Opening the "Highway" for the development of the private economy.

At a recent roundtable discussion between the Prime Minister and businesses and business associations on Resolution No. 68-NQ/TW dated May 4, 2025, of the Politburo on the development of the private economy, experts affirmed that the promulgation of Resolution No. 68-NQ/TW is a turning point that will guide the development of the private economy over the next 20 years. Resolution No. 68-NQ/TW contributes to a strong change in the thinking, perceptions, attitudes, and actions of the entire political system towards the private economy.

Strong development, achieving many accomplishments.

Mr. Le Tan Can, Deputy Minister of Finance , emphasized: Over 40 years of reform, the business community has grown strong, and the spirit of entrepreneurship, innovation, and aspiration to rise has become increasingly strong. In particular, even during difficult times, natural disasters, and epidemics, businesses and entrepreneurs have strived to maintain production and business activities, demonstrating social responsibility to the community. It can be said that the private sector has continuously developed, affirming its position: (1) as an important driving force of the economy; (2) as an effective channel for mobilizing social resources for investment and development; (3) making an important contribution to promoting economic growth and increasing state budget revenue; (4) creating jobs, income, improving people's lives, and ensuring social security; (5) promoting international integration; (6) making an important contribution to the cause of building, protecting the Fatherland and developing the country.

Production activities at the Can Tho Dairy Factory (Vietnam Dairy Products Joint Stock Company - Vinamilk ).

After 40 years of construction and development, the private sector has made significant progress and achieved many remarkable accomplishments. The number of newly established businesses has increased sharply over the years, and currently there are nearly 1 million businesses operating in the economy . On average, during the period 2010-2020, over 100,000 new businesses were established each year, with annual registered capital exceeding 950,000 billion VND; during the period 2021-2024, more than 145,000 new businesses were established each year, with total newly registered capital exceeding 1.5 million billion VND. The private sector has consistently maintained a relatively high growth rate, making it the largest contributor to the economy, accounting for approximately 50% of GDP. From 2016 to the present, the growth rate of the private sector has reached approximately 6-8% per year, higher than the average growth rate of the economy. In addition, during the period 2017-2023, the private sector created an average of over 43.5 million jobs, accounting for more than 82% of the total jobs in the economy (many times higher than the approximately 8% of the state-owned economy and 10% of FDI enterprises)...

However, alongside its achievements, the private sector still faces many obstacles hindering its development, failing to achieve breakthroughs in scale and competitiveness, and not meeting the requirements and expectations of being the core force of the national economy. Most enterprises are micro, small, and medium-sized; their financial resources and management skills are limited; their technological level and innovation capacity are low; labor productivity, operational efficiency, and competitiveness are not high; their business thinking lacks strategic vision, and they lack connections with state-owned enterprises and foreign direct investment enterprises.

Think big, act big.

At the seminar, many opinions suggested that business associations need to proactively strengthen their capacity and operational efficiency, playing a representative and bridging role between the business community and state management agencies in disseminating information and promoting new regulations and policies concerning entrepreneurs and businesses; and playing a role in social critique in policy making. Simultaneously, they should build, promote, and encourage entrepreneurs to adhere to ethical standards and business culture; and honor outstanding entrepreneurs and businesses.

Mr. Nguyen Van Than, Chairman of the Vietnam Association of Small and Medium Enterprises (SMEs), proposed that the Government study specific support mechanisms such as preferential interest rates or credit guarantees to ensure that SMEs can access capital at lower costs, thereby improving business efficiency. In addition, he suggested that the Government should promptly issue decisions assigning specific tasks to the Association; providing the Association with sufficient time and resources to prepare and effectively implement action programs. This would help the Association play a bridging role between the Government and the business community, contributing to the sustainable development of the SME sector.

According to Ms. Mai Kieu Lien, General Director of Vietnam Dairy Products Joint Stock Company (Vinamilk), there are currently many policies and legal regulations that businesses must comply with during their development. However, businesses request that if they encounter any obstacles during implementation, they hope that ministries, agencies, and the Government will handle and resolve them quickly. "When opportunities arise, businesses can move forward 5 or 10 years ahead, but if they miss opportunities, they will be delayed for 50 years. For Vinamilk, issues arising from the bottom up to the General Director require a resolution within 48 hours, with the final decision-maker having to address them. Regarding the Government, we hope they can give us a certain amount of time from when an obstacle arises until it reaches the Prime Minister? That is, a specific timeframe to resolve the difficulties faced by businesses," said Ms. Mai Kieu Lien.

From the business perspective, Mr. Le Tan Can stated that businesses and household businesses need to affirm their role and position in the economy; they must operate in accordance with the law; and eliminate the mindset of "opportunistic," illegal business practices that disregard the interests of customers, partners, and consumers. Businesses and entrepreneurs need to prioritize building and implementing corporate culture, fostering national pride and self-respect. At the same time, they should proactively and respectfully cooperate, connect, support each other, and work together for mutual development. Large businesses must strive to become leading enterprises in the supply chain, pioneering and guiding small and medium-sized enterprises (SMEs). SMEs must have the mindset to develop into medium and large enterprises, thereby building a high-quality Vietnamese business force as directed by the Party in Resolution No. 68-NQ/TW.

Speaking at the seminar, Prime Minister Pham Minh Chinh emphasized: The resolutions of the Politburo, the National Assembly, and the Government are very comprehensive and complete; the issue at hand, and the greatest aspiration, is to organize their implementation well and effectively with the spirit of "thinking deeply, doing big."

Regarding the responsibilities of the Government, ministries, and local leaders, the Prime Minister requested a focus on better implementing the three strategic breakthroughs in institutions, infrastructure, and human resources; ensuring equal access to capital, resources, land, human resources, legal frameworks, freedom of business, equality, and property rights of enterprises; and regularly meeting and exchanging views with businesses to find solutions to obstacles.

Expressing his wishes to businesses and entrepreneurs, the Prime Minister emphasized that businesses and entrepreneurs must operate in accordance with the law, uphold business ethics, and fulfill their civic responsibilities. At the same time, they must constantly innovate, research, and apply science and technology, embrace digital transformation, and adopt smart governance, especially in the transfer of core technologies. Businesses must be at the forefront, pioneering and anticipating trends in this field to bring benefits to the nation and its people. Businesses and entrepreneurs, together with the Government and ministries under the leadership of the Party and the management of the State, participate in creating development, contributing to institutional building, infrastructure development, and training high-quality human resources, thereby contributing to building and protecting a country that is increasingly happy and prosperous.

Text and photos: MY THANH

Source: https://baocantho.com.vn/mo-dai-lo-cho-kinh-te-tu-nhan-phat-trien-a187177.html