Identify bottlenecks
According to the Private Sector Economic Report recently published by the Vietnam Chamber of Commerce and Industry (VCCI), by the end of 2025, the country will have over 1 million active businesses and approximately 6.1 million business households. The private sector currently provides employment for about 26 million workers, equivalent to 50.2% of the total jobs nationwide.
In 2025, the number of businesses entering the market reached a record high of 297,500, a 27.4% increase compared to the previous year. Up to 85.7% of businesses reported maintaining or expanding their operations, reflecting the cautious but positive mindset of the business community after the challenging period of 2023 and 2024.
Besides the positive signs, the VCCI report also frankly points out the major bottlenecks currently facing the private sector. Regarding the output market, about 60.2% of businesses said they are having difficulty finding customers. Regarding access to capital, 75.5% of businesses affirmed that they cannot borrow capital without collateral...
Regarding transparency and policy forecasting, only about 6-8% of businesses can regularly predict policy changes; 51.9% have to rely on social media to keep track of draft documents. Notably, 26% of businesses reported incurring unofficial costs when applying for business licenses...
Furthermore, the innovation capacity of Vietnamese businesses still lags significantly behind the region. Only 8.8% of businesses are engaged in product or service innovation, much lower than Malaysia (21.7%), Thailand (18.9%), and the East Asia and Pacific average (28.5%).
It can be seen that, in addition to limitations stemming from within the enterprises such as capital, management capacity, and technology application, institutional factors, policies, and the business environment are also creating objective barriers that directly affect the development capacity and competitiveness of private enterprises.
According to Mr. Nguyen Duy Hung, a member of the Board of Directors of Tan Hiep Phat Group, institutional bottlenecks lie in very specific issues such as: a slow-processing of a file; a regulation being interpreted differently in various places; a project being stalled for too long; a small procedure that causes the loss of business opportunities...
"The Party and the State have very clear guidelines and policies on the role of the private economy, especially Resolution 68-NQ/TW. However, reforms must be demonstrated and verified at the grassroots level, where businesses interact with procedures daily. If the grassroots level implements well, businesses will implement very quickly. If the grassroots level implements slowly, major policies will be very difficult to put into practice," Mr. Hung said.
Creating a stable and transparent business environment.
According to Dr. Nguyen Bich Lam, former Director General of the General Statistics Office, for the private sector to truly become the most important driving force of the economy, the core issue now is not just removing immediate difficulties, but more importantly, creating a stable and transparent development environment capable of encouraging entrepreneurs to invest long-term in production and technology, and enhance competitiveness.
First and foremost, it is necessary to continue innovating thinking, perfecting the modern market economy institutions, ensuring freedom of business, property rights, and the stability and consistency of policies. This is a prerequisite for strengthening business confidence and encouraging the private sector to boldly invest in high value-added sectors, instead of focusing on short-term, low-risk business activities.
Furthermore, a strong reform of the resource allocation mechanism towards a market-oriented approach is necessary, creating conditions for capital, land, and development resources to flow more into the manufacturing, processing, supporting industries, innovation, and green transformation sectors. The synchronized development of the capital market, especially medium and long-term capital channels, is particularly important in supporting private enterprises to invest in technological innovation and enhance production capacity.
On the other hand, there is a need to shift from scattered support to focused, targeted support; prioritizing the development of a few private enterprises with the potential to become leading forces in fundamental industries, supporting industries, high technology, and innovation. The formation of a class of private enterprises with sufficient international competitiveness is crucial to enhancing the endogenous capacity of the economy.
Furthermore, it is essential to promote the development of high-quality human resources, linking training with the needs of businesses and the requirements of modern production chains. Digital transformation, green transformation, and innovation must truly become the driving force for improving productivity, quality, and competitiveness of the private sector in the new era.
Finally, it is crucial to further strengthen the business community's confidence in a proactive, action-oriented, and business-supportive government. When businesses have confidence in policy stability, the transparency of the investment environment, and the ability to protect their legitimate rights and interests, they will be more confident in long-term investments, technological innovation, and deeper participation in the value chain.
Unlocking resources for the private sector not only helps boost double-digit GDP growth but also lays the foundation for Vietnam to enhance its economic self-reliance, increase resilience to global fluctuations, and move towards rapid and sustainable development in the coming years.
Source: https://baotintuc.vn/kinh-te/khoi-thong-nguon-luc-cho-kinh-te-tu-nhan-20260523140416244.htm
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