Many private businesses are investing in the service and real estate sectors in Da Nang . (Photo: VNA)
Over the past 40 years of implementing reforms, the private sector has become a component making significant contributions to the multi-sector socialist-oriented economy.
The Party's official affirmation that the private sector is the most important driving force of the economy represents a profound shift in thinking, demonstrating strong political determination to create conditions for the sustainable development of this sector.
A significant step forward in understanding, theory, and practice.
Since 1986, following the Sixth Party Congress's adoption of a multi-sector economic policy, the Party's stance on the role of the private sector has evolved through subsequent congresses, becoming increasingly open and consistent.
The Sixth Congress acknowledged the existence of private enterprise within a multi-sector economy, "considering a multi-sector economic structure as a characteristic of the transitional period."
The Sixth Party Congress introduced the comprehensive national reform policy, marking a crucial turning point in the cause of building socialism in our country (1986). (Source: VNA)
From the 7th to the 13th Party Congresses, the Party gradually expanded the scope of development and affirmed the increasingly important role of the private economy. The 10th Party Congress (2006) clearly stated the policy of valuing the private economy, and the 12th Party Congress considered the private economy as one of the important driving forces of the national economy.
On May 4, 2025, Resolution No. 68 of the Politburo on the development of the private economy affirmed: "The private economy is one of the most important driving forces of the national economy."
In particular, at the 14th National Congress, the Party considered the development of the private economy as one of the most important driving forces of the national economy.
Placing the private sector as the most important driving force of the economy is a strategic approach in the context of deep integration and increasingly fierce global competition.
Placing the private sector as the most important driving force of the economy is a strategic approach in the context of deep integration and increasingly fierce global competition.
This represents a significant step forward in the Party's understanding, theory, and practice in developing a socialist-oriented market economy. And now, for the first time, the private sector is recognized as the most important driving force of the national economy, alongside the leading role of the state-owned economy.
Promoting rapid and sustainable development of the private economy.
After nearly 40 years of reform, the private sector has developed strongly, increasingly asserting itself as one of the most important driving forces of the economy.
The private sector is growing in number, expanding in scale, diversifying in organizational types, and spreading widely across many business sectors, creating millions of jobs and serving as a crucial driving force for productivity, innovation, and international integration.
The number of active private sector businesses with positive business results has increased rapidly from 488,395 businesses (in 2016) to 940,000 businesses (in 2025).
The number of business households (non-agricultural production establishments) increased from 4.909 million (in 2016) to over 5 million (in 2025). Many large-scale, financially strong private sector enterprises have emerged.
The private sector contributed approximately 50% of GDP during the period 2016-2023 and is projected to contribute 51% of GDP by 2025 (of which private enterprises account for 28% of GDP and household businesses account for 23% of GDP), over 30% of budget revenue, and employ 82% of the workforce.
Initially, Vietnam has formed a number of large-scale, multi-sector private economic groups capable of competing in the international market. It has also attracted a number of large enterprises and foreign-invested businesses to invest in research and development of science and technology, connecting them with small and medium-sized enterprises.
The mechanisms and policies regarding the private economy have undergone significant reforms, especially from 2025 onwards, with the aim of developing the private economy as the most important driving force of the national economy.
In this new phase, the Party advocates establishing a new growth model, with science and technology, innovation, and national digital transformation as the main driving forces, and the development of the private economy as one of the most important driving forces of the economy.
Creating a favorable and safe environment for private enterprises to access resources equally and effectively; expanding production and business, diversifying markets, building and developing brands, researching and applying science and technology, and innovating; attracting strategic investors to the agricultural and rural sectors.
Focus on developing large, strong Vietnamese private economic groups that are on par with those in the region and the world. Develop support policies to form a number of strong, large-scale, leading private economic groups to lead domestic value chains and expand into and participate in global markets.
The mechanisms and policies regarding the private economy have undergone significant reforms, especially from 2025 onwards, with the aim of developing the private economy as the most important driving force of the national economy. (Source: VNA)
Focus on building and effectively implementing national programs to promote the development of the private sector, including supporting small and medium-sized enterprises (SMEs) to quickly grow into large enterprises. Actively support and create a favorable environment for SMEs, cooperatives, collective enterprises, agricultural and non-agricultural households to access land, capital, technology, and markets. Develop traditional craft villages while promoting cultural values and protecting the environment.
Create a favorable environment to encourage the private sector to confidently and willingly participate in investment, scientific research, and technological development. Issue mechanisms and policies to assign and commission the private sector to participate in key scientific research tasks, national projects, important national tasks, and the development of the defense and security industries. Facilitate private enterprises' access to critical state-owned scientific research infrastructure.
Effectively develop and implement the program to develop 1,000 exemplary enterprises that are pioneers in innovation, digital transformation, green transformation, circular economy, and the development of high-tech and emerging industries. Encourage and support enterprises to invest in research and development, innovation, digital transformation, artificial intelligence, and the application of circular economy and green economy models.
In the coming period, with major policy decisions and specific support and favorable conditions, the private sector will continue to develop, contributing to the overall socio-economic development of the country. The strong development of the private sector not only brings economic benefits but also serves as a pillar for building a socialist-oriented market economy, enhancing Vietnam's proactive role in the global political landscape, the international economy, and global civilization.
General Secretary To Lam delivered a speech at the National Conference on the thorough understanding and implementation of Resolution 66-NQ/TW and Resolution 68-NQ/TW of the Politburo. (Photo: Thong Nhat/VNA)
(Vietnam+)
Source: https://www.vietnamplus.vn/kinh-te-tu-nhan-la-dong-luc-quan-trong-nhat-cua-nen-kinh-te-post1088503.vnp
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