The ecosystem for the private economy - Final part: Breakthroughs in implementation.

Businesses expect reforms to be substantive; not only to "unleash" potential but also to create a more transparent and favorable business environment for small and micro enterprises and household businesses to thrive.

Photo caption — Production workshop at Nghia Pliers Joint Stock Company, Tan Phu Trung Industrial Park, Cu Chi District, Ho Chi Minh City. Photo: Hong Dat/TTXVN

There are still many "bottlenecks".

In line with Resolution 68-NQ/TW, the private sector has been "unleashed," and the management mindset has shifted from "if you can't manage it, ban it" to a development-oriented approach, placing businesses and people at the center. However, feedback from the business community, especially small and micro-enterprises and household businesses, remains unsatisfactory, as many "bottlenecks" in implementation have not been thoroughly addressed.

According to the Provincial Competitiveness Index (PCI) survey by the Vietnam Federation of Commerce and Industry , over 60% of businesses reported that their biggest difficulty currently is finding customers, a sharp increase from 45.3% last year. At the same time, up to 75.5% of businesses reported being unable to obtain loans without sufficient collateral.

Another issue raised by businesses is the high level of policy uncertainty. Only about 6-8% of surveyed businesses said they could regularly predict changes in central government policies, making them hesitant to invest long-term. Meanwhile, the innovation capacity of businesses remains limited, with only nearly 9% of businesses engaging in product innovation and about 5.1% of medium and large-sized businesses allocating budgets to research and development (R&D).

Referring to the biggest challenge facing the private sector today, Mr. Tran Viet Anh, General Director of Nam Thai Son Company, stated that the core issue remains the lack of capital. Small and medium-sized enterprises (SMEs) almost have no access to large capital raising channels such as the bond market or international capital markets, while bank lending conditions still present many barriers. Therefore, mechanisms are needed to remove credit obstacles, support businesses in accessing capital, and improve cash flow management capabilities to promote development.

For technology companies, the pressure on capital is even greater due to the need for significant investment in research and development in the initial stages. Sharing this reality, Mr. Luong Viet Quoc, founder and CEO of RealTime Robotics, said that even though the city has a policy of supporting 100% of interest rates for high-tech businesses such as UAVs, businesses still find it difficult to access capital because banks require profitability for many years.

According to Mr. Luong Viet Quoc, technology startups need more flexible mechanisms because the initial stage focuses primarily on research and development, making it difficult to generate profits immediately. Furthermore, technology companies face difficulties in importing components and equipment for research, as many new technologies are not yet included in the list of permitted imports.

From a management perspective, many businesses report slow coordination between departments and agencies, lengthy application processing times, and a lingering reluctance to take responsibility among some implementing officials. Reflecting this reality, Mr. Nguyen Quoc Anh, Chairman of the Ho Chi Minh City Rubber and Plastics Association, stated that many businesses have submitted applications to participate in technology innovation support programs, but the disbursement process is slow due to applications having to go through multiple agencies. Without improved interoperability and coordination mechanisms, businesses will continue to miss investment opportunities in an increasingly competitive environment.

Meanwhile, Mr. Tran Thanh Trong, General Director of Sang Ban Mai Company and Vice President of the Ho Chi Minh City Mechanical and Electrical Business Association, analyzed that the private sector in Ho Chi Minh City is developing positively but still faces many bottlenecks, especially for household businesses and small and micro enterprises. The main difficulties are concentrated in the implementation by local officials in tax, customs, and specialized inspection procedures.

Citing the realities from the business community, Mr. Tran Thanh Trong stated that many business households still have reservations about implementing new policies, especially regarding taxes and cashless payments. While large enterprises have the financial resources, personnel, and legal framework to quickly implement projects, small and micro-enterprises lack the capacity to hire lawyers or establish their own legal departments.

Therefore, according to Mr. Tran Thanh Trong, authorities need to prioritize supporting small businesses and household businesses in accessing and implementing policies with a roadmap that suits the reality. Specifically, local management officials need to strengthen guidance and support for businesses instead of just focusing on penalties, in order to encourage household businesses to continue operating and expanding production. This is the way to "nurture" household businesses to develop into enterprises naturally and sustainably.

