Open "highway" for private economy to break through

In the spirit of entering a new era, our Party and State have positioned the private economic sector as the most important driving force for the country's growth.

A series of breakthrough reforms in institutions, policies and business environment have been and are being implemented to improve the operational efficiency of private enterprises, towards the goal of sustainable development of the economy .

THACO AUTO's automobile production line. Photo: THACO

New position and power of private economy

June 2025 marked a strong breakthrough for the business community and business households across the country. According to statistics, more than 24,400 newly established enterprises, an increase of 61.4% over the previous month and an increase of 60.5% over the same period in 2024, while about 14,400 enterprises returned to operation. The Department of Private Enterprise and Collective Economy Development ( Ministry of Finance ) assessed that this was a record increase, more than twice as high as the average for the same period in 2021 - 2024.

In the first 6 months of 2025, the whole country had more than 152,700 newly registered and re-established enterprises, an increase of 26.5% over the same period in 2024. On average, about 25,500 enterprises entered or re-entered the market each month - showing that the start-up wave is spreading nationwide. Not only the enterprise sector, but also the household business sector recorded a strong breakthrough. In June 2025 alone, the whole country had more than 124,300 newly established household businesses, an increase of 118.4% over the same period in 2024 and 2.4 times higher than the monthly average since July 2023.

A positive sign showing the growth and increasingly clear role of the private business sector is that many businesses have expressed their desire to participate in investing in the North-South high-speed railway project.

Speaking to the press on the sidelines of the 9th Session of the 15th National Assembly, Permanent Deputy Prime Minister Nguyen Hoa Binh shared: “Many private enterprises have sent letters to the Government requesting to invest in the North-South high-speed railway project and this number has not stopped. The Government highly appreciates private enterprises because this is also the commitment of enterprises to the country.”

Among them, a number of leading enterprises with real capital, technology and business experience such as Thaco, Hoa Phat, Vinspeed have shown their determination and readiness to participate in investing, constructing and operating the North-South high-speed railway. This fact not only affirms the capacity and sense of responsibility of private enterprises but also spreads confidence, contributing to positioning the increasingly important role of the private economic sector in national development.

Many economic experts believe that assigning a Vietnamese private enterprise with sufficient capacity to implement the North-South high-speed railway project will not only help remove the “bottleneck” in strategic infrastructure, but also create conditions to enhance the position and strength of domestic enterprises - in line with the spirit of Resolution No. 68-NQ/TW of the Politburo on private economic development.

Door production at Eurowindow Joint Stock Company, Quang Minh Industrial Park. Photo: Nguyen Quang

Defining a new mission and history

The increasingly deep participation of the private sector has contributed to strongly promoting the Vietnamese economy. However, the development of this sector still faces many obstacles, including inherent obstacles that have lasted for many years, such as difficulties in accessing resources, land, technology and capital.

Dr. Nguyen Dinh Cung, former Director of the Central Institute for Economic Management, said that the biggest obstacle facing private enterprises today is institutional bottlenecks. The business legal system is still unclear, lacking transparency, even contradictory and overlapping, hindering businesses in accessing essential resources. On the other hand, management policies are still heavy on control, not really creating motivation for businesses to develop sustainably and make breakthroughs.

May 4, 2025 can be considered an important milestone when General Secretary To Lam signed and issued Resolution No. 68-NQ/TW of the Politburo on private economic development. With the goal of having 2 million private enterprises operating by 2030, contributing 55 - 58% of GDP, the Resolution has opened a breakthrough era for this dynamic economic sector, while concretizing solutions to maximize the role, making the private economy the "most important driving force" and "pioneering force" in the national economy.

At many recent economic forums and events, experts have stated that 2025 and the coming period will continue to witness increased confidence of the business community in the Government’s policies and management methods. In particular, eliminating rigid management thinking, cutting down on “sub-licenses”, limiting unreasonable inspections and audits, etc. are considered necessary steps, creating a foundation for businesses to form, operate and develop on a progressive and substantial basis.

According to Ms. Trinh Thi Ngan, advisor to the Hanoi Association of Small and Medium Enterprises, the business community really needs the support of management agencies with a spirit of understanding, sharing and practical and timely support measures to remove difficulties and obstacles for production and business goals. Factors such as administrative reform, tax and fee deferral - postponement - reduction; creating a fair competition mechanism and expanding market access opportunities... continue to be prerequisites for businesses to survive, develop, participate more deeply and sustainably in domestic and global supply chains. The reform momentum continues to be maintained and strengthened when the Government proactively creates conditions for businesses to invest in green technology, clean technology to meet the environmental standards of major export markets such as the EU and the United States; at the same time, supporting businesses in digital transformation in production, business and administration to improve productivity, product quality, reduce costs and increase competitiveness. At the same time, a series of policies on taxes, fees, and interest rates are being promoted to reduce the cost burden for businesses. Export markets and supply chains continue to be diversified by prioritizing the exploitation of opportunities from free trade agreements (FTAs) that have been signed or are under negotiation.

On its part, the business community has also been aware of its role and responsibility in the country's development process, proactively engaging and mobilizing resources to invest in digital transformation and green - clean production. This is not only a solution to improve competitiveness, but also an essential step towards sustainable development, through the application of new technology and scientific and technical advances in production, management and business. Vietnamese enterprises are facing the opportunity to take the lead in the waves of capital flows and international production chains, especially in the fields of retail, logistics, industry and transport infrastructure.

According to experts, the common denominator for development is that each business needs to focus resources on specific goals such as digital transformation, green production, energy saving, and high technology application - to create real and sustainable efficiency.

These are changes of the times, in line with the trend of the Fourth Industrial Revolution and will determine the competitiveness and future of Vietnam's economy. For example, the application of digital technology in goods management can help businesses reduce costs by 4 - 8%; the application of artificial intelligence can further improve operational efficiency, shorten processing time and comprehensively optimize the decision-making process - something that traditional methods can hardly achieve.

These efforts and movements not only contribute to the successful implementation of the socio-economic development task in 2025, completing the growth target of over 8%, but more importantly, it is a stepping stone to realize the aspiration of double-digit growth in the following years. That aspiration is based on a solid foundation of the strength and operational efficiency of the private business community - a force that is increasingly asserting its pioneering role in the national economy.

Source: https://hanoimoi.vn/mo-cao-toc-de-kinh-te-tu-nhan-but-pha-710611.html