Strive to be better.

Nearly 40 years of reform since 1986 have seen many stages, periods, and methods of innovation. Reforms began in 1986, 1989, 1999, 2009, and 2019, totaling approximately 35 years of reform. In this period of change, we have made remarkable progress compared to the past. In particular, this time, despite difficulties, presents many advantages. Compared to 10 years ago, Vietnam's economy is now larger, its resources are greater, and real opportunities are more numerous. Compared to the period when we were under embargo and not yet open to the world, now, even with a gloomy external environment, we still have a strong domestic market.

VinFast electric car manufacturing plant in Cat Hai District, Hai Phong City.

In 1999, the business sector, especially private enterprises, consisted of only 30,000 small businesses. Currently, we have approximately 900,000 businesses, more than 30 times the previous number, and many have become large private economic groups. Previously, foreign direct investment (FDI) was almost non-existent, but now we are attracting it (from 1986 to 2022, Vietnam attracted approximately US$438 billion in FDI, of which US$274 billion has been disbursed). It must be said that the current workforce and resources are much greater than before, therefore there is no reason why we cannot overcome the difficulties.

In this challenge, we need to prioritize institutional reform. Institutions here refer to the legal system, policy mechanisms, investment and business environment, administrative procedures, etc. All of these are currently barriers hindering our production and business capacity, creativity, innovation, and even leading to a lack of transparency and corruption. A well-structured legal system will bring progress, fairness, and equality; simplified and streamlined administrative procedures will foster a dynamic and innovative business community; and a lean, high-quality administrative apparatus that serves the people will create an orderly, stable, and efficient society.

To become a powerful nation, we need a truly market-oriented economic system, a stable, efficient, and high-quality political system… We must have capable leaders and officials who dare to act, dare to think, dare to innovate, and take responsibility. In particular, we must build a truly dynamic and creative team of entrepreneurs and businesses to overcome crises; once we overcome these situations, we will recover very quickly.

Recently, in some areas, we have excessively intervened administratively, leading to anti-market policies that have resulted in market crises and chaos. To have a truly functioning market, let the market solve its own problems; we shouldn't interfere in the business operations of enterprises. Furthermore, we must continue to decisively cut unnecessary or overly rigid investment and business procedures such as construction permits and fire safety regulations. These create a tangled web of procedures that are tearing each other apart, and this is what is currently exhausting businesses the most. If we don't address this, we will continue to be hampered because we won't be able to invest in creating useful assets or production capacity.

Similarly, in governance, we must learn from experience regarding coordination among ministries and agencies, ensuring accountability. We cannot allow a situation where, due to vaccine shortages, localities complain about difficulties, and one ministry passes the buck to another… Whether in difficult or normal times, we should avoid excessive inspections and audits that make things difficult for businesses.

There are many solutions in the current context, but first and foremost, we must restore confidence and ensure the market functions well and businesses operate normally. Most importantly, let the market run its course. Secondly, any intervention should follow the principle that the state should allow the market to function better, not replace it, hinder it, or interfere excessively administratively.

To achieve national strength, we need a truly market-oriented economic system, a stable, efficient, and high-quality political system… We must have capable leaders and officials who dare to act, dare to think, dare to innovate, and take responsibility. In particular, we must build a truly dynamic and creative team of entrepreneurs and businesses to overcome crises; once these situations are overcome, recovery will be very rapid. At the same time, the economy will not collapse, and these dynamic and creative businesses will also break through and recover quickly. This is absolutely necessary.

There is much work to be done in this context if we truly care about the people, assess the reality correctly, and base our actions on reality—and this reality must be real reality, not just data. By basing our actions on reality, we avoid excessive optimism, and leaders must communicate that while we have achieved successes, we are also facing significant challenges, and we must strive harder, from leaders down to farmers, workers, and intellectuals.

Let us strive for betterment, so that we can achieve a strong and prosperous Vietnam.

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