Private economy - the driving force for Vietnam's prosperity

The business community, especially the private economic sector, plays a key role in the journey to build a fast and sustainable growing economy, towards the goal of making Vietnam a high-income country by 2045.

Prime Minister Pham Minh Chinh attends a meeting with the business community - Photo: VGP/Nhat Bac

In the festive atmosphere celebrating the 80th anniversary of the successful August Revolution and National Day on September 2nd, on August 30th, Prime Minister Pham Minh Chinh chaired a working meeting with businesses on the theme "80 Years of Businesses Accompanying the Nation".

The event brought together representatives from hundreds of private enterprises, FDI enterprises, and associations of key and important economic sectors of the country.

The historical role of enterprises in nation building.

Presenting the opening report at the conference, Deputy Minister of Finance Nguyen Duc Tam stated that in the first eight months of the year, Vietnam's economy continued to achieve many successes. GDP growth in the first six months reached 7.52% - the highest level for the same period in nearly 20 years. State budget revenue in the past seven months reached over 80% of the projected target, an increase of nearly 27.8% compared to the same period last year.

Total registered FDI capital in the first seven months reached nearly US$24.1 billion, while implemented FDI capital was approximately US$13.6 billion. These figures show that Vietnam continues to be an attractive destination for foreign investors.

Deputy Minister of Finance Nguyen Duc Tam delivered the opening report at the conference - Photo: VGP/Nhat Bac

People and businesses have increased confidence in the economic growth prospects. In the first eight months of the year, it is estimated that nearly 128,200 new businesses and 73,855 business households were established nationwide, and 80,800 businesses resumed operations.

Appreciating the role and contributions of businesses and entrepreneurs, Prime Minister Pham Minh Chinh emphasized that over the past 80 years, the business community has always been a companion to the nation, closely linked to the country's destiny.

Looking ahead to the 80th anniversary of President Ho Chi Minh's letter to the business community on October 13, 1945, the Prime Minister stated that this event is of great significance, aiming to express gratitude and affirm the immense contributions of businesses and entrepreneurs to the cause of national construction and defense.

After nearly 40 years of reform, the business community has developed strongly. To date, the country has nearly 1 million businesses (98% of which are private enterprises), over 33,000 cooperatives operating under the new model, and more than 5 million business households.

The Party and the State have always paid special attention to, supported, and created favorable conditions, as well as established institutions and laws, to enable the business community to develop strongly. In particular, the Politburo issued Resolution 68 on the development of the private economy, the National Assembly issued Resolution 198, and the Government issued Resolution 138 to focus on developing private enterprises as an important driving force of the economy.

Entering a new era – the era of building a strong, civilized, happy, and prosperous nation – the Prime Minister stated that the Party and the State hope that the business community will take the lead and work together with the whole country to successfully achieve the two strategic goals for the next 100 years.

Accordingly, by 2030, the goal is to have approximately 2 million businesses, contributing 55-58% of GDP, creating jobs for about 84-85% of the workforce, and increasing labor productivity by 8.5-9.5% per year. By 2045, there will be at least 3 million businesses, contributing over 60% of GDP, possessing international competitiveness, and deeply participating in global value chains.

To achieve this goal, the Prime Minister urged the business community to continue proactively innovating production and business models, restructuring enterprises, and focusing on improving management capacity and the quality of human resources. In particular, businesses need to strongly apply science and technology to turn challenges into opportunities.

Along with maintaining a strong position in the domestic market, diversifying markets, products, and supply chains, especially for export items with competitive advantages, is a crucial solution for businesses to stabilize and develop.

Businesses are committed to working together for a prosperous Vietnam.

At the conference, representatives from businesses expressed their determination to work alongside the government to realize development goals.

Speaking on the sidelines of the conference, Mr. Hoang Mai Chung, Chairman of the Board of Directors of Meey Group, expressed his honor to attend this important conference. This is an opportunity for businesses to reaffirm their commitment to always stand alongside the country in its development journey.

"As a technology company, we believe that applying technology to solve practical societal problems is the best way to contribute to the overall development of the country," said Mr. Chung.

Delegates attending the Prime Minister's meeting with businesses on the theme "80 years of businesses accompanying the nation" - Photo: Meey Group

According to Mr. Chung, Meey Group has always been a pioneer in applying technology to solve the "bottlenecks" of the real estate market. The company has proactively researched and invested heavily in cutting-edge technologies such as AI, Blockchain, and Big Data to be ready to deploy them when policies on the digital economy and cryptocurrencies are issued.

Meey Group has identified the application of technology to digitize real estate assets and create a reliable data "archive" as the most practical way to contribute to the national digital transformation strategy.

Meey Group aspires to become a bridge between technology and life, contributing to elevating the position of Vietnamese technology brands on the international stage.

On the foreign investment side, FDI enterprises are committed to closely linking with Vietnamese businesses, strengthening technology transfer, training high-quality human resources, and participating in global value chains…

Representatives of state-owned enterprises emphasized the continued strong application of science and technology, promoting digital transformation, and improving management capacity. The goal is to assume a leading role in certain industries and sectors, creating a ripple effect on private sector businesses to jointly develop for a strong and prosperous Vietnam.

L. THANH

Source: https://tuoitre.vn/kinh-te-tu-nhan-dong-luc-cho-viet-nam-thinh-vuong-20250831172439794.htm