The key issue is to translate the spirit of the resolution into substantive reforms, strong enough to enable leading private enterprises to take off. When the private sector grows stronger, not only will growth improve, but the economy's self-reliance, competitiveness, and resilience will also be enhanced. This will lay the foundation for Vietnam to enter a new phase of development with a more solid position on the regional and global economic map.
"Leading cranes" - the missing link in Vietnam's growth momentum.
After nearly four decades of reform, the private sector has affirmed its pivotal role in Vietnam's economy. According to the General Statistics Office, this sector currently contributes approximately 46% of GDP, creates over 85% of jobs, and accounts for 58-60% of total social investment for many consecutive years. However, a significant gap remains in this growth picture: Vietnam lacks large-scale private corporations capable of leading value chains and acting as "leading enterprises."
While many Asian countries have formed regional-scale private conglomerates, the majority of private businesses in Vietnam remain small and medium-sized, with limited technological capabilities, management skills, and supply chain integration. This results in unsustainable growth and weak resilience to external fluctuations.
We need to develop domestic businesses that are strong enough to compete in the market. Photo: Hoang Ha
A crucial turning point
Resolution 68-NQ/TW marks a significant turning point by affirming for the first time that the private sector is the most important driving force of the economy. This approach represents a fundamental shift in development thinking: from a supporting role to a central, leading position. Beyond its political significance, Resolution 68 also creates an institutional foundation for restructuring policies on enterprise development, especially for large private enterprises. In the context of Vietnam's transition to a growth model based on productivity, innovation, and deep integration, establishing the leading role of the private sector is a strategic choice.
Why does Vietnam still lack private corporations with regional reach?
By the end of 2024, Vietnam had nearly 1 million active private enterprises, with the number of medium and large-sized enterprises increasing by approximately 15% compared to the beginning of the term. Several corporations have invested in challenging sectors such as infrastructure, energy, electric vehicles, and high technology, gradually establishing their position. However, the number of enterprises truly playing the role of "leading enterprises" remains very limited.
According to the Fortune Global 500 ranking in 2024, Vietnam has only a few businesses included, and their scale and influence are still modest compared to other economies in the region. The gap between potential and the ability to achieve breakthroughs shows that the problem lies not only with the businesses themselves, but also with the policy environment.
One of the biggest obstacles is institutional and policy stability. Large private enterprises often require long-term, large-scale investments, yet still face high legal risks, complex administrative procedures, and significant compliance costs. Furthermore, access to strategic resources is limited. Medium and long-term credit relies primarily on banks, while the capital market is developing slowly and has not yet become an effective channel for mobilizing funds for large projects. According to the State Bank of Vietnam, credit to the private sector remains focused on short-term loans, reducing the potential for in-depth investment and technological innovation.
Removing institutional bottlenecks to allow "leading cranes" to take flight.
Resolution 68 clearly indicated the need to remove institutional bottlenecks hindering the development of the private economy. The focus is on reforming the investment and business environment, ensuring property rights, freedom of business, and genuine equality among economic sectors. Notably, the resolution emphasizes the formation of a large private enterprise with regional and international competitiveness. This requires targeted support policies, rather than broad incentives, concentrating on improving technological capabilities, management, innovation, and value chain linkages.
The biggest challenge currently lies in implementation. Without concrete action programs, legal reforms, and clear resource allocation, the spirit of Resolution 68 will struggle to bring about substantive change. International experience shows that the formation of large private corporations is always linked to the State's facilitating role, from infrastructure investment and capital market development to supporting research and development and expanding export markets. These are factors that Vietnam needs to promote more strongly in the coming period.
Source: https://vietnamnet.vn/nghi-quyet-68-va-bai-toan-de-seu-dau-dan-cat-canh-2477115.html
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