Prime Minister Pham Minh Chinh speaks at the high-level dialogue of the Viet Nam Private Sector Forum (VPSF) 2025 on September 16. (Photo: qdnd.vn)

Prime Minister Pham Minh Chinh on September 16 called on Viet Nam’s private sector to embrace patriotism, innovation, and global integration, positioning itself as a key driver in the nation’s future development.

Addressing a high-level dialogue of the Viet Nam Private Sector Forum (VPSF) 2025, themed “Unlocking Potential – Shaping Viet Nam’s Future,” Prime Minister Chinh praised the private sector’s contributions and encouraged it to remain a pillar of national development. He asked entrepreneurs to adhere to national laws and policies, uphold business ethics, and embrace their social responsibilities.

He emphasised the importance of integrating traditional and modern growth drivers, including investment, exports, digital transformation, green growth, and the creative economy. Businesses, he said, must adapt flexibly to global changes, diversify markets and supply chains, and continuously enhance the value-added of Vietnamese products.

Drawing from President Ho Chi Minh’s famous words “Nothing is difficult if one has the will,” the PM called on enterprises to persevere through challenges and be prepared to seize new opportunities without complacency.

“Businesses should be calm, wise, and resilient, as well as never underestimate or overestimate any moment,” he stressed.

Concluding his speech, the leader reiterated the Government’s commitment to working alongside the business community to resolve key challenges in infrastructure, capital, human resources, and policy.

He reaffirmed the slogan “The Government accompanies, ministries reform, infrastructure connects, institutions enable, businesses lead – Viet Nam develops.”

PM Chinh called on the business community, particularly the private sector, to continue walking alongside the Party, State, and people, sharing responsibilities, achievements, and pride, as Viet Nam confidently steps into its new era of national rise.

Held in Ha Noi on September 15-16, the forum brought together over 1,500 entrepreneurs, experts, and representatives from international organisations, alongside senior government officials and provincial leaders. It was organised by the Viet Nam Young Entrepreneurs Association, marking a major step in implementing Resolution 68-NQ/TW of the Politburo on private sector development.

Ahead of the forum, 12 local-level dialogues were held nationwide, gathering feedback from over 5,000 entrepreneurs and collecting more than 3,000 policy suggestions. These insights were presented at the ministerial-level dialogue and high-level session with Government leaders, as well as included in the VPSF 2025 Joint Declaration, and the Viet Nam Private Sector White Paper 2025.

At the high-level dialogue, government officials, business leaders, and experts discussed four strategic themes: enhancing strategic sectors for global reach; creating enabling institutions for business growth; promoting science, technology, and innovation; and building internal strength for sustainable breakthroughs.

Participants expressed optimism about Viet Nam's economic prospects and reaffirmed their commitment to public-private cooperation.

The VPSF 2025 Joint Declaration emphasises trust in a “constructive, integrity-based, action-oriented Government” and calls for concrete and measurable reforms that create a reliable, transparent, effective, and competitive business environment.

Private businesses committed to several concrete initiatives, including launching a national training programme for 10,000 leaders and the mentorship campaign “Each Young Entrepreneur Supports Two New Entrepreneurs.” They also urged the Government to create a more favourable ecosystem for household businesses to transform into formal enterprises through stronger policy incentives, easier access to capital, and streamlined administrative procedures.

According to official figures, Viet Nam now has more than 940,000 private enterprises and over 5 million household businesses, contributing approximately 50% of GDP, over 30% of state budget revenue, and employing 82% of the national workforce.

Notably, the top 500 Viet Nam private enterprises (VPE 500) account for just 0.075% of total businesses but contribute 28% of total assets and 18.4% of revenue within the private sector. These leading firms are also at the forefront of innovation, automation, and global value chain integration.