These results show that the private sector is becoming one of the most important drivers of the economy. However, to assume a leading role in growth in the new development phase, this sector needs to be elevated to a higher level of development.
As Vietnam aims to maintain double-digit growth in the coming years, the requirement is not just to create more new businesses, but to build a strong private sector capable of leading innovation, improving productivity, and increasing national competitiveness. The focus of development, therefore, is no longer on expanding in scale but must shift to improving the quality of growth in depth.
In reality, over the years, the majority of small and medium-sized enterprises (SMEs) have faced difficulties in expanding their production and business operations. These limitations lie not only in access to capital but also in land, technology, data, skilled human resources, and market access opportunities.
To address long-standing bottlenecks, new policies are designed to simultaneously impact the core elements of business development. The solutions focus on three major issues: production space, capital costs, and market access. Specifically, establishing land reserves for technology and innovative startups within industrial parks and high-tech zones helps solve the land shortage problem.
Transparency in preferential credit policies contributes to reducing capital costs, and combined with expanding opportunities to participate in public procurement, creates more market space for domestic businesses. These solutions not only aim to support businesses in overcoming immediate difficulties but also target longer-term goals: helping businesses accumulate resources, expand investment, and improve productivity.
However, resources only truly generate growth when they are transformed into management capacity and innovation. Therefore, in addition to policies supporting capital, land, and markets, the Government and the Ministry of Finance are implementing a program to train 10,000 CEOs and develop 1,000 leading enterprises with global influence during the 2026-2030 period.
The goal is not just to have more large-scale enterprises, but to build enterprises capable of investing in technology, participating deeply in global value chains, and playing a pivotal role in industry ecosystems. As this force of enterprises develops, the spillover effect will extend beyond the scope of individual enterprises, contributing to upgrading the supplier network, promoting innovation, and enhancing the competitiveness of the entire economy.
Overall, the new impetus for the private sector therefore lies not in a single policy but in the ability to connect policies into a synchronized development ecosystem. When small and medium-sized enterprises (SMEs) have the opportunity to upgrade their capabilities, when pioneering enterprises are strong enough to lead the market, and when entrepreneurs are equipped with modern management skills, the private sector will not only contribute to growth but also become the core force driving innovation, improving productivity, and increasing the competitiveness of the Vietnamese economy in the new development phase.
Source: https://www.sggp.org.vn/khai-mo-dong-luc-moi-cho-kinh-te-tu-nhan-post858661.html
