Ho Chi Minh's thoughts on entrepreneurs and their application to private economic development

On May 4, 2025, the Politburo issued Resolution No. 68-NQ/TW on private economic development, with unprecedented goals, viewpoints, tasks, and breakthrough solutions; shaping the Party's new viewpoint on private economic development in a socialist-oriented market economy with State management under the Party's leadership; strongly promoting the development of the private economy - a new driving force for economic development in the coming time.

The first document on the role and mission of Vietnamese entrepreneurs and enterprises

Nearly 80 years ago, on October 13, 1945, in the National Salvation newspaper, issue 66, President Ho Chi Minh wrote a letter to the Vietnamese industrial and commercial community. He stated that while other sectors of the nation were working hard to gain complete independence for the country, the industrial and commercial community had to work to build a stable and prosperous economy and finance.

Uncle Ho's letter to Vietnamese businessmen 80 years ago truly became the first document of the Party and State on the role and mission of Vietnamese businessmen and enterprises.

In the letter, he expressed his joy that "The Industry and Commerce have united to form the "Industry and Commerce for National Salvation" and joined the Viet Minh Front. Currently, the "Industry and Commerce for National Salvation" is operating to do many things that benefit the nation and the people. I very much welcome it and look forward to many good results... The People's Government and I will wholeheartedly help the Industry and Commerce community in this construction work."

Tư tưởng Hồ Chí Minh về doanh nhân và sự vận dụng vào phát triển kinh tế tư nhân - 1 — President Ho Chi Minh's letter to the Vietnamese industrial and commercial circles (Photo: Ho Chi Minh Complete Works).

Regarding the relationship between the work of businessmen and the country's career, Uncle Ho wrote: "National and family affairs always go hand in hand. A prosperous national economy means that the businesses of industrialists and merchants are prosperous." Therefore, he hoped that the industrialists and merchants would make efforts and advised industrialists and merchants to quickly join the "Industrial and Commercial Rescue Group" to invest capital in projects that benefit the country and the people.

In many other speeches and articles, Uncle Ho always advised businessmen to be united; to take care of training human resources, to build corporate culture, to improve the material and spiritual life of cadres and workers, especially to take care of female cadres and workers... The industrial and commercial sector must promote initiatives and technical improvements, strengthen labor discipline, improve productivity and practice thrift.

In a letter sent to the Financial Cadres Conference on February 20, 1952 in Viet Bac, Uncle Ho reminded: "What must be done to stabilize prices, and to achieve the goal: Export more than import."

He also advised businessmen to be democratic, to be open, to build and promote the role of mass organizations in enterprises. He criticized the disease of having too many meetings as well as the tendency to chase quantity in production, paying little attention to quality. He advised production to be "fast, in large quantities, good, cheap," producers to be honest, to produce good goods for people to use, and not to display good goods while selling bad ones.

He requested to promote emulation movements in enterprises, regularly summarize good experiences and good examples to replicate throughout the country. He often reminded us to look abroad to learn from the experiences of advanced countries in production management...

The 6th Party Congress (1986) set out the renovation policy, recognized the multi-sector economy, and considered private enterprises as economic entities equal before the law. In particular, the Enterprise Law, which came into effect in 2000, created a legal framework to ensure the freedom of business of people and enterprises.

In 2004, the Party and the State decided to choose October 13 as Vietnam Entrepreneurs Day. These are important milestones on the path of innovation to implement Uncle Ho's teachings on enterprises and entrepreneurs.

Private economic development - a lever for a prosperous Vietnam

In the article "Private economic development - a lever for a prosperous Vietnam", General Secretary To Lam affirmed that the nearly 40-year journey of innovation has marked a resilient, breakthrough and development-hungry Vietnam.

From an inefficient, centrally planned economy with an average income per capita of just 96 USD in 1989, Vietnam has grown strongly and is expected to enter the group of upper middle-income countries by the end of 2025, equivalent to over 5,000 USD/person/year.

This miracle is not only the result of the correct development path under the leadership of the Party with bold and decisive reforms in institutions, policies and integration, but also the result of the spirit of hard work, creativity, determination and unceasing efforts of our entire nation. What is even more proud is that Vietnam's economic growth rate is always twice as high as the average of developing countries, despite global economic fluctuations.

From a poor economy, dependent on international aid, Vietnam has continuously made strong breakthroughs to become the 24th largest economy in the world in terms of purchasing power parity (PPP). The achievements are not only in the economic field but also include great social progress, contributing to bringing an increasingly prosperous and happy life to the people. This success has a very important contribution from the private economic sector.

If in the early stages of innovation, the private economy only played a secondary role, the economy mainly relied on the state sector and foreign direct investment (FDI), then in the past two decades, especially when the Politburo issued Resolution 09 in 2011 and the Central Committee issued Resolution 10 in 2017 on private economic development, this economic sector has risen strongly, becoming one of the leading important pillars of the economy and increasingly showing itself to be the most important driving force to promote national economic growth.

With nearly 1 million enterprises and about 5 million individual business households, the private economic sector currently contributes about 51% of GDP, more than 30% of the state budget, creates more than 40 million jobs, accounts for more than 82% of the total number of workers in the economy, and contributes nearly 60% of total social investment capital.

