Elevating the private sector in the new era.

With the goal of making Vietnam a developed nation by 2045, clearly defining the role and position of the private sector in the Draft Document of the 14th National Congress of the Communist Party of Vietnam is of particular importance. Breakthroughs in institutions, policies, and the business environment will leverage this resource as a key growth engine for the economy.

The private sector is increasingly becoming a crucial driving force as the country enters a new era. In particular, the rapidly changing and complex international context, the impact of the Fourth Industrial Revolution, the trend of reshaping global supply chains, and the demands of sustainable development place stringent requirements on all economies.

Under these circumstances, promoting the role of the private sector as a crucial resource of capital, technology, management, and innovation becomes a key factor in enhancing the resilience, adaptability, and self-reliance of the economy.

The draft document for the 14th Party Congress affirms that the development of the private economy is one of the most important driving forces of the national economy.

PHOTO: TN

Against this backdrop, the Draft Document of the 14th National Congress of the Party affirms that the development of the private economy is the most important driving force of the national economy. This is a crucial basis for establishing a solid institutional foundation and a favorable business environment, ensuring equal development between the private sector and other economic sectors.

This not only helps businesses enhance their competitiveness, boldly innovate, and apply technology, but also expands opportunities to access markets, attract resources, and contribute to making the private sector truly the most important driving force of the economy.

In practice, the private sector in Vietnam has played a pivotal role in the development process. During the period 2021-2024, this sector contributed over 50% of GDP; over 30% of budget revenue, over 70% of total export turnover, and created jobs for approximately 82% of the workforce, with labor productivity increasing by an average of 7-8% per year .

However, the private sector still faces many limitations and challenges, both internal and external, from the institutional and implementation environment.

Therefore, it is necessary to concretize breakthrough viewpoints and solutions to remove institutional and policy bottlenecks and promote the role of the private economy.

Firstly, it is necessary to study the possibility of constitutionalizing the role of the private economy. Article 51 of the Constitution states: "The Vietnamese economy is a socialist-oriented market economy with multiple forms of ownership and multiple economic sectors; the state economy plays a leading role."

In my opinion, to elevate the private economy, the pivotal role of the private economy should be defined in the Constitution as a foundation for building a law on the private economy, clearly defining the role, rights, and obligations of this sector within the overall national economy.

Secondly, it is necessary to implement a strategy to enhance the endogenous capacity of the private sector through support for innovation, research and development, technology transfer, and the application of new achievements.

The government needs to effectively develop preferential financial support programs, innovation funds, and business incubation systems to promote the formation of private enterprises capable of competing at the regional and international levels.

Thirdly, synchronously develop and modernize socio-economic infrastructure, especially logistics infrastructure, digital infrastructure, and clean and renewable energy, to reduce production and distribution costs and improve the operational efficiency of the private sector.

Public-private partnerships should be prioritized to mobilize social resources and encourage the direct participation of private enterprises in the investment and operation of strategic infrastructure.

Fourth, we need to promote the development of high-quality human resources to meet the requirements of the growth model transformation and international integration. The State needs to issue training policies that are linked to the needs of the labor market, and establish close connections between training institutions and businesses.

In particular, it is necessary to focus on cultivating a high-quality workforce of entrepreneurs with expertise, strategic vision, and global competitiveness, thereby creating the driving force for the sustainable development of the private sector.

Fifth, build a comprehensive startup and innovation ecosystem, supporting the formation of industry clusters, value chains, and satellite business networks, thereby enhancing the private sector's ability to participate deeply in global supply chains.

Elevating the private sector in the new era is an objective requirement and a prerequisite for enhancing the self-reliance, resilience, and competitiveness of the economy, contributing to the realization of the aspiration for a prosperous and happy nation.

Source: https://thanhnien.vn/nang-tam-kinh-te-tu-nhan-trong-ky-nguyen-moi-185251207140701298.htm