Creating a level playing field between state-owned and private enterprises

- Can you tell us how the stocks of large private enterprises have performed and how they have led the stock market since the beginning of the year?

-Current developments show that stocks of some large private enterprises are truly the locomotives and pillars for the stock market, typically Vingroup stocks. In the context of the VN-Index moving sideways since the beginning of the year, these 3 stocks have contributed more than 90 points to the market.

Director of Institutional Clients, VNDirect Securities Corporation Cao Thi Ngoc Quynh. Photo: NVCC

In addition, stocks of some large private enterprises have also had positive developments since the beginning of the year, such as the private banking group (Techcombank, Sacombank, SHB ), Gelex stocks, stocks of Thanh Cong Group... These stocks all have impressive growth rates from 30% to over 100%.

-In the context of the private economy 's role being affirmed in economic growth, especially large enterprises being identified as the leading birds, how do you evaluate the prospects and potential of the stocks of these large enterprises?

- There has been a clear change in the guiding viewpoint on the private economy in recent statements by Party and State leaders. And specifically, Resolution No. 68-NQ/TU dated May 4, 2025 of the Politburo on private economic development has affirmed the role and position of the private economy as the most important driving force of the national economy.

The Resolution clearly states the expansion of private enterprise participation in important national projects. The State shall proactively have policies on ordering, limited bidding or designated bidding or have preferential policies to encourage the private economic sector to participate with the State in strategic areas, key projects and scientific research tasks.

We believe that businesses in sectors such as energy, construction materials, infrastructure and technology will benefit and make breakthroughs when they enjoy preferential development policies, as well as participate in major national projects such as the North-South high-speed railway project, urban railway, renewable energy projects and digital transformation projects...

Energy is one of the sectors expected to benefit and have breakthroughs when participating in major national projects. Screenshot

In addition, the Government is promoting the removal of difficulties and obstacles in more than 2,200 projects, with a total capital of nearly 6 million billion VND, which will contribute to improving the business environment and promoting growth in the banking, real estate and construction sectors.

-What do you think about the solutions proposed in Resolution 68?

- Resolution 68 will pave the way for long-awaited institutional reforms, such as protecting property rights and business freedom, creating a level playing field between state-owned and private enterprises, especially in bidding, access to land, credit, and unlocking social resources, especially in digital infrastructure, energy and logistics - areas where the private sector is often hindered by administrative procedures.

The Government's support measures include expanding the credit guarantee fund for small and medium-sized enterprises to at least VND50 trillion, implementing green credit lines with preferential interest rates, providing tax incentives for research and development activities and labor training, and developing domestic venture capital through the model of State-private co-investment.

The Government will also launch the “Vietnam Global Champions” program to support 50 potential enterprises in mergers and acquisitions consulting, political risk insurance, and priority access to trade negotiations; increase the localization rate to at least 60% for the electronics, automobile, and textile industries through preferential tax packages for components.

If implemented effectively, Resolution 68 could help build a three-tier private sector ecosystem, comprising leading large corporations - satellite SMEs - and innovative startups, positioning this sector to become a central pillar of Vietnam's economy by 2045.

-Thank you very much!

Source: https://hanoimoi.vn/tao-san-choi-binh-dang-giua-doanh-nghiep-nha-nuoc-va-tu-nhan-702091.html