Creating conditions for young businesses to reach new heights

In the context of the country entering a new stage of development, how to make the private economy reach new heights is an important task for the business community in general and young entrepreneurs in particular.

Long Hai Company Limited is always an enterprise with high annual domestic budget contributions in the West Hai Phong region.

The main driver of economic dynamism

The private sector is the main driver of economic dynamism in Vietnam, contributing more than 40% of GDP and employing the majority of the workforce. However, institutional inefficiencies, regulatory uncertainty and weak ownership continue to limit its effectiveness.

Resolution No. 68-NQ/TW pointed out: The private economy is still facing many barriers that hinder its development, has not yet made a breakthrough in scale and competitiveness, and has not yet met the requirements and expectations of being the core force of the country's economy.

At the ministerial-level dialogue session of the Vietnam Private Economic Forum 2025 organized by the Vietnam Young Entrepreneurs Association in mid-September, many delegates focused on clarifying related problems and proposed many breakthrough solutions to help private enterprises grow, contributing to the successful implementation of not only Resolution 68 but also Resolution 66 on innovation in law-making and enforcement.

According to Mr. Nguyen Hong Phong, Vice President of the Vietnam Young Entrepreneurs Association and Vice President of the Vietnam Association of Science and Technology Enterprises, the current legal framework has many limitations, causing many fields related to innovation to fall into a "legal void".

For example, some new technology fields are slow to be updated in the registration and commercialization list, leading to a situation where many young businesses and startups in agricultural biological products are having to take a "detour", registering their products as "new fertilizers", thereby spending many more years to test them from the beginning.

Statistics from the Vietnam Federation of Commerce and Industry (VCCI) show that in 2023, only about 20% of business recommendations were responded to during the law-making process, while this figure in the OECD (Organization for Economic Cooperation and Development) bloc was 60%.

In 2005, the Law on Electronic Transactions was just issued, but many guiding documents immediately became outdated upon promulgation, especially when a series of new concepts such as cross-border e-commerce, fintech (financial technology), blockchain (blockchain technology)... continuously appeared. It was not until 2023 that the Law on Electronic Transactions (amended) was officially passed by the National Assembly.

The entire melon growing area in Truong Tan commune has been contracted by the enterprise since the beginning of the season.

Solving "bottlenecks"

Among the three categories of institutions, infrastructure and human resources, General Secretary To Lam pointed out that: The current institution is the “bottleneck of bottlenecks”. For trade transactions, good institutions will increase economic efficiency and reduce transaction and production costs.

However, according to Head of the VCCI Legal Department Dau Anh Tuan, a real estate project is currently affected by nine sets of laws and dozens of circulars guiding implementation, not to mention a series of other procedures with inconsistent and even overlapping content.

Dr. Le Truong Son, Rector of Ho Chi Minh City University of Law, said that in order to remove barriers that hinder the development of the private sector and create conditions for young entrepreneurs to promote their potential, internal strength and creativity, it is necessary to ensure the stability, transparency, consistency and effectiveness of the law; at the same time, quickly perfect the legal system in the direction of improving economic efficiency.

According to some experts, the above solutions need to focus on supporting young entrepreneurs to integrate; perfecting institutions for a green, circular economy; investing in infrastructure and strategic logistics; enhancing periodic dialogue between ministries, branches and businesses, young entrepreneurs, etc.

In the context of the world where new philosophies, production and business methods are increasingly emerging, along with the emergence of digital assets and modern intellectual products, the lack of specific policies and related legal gaps need to be filled soon. From there, build a creative institution where private enterprises, especially young enterprises, confidently grow and become a strong driving force for the sustainable development of the country, in line with the spirit of "The law must go hand in hand and pave the way for life".

PV (synthesis)

Source: https://baohaiphong.vn/tao-dieu-kien-de-doanh-nghiep-tre-vuon-tam-521374.html