National Assembly Chairman Vuong Dinh Hue articulates a significant message on the pivotal role of entrepreneurs and family businesses in cultivating national spirit, patriotism, and the collective aspiration for a prosperous Vietnam during a meeting with family businesses nationwide

Chairman Hue extended his congratulations to these enterprises and the broader Vietnamese business community on the recent unveiling of Resolution 41-NQ/TW, dated October 10, 2023, by the Politburo. This resolution, which centers on the construction and promotion of Vietnamese entrepreneurs in the new era, underscores the need to cultivate a nationalist entrepreneur force, representing a novel dimension in business development.

Accomplishments recognized globally

To materialize this aspiration, it is imperative to nurture Vietnamese business leaders who embody ethical principles, cultural values rooted in the national identity, and a strong commitment to social responsibility. These individuals should be instilled with a profound sense of cultural heritage and uphold traditional values within their business families.

Chairman Hue unequivocally affirmed that the Party, State, and the Vietnamese people have consistently recognized the invaluable contribution of enterprises and entrepreneurs to the nation's progress. The leadership's focus on policies that prioritize the well-being of both the populace and the business community underscores the integral role that enterprises and entrepreneurs play in the nation's journey of industrialization and modernization.

During the unprecedented challenges posed by the COVID-19 pandemic, the National Assembly and the Government remained steadfast in their support of enterprises and entrepreneurs. A historic milestone was achieved as the National Assembly conducted extraordinary sessions to expedite decisions related to COVID-19 pandemic prevention and control, along with the overarching goal of socio-economic recovery and development. These measures aimed to alleviate the challenges faced by people and businesses and, concurrently, create new employment opportunities.

Chairman Hue acknowledged the rapid growth of family businesses in Vietnam, a transformation characterized not only by their increasing numbers but also by the elevation of their qualifications, expertise, and commitment to social responsibility. Numerous family businesses have ascended to prominence, attaining international recognition, such as THACO, Vingroup, Sovico, BRG and TH True Milk.

He noted that international observers have expressed admiration for the remarkable achievements of Vietnam's family business community.

Chairman Hue reiterated the unwavering support of the National Assembly, the National Assembly Standing Committee, and himself in advancing the development of the Vietnamese family business community. He called upon entrepreneurs and family businesses to prioritize the cultivation and practice of business ethics, a business culture deeply rooted in the national spirit and a spirit of patriotism. This should be coupled with a commitment to societal welfare and a shared aspiration to contribute to the prosperity of a robust, socially responsible Vietnam, ensuring sustainable development. He emphasized the importance of placing ethics at the core of Vietnamese business culture, establishing and adhering to ethical standards that resonate with the nation's identity. This, he noted, is an urgent and strategic imperative within the new context to build and advance Vietnamese entrepreneurs and enterprises.

In his report during the meeting, Mr. Pham Tan Cong, President of the Vietnam Chamber of Commerce and Industry (VCCI), highlighted the significant progress made over the past 37 years of Doi Moi (reform) in cultivating a robust entrepreneurial force and business community in Vietnam. Family businesses have been instrumental in implementing the guidelines and policies set forth by the Party and the State for economic development, contributing to the nation's transformation from an underdeveloped and backward country to the 37th largest global economy, ranking among the top 20 nations in international trade.

Family businesses play a crucial role in the business community. Vietnam currently has over 900,000 businesses, 20,000 cooperatives, and five million individual business households. Family businesses constitute an integral segment of the national business force, accounting for 70% of all businesses in Vietnam. Additionally, over five million individual business households, often referred to as micro-family businesses, further bolster this category. Family businesses form the bedrock of a formidable business force, not only in Vietnam but also on the global stage.

The VCCI established the Vietnam Family Business Council in 2014, which has actively engaged in meaningful activities to promote the growth and development of family businesses over the past decade. Cong highlighted the importance of Resolution 41-NQ/TW, issued by the Politburo on October 10, 2023, which accentuates the imperative of cultivating a nationalist business force. The resolution underscores the crucial role that family businesses assume in fostering a robust nationalist business force, thereby contributing significantly to the establishment of an independent and self-reliant economy.

National Assembly Chairman Vuong Dinh Hue bestows gifts upon outstanding family businesses in recognition of their contributions

Establishing an equitable and supportive legal environment

From the perspective of business leaders, Nguyen Thi Phuong Thao, President of the Board of Directors of Sovico Holdings Company, underscored the growth of Vietnamese family businesses, characterized by their strong commitment to business ethics, a business culture imbued with national identity, and a profound sense of social responsibility. Many Vietnamese companies have attained global recognition, strengthening their position and influence within international value chains and exhibiting robust global competitiveness. These businesses have diligently prepared the next generation to assume leadership roles, ensuring continuity and the infusion of world-class knowledge into Vietnam.

Sovico Group is a multi-industry economic corporation that has been in operation for over 30 years, with more than 40,000 officers and employees. The group has played a key role in establishing several banks, including HDBank and Vietjet Airlines, which are currently experiencing strong growth.

“We embody the spirit and tenacity of Vietnamese entrepreneurs, always striving to overcome challenges with a sound business philosophy,” said entrepreneur Nguyen Thi Phuong Thao.

In this regard, Nguyen Thi Nga, President of BRG Group, emphasized the pivotal role of training future generations. She noted that the next generation must be equipped with the passion and knowledge to succeed their predecessors and bring international expertise to Vietnam. Additionally, she expressed the hope that the National Assembly would create an equitable and supportive legal environment for all enterprises and entrepreneurs, facilitating the development of their businesses.