Quantifying implementation effectiveness

While appreciating the direction of Resolution 68 and the new specific mechanisms, the business community believes that the most important thing now is to improve the quality of implementation. According to Mr. Tran Viet Anh, Resolution 68-NQ/TW is comprehensive for the private economy nationwide, but its effectiveness largely depends on how each locality applies it. For Ho Chi Minh City – home to hundreds of thousands of businesses and millions of individual business households – putting the resolution into practice needs to be linked to each business community and each specific industry, rather than just disseminating the policy.

Emphasizing the importance of measuring implementation effectiveness, Mr. Tran Viet Anh stated that the most crucial thing is to have substantive reforms in management mechanisms and the business environment. Without significant changes compared to the past, Resolution 68-NQ/TW will struggle to achieve the expected results. Therefore, the effectiveness of reforms needs to be reflected in specific indicators such as the number of businesses participating in the market, the growth rate of the private sector, the number of products participating in international value chains, or the percentage of digitally-enabled workers.

Mr. Tran Viet Anh also suggested that the city should focus on supporting private enterprises in transforming their development models from traditional, low-productivity methods to models based on innovation and improved labor productivity. This support should be linked to human resource training, social housing development, healthcare, education, and insurance to improve the living environment for workers, while also emphasizing the development of a highly skilled and digital workforce.

Referring to the need to improve governance efficiency, Mr. Tran Thanh Trong emphasized that the government needs to continue to significantly improve governance in a faster, more efficient, and more synchronized manner to create a favorable business environment for enterprises. In particular, Resolution 68-NQ/TW clearly states the requirement for large enterprises to become leading forces, supporting training and bringing small enterprises into the value chain. However, current implementation and monitoring remain limited.

According to Mr. Tran Thanh Trong, in the future, there needs to be a more specific monitoring mechanism for large enterprises assigned to implement key projects, including commitments on the percentage of domestic labor, materials, and enterprises participating in the projects to create a ripple effect, enhance the capacity of small enterprises, and promote sustainable economic development for Ho Chi Minh City.

On a general level, Mr. Nguyen Ngoc Hoa, Chairman of HUBA, noted that businesses in Ho Chi Minh City, especially the private sector, are ready and willing to contribute to the overall growth of the city and the country. To date, important policy foundations have been established, such as Resolution 68-NQ/TW, the orientation for building an International Finance Corporation (IFC), and mechanisms to promote science and technology. However, small and micro-enterprises are still facing significant barriers in technology and capital, preventing them from taking advantage of opportunities to participate in the supply chains of key projects and works.

To realize the goal of double-digit economic growth, Mr. Nguyen Ngoc Hoa emphasized that Ho Chi Minh City needs to shift strongly from directional policies to highly practical solutions. In particular, the two core priorities are addressing the issue of technology costs and diversifying capital channels for small and medium-sized enterprises.

From a scientific and technological perspective, instead of forcing small and medium-sized enterprises (SMEs) to make a one-time investment, the city needs to enact policies that encourage technology companies to develop a shared solutions ecosystem. A model of leasing and paying for technology on a monthly, quarterly, or annual basis will be key to optimizing costs, minimizing risks, and accelerating the widespread digitalization process for the private sector.

Simultaneously, restructuring the capital channels for the economy is an urgent task. Besides interest rate support policies, Ho Chi Minh City needs to accelerate the establishment of the International Finance Corporation (IFC) and create a specific legal framework allowing small and medium-sized enterprises (SMEs) to directly access capital with flexible limits. Only by removing bottlenecks in capital and technology can SMEs improve their capacity to participate in supply chains, gradually develop, and contribute more to the overall growth goals of the city and the country.

Source: https://baotintuc.vn/kinh-te/he-sinh-thai-cho-kinh-te-tu-nhan-bai-cuoi-dot-pha-o-khau-thuc-thi-20260528170547801.htm