The private economy not only helps expand production, trade and services but also makes an important contribution to improving labor productivity, promoting innovation and increasing national competitiveness. The strong rise of many Vietnamese private enterprises not only dominates the domestic market but also affirms their brand in the international market. This proves that if there is a favorable development environment, Vietnamese enterprises can absolutely go far and compete equally with the world.

Tư tưởng Hồ Chí Minh về doanh nhân và sự vận dụng vào phát triển kinh tế tư nhân - 2 — General Secretary To Lam worked with the Central Policy and Strategy Committee on a number of strategic solutions to create a breakthrough in private economic development in Vietnam in the coming time on the afternoon of March 7 (Photo: Phuong Hoa/VNA).

In the article "New driving force for economic development," General Secretary To Lam affirmed that to develop the private economy, the most important and core issue is to continue perfecting the socialist-oriented market economic institution, with turning-point changes in thinking, perception, and action, forming the basic characteristics of a socialist-oriented market economy with State management under the Party's leadership compared to the previous socialist-oriented market economy with State management.

Private economy - new driving force for economic development in the coming time

To successfully implement Resolution No. 68, according to General Secretary To Lam, it is necessary to focus on implementing a number of urgent tasks as follows:

Firstly, resolutely and effectively implement the work to soon put the Party's Resolution into practice. Right in the 9th Session of the 15th National Assembly, the National Assembly will discuss and issue a Resolution on private economic development with specific, feasible and effective incentive mechanisms and policies. Establish a National Steering Committee to implement Resolution 68, headed by the Prime Minister, to periodically review and urge the implementation of the Resolution by ministries, branches and localities on a monthly basis, absolutely not allowing confusion or implementation in a separate way that would invalidate the Central policy.

Regularly publicize the results of implementation, using this as one of the criteria to evaluate the capacity and performance of duties and responsibilities, especially for leaders. Promote and create strong innovation in administrative thinking from control to companionship, considering enterprises as "service" objects instead of "management" objects, ensuring the principle of "saying goes hand in hand with doing" is consistent throughout the political system.

Tư tưởng Hồ Chí Minh về doanh nhân và sự vận dụng vào phát triển kinh tế tư nhân - 3 — Processing agricultural products for export (Source: VNA).

The Government will soon issue a Directive requiring ministries, branches and localities to transfer all administrative procedures to post-audit, except for some specific fields (security, national defense, etc.); provide specific guidance on the public responsibilities of heads of Party committees and authorities at all levels in supporting businesses, associated with emulation and reward work; standardize the entire investment licensing process according to the electronic model, shortening the time to announce results.

Second, urgently institutionalize the Party's viewpoints into laws and ensure strict implementation throughout the political system, businesses, and people. Research and develop the Law on Private Economic Development and amend and supplement relevant legal provisions, ensuring full institutionalization of the policies stated in Resolution No. 68. In particular, establish a fair competition system, clearly identify the list of acts that negatively impact market access and discriminate in market competition against the private economy. Create a mechanism to promote investment and financial support, require financial institutions to establish a credit rating system suitable for the private economy and financial support.

Encourage the development of science and technology, private enterprises take the lead in major national key projects and establish national innovation research infrastructure. Establish a system to protect the rights and interests of market participants, clearly distinguish between economic disputes and criminal offenses, and strictly prohibit acts of law abuse in market management. Propose measures to support procedural and policy services for the private economy, standardize administrative procedures and policies. Amend the Penal Code, clearly separate fraudulent and profiteering acts from common administrative errors.

Third, pay special attention to supporting small and micro enterprises, promoting the development of a society with entrepreneurial thinking and the desire to be masters, especially in the field of innovation. Immediately deploy a preferential credit package specifically for small and medium enterprises, through the state credit guarantee fund.

Set aside 5-10% of priority land in high-tech industrial parks for startups to lease at preferential prices. Expand the legal sandbox model nationwide, allowing practical testing with fintech, AI, and digital agriculture within a clear legal protection timeframe. Build free or subsidized legal advice centers for small and medium-sized enterprises in localities.

Fourth, build a team of entrepreneurs who truly become “soldiers” on the economic front, participating substantially in policy making. Protect, support, encourage, and honor the team of entrepreneurs who have patriotism, national spirit, awareness of law compliance, aspiration to enrich themselves and contribute to enriching the country, have knowledge and capacity for business management in a market economy, and are responsible to workers and the community.

Create favorable conditions for entrepreneurs to participate in policy criticism, contributing to the process of planning and implementing development strategies. When drafting laws and decrees, ministries and branches need to listen carefully to the opinions of people and businesses, especially practical entrepreneurs. Provide budget and professional support to build strong, independent industry associations with the capacity to criticize policies. Encourage the establishment of a National Private Entrepreneurs Council, providing direct advice to the Government on long-term economic and industrial strategies.

We have a tradition of indomitability, ardent patriotism, a solid and comprehensive theoretical, practical, political-legal foundation; with the aspiration, will, unity, and high determination of the entire political system, enterprises, businessmen, and the entire people in realizing the goal of "stability, high-quality development, and improving all aspects of people's lives," we will certainly successfully implement the Resolution, soon bring the private economy to a worthy development, truly becoming the most important driving force, the pillar ensuring the strong development of the national economy, realizing the aspiration to build a socialist Vietnam with a rich people, a strong country, democracy, fairness, and civilization.