Many private Vietnamese enteprises are reaching out to the region and the world. (Photo: Hoa Phat)

In 2023, the private sector contributed about 46% of Vietnam’s GDP and 30% of government revenue, created jobs for 85% of the workforce, and accounted for 35% of exports and 25% of imports.

An important driving force of the economy

After nearly 40 years of economic reform, several large private enterprises with strong capacity in terms of capital, technological level and corporate management have emerged in Vietnam, such as Vingroup, T&T Group, Thaco, and Hoa Phat. Well-known both regionally and internationally, they have become an important driving force of the Vietnamese economy.

At a recent conference with enterprises on measures to bolster the country’s socio-economic development, Prime Minister Pham Minh Chinh recognised the significant contributions of the private sector, noting that Vietnam’s GDP currently ranks 34th in the world and the country has never seen such accomplishments and strong international reputation as it does today.

This result comes from the tremendous efforts of the people under the Party’s leadership and State’s management, including important contributions of enterprises in socio-economic development and recovery.

In defining the role and position of the private sector, Prime Minister Pham Minh Chinh stressed that the conference demonstrated the Party and State leaders’ care for private enterprises. Various resolutions issued by the Party have consistently affirmed the private sector as an important driving force of the economy.

As Vietnam is preparing to mark 40 years of economic reform, the government leader expressed his expectations that enterprises, especially those with success, will continue upholding the spirit of patriotism, solidarity, self-reliance, and historical traditions to overcome all difficulties and challenges.

Mission to make contributions to national development

In fact, compared to countries in the region and the world, the army of Vietnamese entrepreneurs remains relatively young. In general, the business community is facing a range of difficulties and challenges from adverse external impacts, geopolitical conflicts and supply chain disruptions, which are hindering their growth.

The businesses themselves have not accumulated adequate capital, knowledge, technology, nor experience to greenify and digitalise their operations. Large enterprises are still operating largely independently and have not fulfilled their pioneering role in leading the development of small and medium enterprises as well as the economy.

However, according to the figures cited by Minister of Planning and Investment Nguyen Chi Dung at the conference, as of 2023, the total assets of large enterprises attending the conference were estimated 70 billion USD. The mobilisation of such assets, along with their technology, knowledge, management level and high-quality resources, can provide a significant resource for the economy, helping to ensure Vietnam’s economic self-reliance.

Therefore, with the motto that “the success of businesses is also the success of the country”, Minister Dung expects that the community of large enterprises will proactively pioneer in major, difficult and new undertakings; resolve issues of national importance to create resources for economic development; and create room for the development of small and medium enterprises in various fields.

Emphasising the view that resources come from thinking and vision, the driving force comes from innovation, and strength comes from the people and enterprises, Prime Minister Pham Minh Chinh requested that as the country’s development is gathering new momentum, private enterprises need to pioneer in innovation and join the mission to contribute to national development.

The PM affirmed that the government pledges to stand by enterprises, protect their legitimate rights and interests in any circumstances, not criminalise economic relations, and always share and address the difficulties facing them, especially in the formulation and fine-tuning of institutions so that enterprises can operate in a favourable environment in accordance with the law and contribute to the common development of the country.

Regarding enterprises’ opinions presented at the conference, in the spirit of harmonising the interests of the people, enterprises and government, PM Pham Minh Chinh assigned ministries and agencies to heed and address enterprises’ concerns with both immediate and long-term solutions.

He noted that solutions should be worked out from enterprises’ important opinions I order to solve the country’s major issues and realise the goal of making Vietnam a developing country with modern industry and upper middle income by 2030 and a developed country with high income by 2045, as set out at the 13th National Party Congress.