms focusing on four breakthroughs: Resolution 57 of the Politburo on promoting science, technology and innovation; Resolution 59 on proactively integrating deeply into the international community; Resolution 68 on private economic development; and Resolution 66 on comprehensive innovation in law-making and enforcement. General Secretary To Lam affirmed that these are the "four pillars" to help us take off, and at the same time highlighted that "Resolution 68 affirms that Vietnamese entrepreneurs are "soldiers on the economic front" in the new era. They not only contribute to enriching themselves but also carry out the noble mission of building a strong and prosperous country".

Reviewing the core spirit of Resolution 68, General Secretary To Lam pointed out the profound change in strategic perception of the role of the private sector: from a secondary position to a pillar of development, alongside the state economy and collective economy, creating a solid "tripod" for an independent, autonomous and successfully integrated economy.

VietJet Air, a private airline, launched its first commercial flight in December 2011.

PHOTO: MAI VONG

General Secretary To Lam emphasized: "The modern business community is not only good at business but also has political courage, intelligence, professional ethics, national spirit and the desire to contribute to the country and reach the world. In the economic front, everyone must work to create material wealth for society; everyone has the right to pursue a developed and happy life and contribute to the development of society; everyone has the right and conditions to express their desire to contribute and innovate. The Party and the State have the responsibility to ensure that all people can exercise their basic human and social rights."

Milestones "fueling" the development of Vietnam's private economy

- The 6th Party Congress (December 1986) advocated comprehensive innovation, first of all economic innovation. At that time, the view on the private economy was re-perceived and conditions were created for development.

- Implementing the policy of comprehensive national renovation of the 6th Congress, March 1989, the 6th Central Conference of the 6th term emphasized: private economic forms are still necessary for the economy in the long term.

- In December 1990, the National Assembly passed the Law on Companies and the Law on Private Enterprises (effective from April 15, 1991).

- In 1999, the National Assembly passed the Enterprise Law 2000 (amended and supplemented in 2006, 2015 and 2021).

- In 2001, the 9th Party Congress affirmed that Vietnam's general economic model is a socialist-oriented market economy.

- In 2006, the 10th Party Congress identified the private economic sector as one of six economic sectors in the national economy.

- The 11th Party Congress (January 2011) determined: The private economy is one of the driving forces of the economy.

- The 12th Party Congress (January 2016) identified: Private economy is an important driving force of the economy; encourages the formation of multi-ownership private economic groups and private capital contribution to state economic groups.

- The 13th Party Congress (January 2021) identified: The private economy is an important driving force; the policy is to encourage and create conditions for the development of strong private economic companies and corporations.

- In 2025, Resolution No. 68-NQ/TW dated May 4, 2025 of the Politburo on private economic development, determined: The private economy is the most important driving force of the national economy; a pioneering force in the development of science, technology, innovation and digital transformation.

After the National Conference to disseminate and implement Resolution 66 and Resolution 68, on May 31, 2025 in Hanoi, Prime Minister Pham Minh Chinh chaired a Dialogue with businesses and business associations to effectively implement Resolution 68. Speaking at the Dialogue, Prime Minister Pham Minh Chinh said that if in the past we had the art of people's war and guerrilla warfare to win the cause of fighting for national independence and unification, then today when the country is at peace, we must develop the country and build an independent and self-reliant economy. Therefore, it is necessary to launch a movement of "all people getting rich" to mobilize all resources to develop the country.

The Prime Minister proposed to clearly define: What the State must do, what local authorities must do, what businesses must do, what people must do to implement the resolutions of the Politburo, the National Assembly, and the Government on private economic development; promote solidarity and unity to work together, with the spirit of "The Party has directed, the Government is unified, the National Assembly agrees, the people support, the Fatherland expects, then only discuss action, not retreat".

The Prime Minister pointed out that the resolutions of the Politburo, the National Assembly, and the Government have been very synchronous and complete; the issue raised, the greatest wish is to organize implementation well, truly effectively with the spirit of "thinking deeply, doing big", having the most effective way of doing things, best promoting the capacity of nearly 1 million enterprises, 5 million business households, each person contributing, each household contributing, then the whole society will have great resources to "change the state, turn the situation around", bringing the country to develop quickly and sustainably.

Thanhnien.vn

Source: https://thanhnien.vn/hanh-trinh-kinh-te-tu-nhan-viet-nam-185251008192911356.htm