Private economy: Unleashing the creativity of dynamic economic zones

Ho Chi Minh City, the nucleus of the dynamic economic region of the Southeast, is expected to promote creativity to lead the private economy, affirming its role as the country's economic locomotive.

Tan Cang - Cat Lai Port - a testament to the growth and integration of Ho Chi Minh City's economy . Photo: Nguyen Le

Private economy makes great contribution

Nearly 40 years since the Renovation, the private economic sector has grown remarkably, from a small initial number to more than 940,000 enterprises today, contributing about 50% of the national GDP, more than 30% of the total state budget revenue and attracting up to 82% of the country's workforce.

In Ho Chi Minh City, before Doi Moi, economic growth only averaged 2.7%/year. Since Doi Moi, the city's economic growth has increased by leaps and bounds. Specifically, in the period 1986-1990, the city's GRDP grew by an average of 7.82%/year; in the next 5 years (1991-1995), the city's GRDP grew by an average of 12.62%/year.

In particular, entering the industrialization and modernization period, Ho Chi Minh City's economic growth reached double digits. Specifically, in the period of 1996-2000, the city's GRDP increased by an average of 10.11%/year; 2001-2005, the average growth was 11%/year; 2006-2010, the average growth was 11.18%/year, making the city one of the very few localities in the country to achieve a double-digit growth rate for a long time.

In the period of in-depth economic development (2011-2020), the city's economic growth reached an average of 6.86%/year, exceeding the country's overall growth rate (5.96%).

Since 2021, due to the impact of the Covid-19 pandemic, Ho Chi Minh City's economy has been affected globally due to its large openness. However, since the beginning of 2025, the economy has truly recovered, the city strives for annual GRDP growth of 8.5% or more.

According to experts, the above achievements are due to the decisive contribution of the private economic sector.

Dr. Tran Quang Thang, Director of the Ho Chi Minh City Institute of Economics and Management, said that the people of Ho Chi Minh City have a dynamic and creative nature. In the economic field, this characteristic is even more evident, in which the private economic sector is the most prominent, being a very sensitive force in applying science and technology , innovation, and creativity, helping to increase labor productivity and promote rapid and sustainable growth.

After merging with Binh Duong and Ba Ria - Vung Tau provinces, Ho Chi Minh City (new) has more than 360,000 private enterprises. This is a strong, core force that determines the city's economic growth in the next period, to bring the city's GRDP to double-digit growth from 2026.

Workers at the Datalogic factory produce electronic equipment at the Ho Chi Minh City High-Tech Park. Photo: Hoang Hung

Ms. Pham Thi Bich Hue, Vice President of the Vietnam Young Entrepreneurs Association, said that with its leading role, Ho Chi Minh City has long been considered the economic locomotive of the country, a dynamic and creative economic center and a gateway to international integration. If the city's economy is to go fast, far and sustainably, the private enterprise sector must be supported and all barriers removed to explode.

Continue to inspire creativity

Realizing that food safety and counterfeit goods are becoming increasingly problematic, an innovative enterprise in Ho Chi Minh City has provided a digital transformation solution to the supply chain to help trace the origin of products and goods.

Mr. Pham Van Quan, Director of Checkee Technology Joint Stock Company, said that the company started as a startup, providing digital solutions, identifying each product, becoming a companion of thousands of businesses, helping to "guarantee" the quality of goods, bringing trust to consumers.

With its dynamism and creativity, the private economy plays an important role in helping Ho Chi Minh City continue to affirm its role as an economic locomotive. Photo: DTN

The dynamism of the private economy in Ho Chi Minh City is undeniable. However, facing a new stage of development, with opportunities and challenges intertwined, private enterprises need to continue to be “supported” by the State to maximize their strengths.

Ms. Pham Thi Bich Hue said that the private economy is facing three urgent demands. Firstly, it is necessary to remove institutional bottlenecks, drastically cut administrative procedures, and eliminate informal costs to restore confidence. Secondly, it is necessary to expand access to resources (capital, land, infrastructure, human resources) - because this is the lifeblood of production and business. Thirdly, it is necessary to encourage and support innovation and digital transformation, so that this economic sector can lead the development trend of knowledge economy, green economy, digital economy, and circular economy.

Mr. Nguyen Truong Thi, Deputy Director of the Department of Industry and Trade of Ho Chi Minh City, said that the city expects the private economic force to play a core role in bringing the city and the whole country into a new era. Ho Chi Minh City leaders have oriented the business community and the private economic sector to a number of key tasks such as: Pioneering innovation and green development, boldly investing in technology, digital transformation, doing business associated with social and environmental responsibility; proactively integrating, improving competitiveness, making good use of free trade agreements, deeply participating in the global value chain, affirming the Vietnamese brand.

In addition, the private economic sector needs to promote the courage and aspiration of young entrepreneurs, which is to dare to think, dare to do, commit to the community, and take the lead in creating new business models; accompany the State in institutional reform, actively contribute ideas and policy recommendations, and build a transparent, favorable and competitive business environment.

To strongly promote the private economy, Ho Chi Minh City has developed a specific action plan to support the development of the private economic sector. In particular, it continues to improve institutions and effectively reform administration, creating a transparent, favorable and fair business environment. This is a commitment demonstrating the high political determination of the city's leaders in accompanying the private economic sector.

Source: https://hanoimoi.vn/kinh-te-tu-nhan-khoi-day-suc-sang-tao-cua-vung-kinh-te-nang-dong-714336.html