Promoting three breakthroughs to unlock private sector potential

Prime Minister Pham Minh Chinh delivered a speech at the Vietnam Private Economic Forum 2025.

At the high-level dialogue session within the framework of the Vietnam Private Sector Economic Forum (VPSF 2025), entrepreneurs and enterprises affirmed that they will trust and closely coordinate with the Government , ministries, branches and localities in promoting three strategic breakthroughs in the direction of "open institutions - smooth infrastructure - smart entrepreneurs."

On the afternoon of September 16, a high-level dialogue session within the framework of the Vietnam Private Sector Economic Forum (VPSF 2025) took place with the participation of Prime Minister Pham Minh Chinh and leaders of ministries, sectors and the business community. This is considered an important highlight of the forum, where specific recommendations were made to remove bottlenecks for the private economic sector in the digital age.

Government accompanies, businesses must dare to innovate

Speaking at the dialogue session, Prime Minister Pham Minh Chinh pointed out the current situation: There is huge room for improving governance capacity, applying technology and participating more deeply in the global supply chain. However, the potential of the private economic sector has not been fully exploited, labor productivity is still low, and the rate of participation in the global value chain is limited.

Regarding the cause, the Prime Minister pointed out: "A part of private enterprises has not really focused on improving management capacity, business ethics and innovation. On the State side, institutions, policies and laws still have many shortcomings, administrative procedures are complicated, access to capital, land and resources is still difficult."

On the business side, weak management capacity makes it difficult to access long-term capital and convince investors. On the government side, complicated procedures create additional opportunity costs for businesses.

A 2023 VCCI survey showed that up to 59% of small and medium-sized enterprises (SMEs) rated administrative procedures as a “major barrier” to expanding investment. Clearly, for the private sector to fully exploit its potential, institutional reform must go hand in hand with improving internal capacity.

Based on the current situation and causes, the Prime Minister proposed specific solutions: "The Government will focus on removing bottlenecks in institutions, policies and laws; creating a favorable environment for businesses to access capital, land and business opportunities. The Ministry of Finance needs to implement solutions to mobilize and allocate resources, review tax and fee policies to reduce costs for businesses."

Faced with the new situation, we are required to renew our comprehensive development thinking in the spirit of "resources originating from thinking, vision, motivation originating from innovation and creativity, strength originating from the people and businesses," proactively adapting, seizing the opportunities of digital transformation, green transformation, knowledge economy, circular economy, and sharing economy to enhance the effectiveness of institutional reform, improve labor productivity, increase the technology content in "Made in Vietnam" products and services, and enhance international competitiveness.

Need transparent environment, timely mechanism

Previously, in the petition, businesses raised the existing problems that need to be resolved. In particular, Mr. Hoang Mai Chung, Chairman of the Board of Directors of Meey Group, emphasized that technology businesses need an open legal corridor to foster innovation.

“Digital technology businesses need a transparent policy environment and timely testing mechanisms. If we have to wait for regulations to be adjusted, many innovative products will no longer have a chance to survive,” said Mr. Hoang Mai Chung.

Mr. Hoang Mai Chung proposed that the Government provide legal support for new digital product models, instead of forcing startups to change their ideas to fit the traditional framework.

He also proposed expanding the channel of crowdfunding, including the application of blockchain platform, with the principle that businesses are responsible before the law. According to the Chairman of Meey Group, this will open up more resources for young businesses instead of depending entirely on bank credit.

Mr. Hoang Mai Chung - Chairman of the Board of Directors of Meey Group made a proposal at the High-Level Dialogue Session. (Photo: Meey Group)

In addition, he noted that technology businesses are vulnerable to unverified media impacts, which can cause investors to lose confidence and creative ideas to "die young." Therefore, he called for a reasonable monitoring and protection mechanism.

Mr. Chung also highlighted the importance of creating conditions for technology enterprises to list on the stock exchange with more suitable criteria, and recommended that the State change its policy approach towards "management for creation," and even establish a special task force to accompany startups in overcoming procedural barriers.

Institutional reform towards market and business friendliness

Mr. Dang Hong Anh, Chairman of the Vietnam Young Entrepreneurs Association, Chairman of VPSF 2025, on behalf of the forum's organizing committee, pledged that the discussions at the forum will not stop at the minutes.

“We will synthesize, analyze and work with relevant agencies to study proposals and solutions to include in the forum's summary report. At the same time, we will monitor implementation results to ensure that all proposals have a full life from formation, issuance to practical impact," said the Chairman of VPSF Vietnam Young Entrepreneurs Association.

Mr. Hong Anh added that VPSF would like to initiate and commit to implementing the program "Each young entrepreneur leads two new entrepreneurs" in 2025. Specifically, each young entrepreneur member will take on the role of mentor for at least two entrepreneurs who have just transformed their model or started a business. The program will focus on sharing practical management experiences, supporting strategic orientation and especially helping them prevent errors in operations and legal work.

The Chairman of VPSF 2025 stated that a country changes not only thanks to macro-level policies but also thanks to millions of small, correct decisions every day: a shortened procedure, an improved, transparent service, a shipment cleared through customs according to procedures, a contract executed as promised, a better-trained employee.

According to Mr. Hong Anh, these things, when combined, will create great changes. And that is the profound meaning of the phrase "unleashing potential, creating the future" - liberating resources that are being held back by transaction costs, institutional bottlenecks, and lack of connectivity; while at the same time creating new space for innovation, healthy competition, and international cooperation.

Source: https://baolamdong.vn/thuc-day-ba-dot-pha-de-khu-vuc-tu-nhan-khai-phong-tiem-nang-391813.html