While addressing a ceremony marking the 20th anniversary of the Vietnam Association of Small and Medium Enterprises (VINASME) in Hanoi on August 25, Prime Minister Le Minh Hung stressed that small and medium-sized enterprises (SMEs) serve as an “incubator” for major corporations and provide a solid foundation for Vietnam to achieve its target of double-digit economic growth.

Over the past two decades, Vietnam’s policies and mechanisms supporting SMEs have become increasingly comprehensive, creating new opportunities for their development, according to the PM. In particular, Politburo Resolution No. 68-NQ/TW, issued on May 4, 2025, on private-sector development established a strategic framework placing businesses at the centre of economic development and identifying the private sector as one of the economy’s most important driving forces.

PM Hung noted that the SME sector has expanded significantly in both scale and economic importance. SMEs now account for nearly 98% of all operating businesses and are present across almost every industry, sector and locality.

Vietnam is pursuing two strategic development goals for 2030 and 2045, the Prime Minister said, adding that to achieve double-digit growth, the private sector must expand in scale, improve productivity and technological capacity, participate more deeply in global value chains and strengthen its international presence.

The Government, he pledged, will continue to support businesses, protect their legitimate rights and interests, and create a transparent, fair and stable investment environment to unlock all available resources.