The renewed confidence and inspiration in the business community stems from General Secretary To Lam's call to lead the nation into “a new era - an era of national advancement, robust growth, and national prosperity,” and to ensure Vietnam “catches up, advances together, and stands shoulder to shoulder with global powers.”

Policy boosts

In the early days of our nation, in his letter to Vietnamese businesspeople (October 13, 1945), President Ho Chi Minh emphasized the important role of entrepreneurs: “Public affairs and private affairs always go hand in hand. A prosperous national economy ensures the prosperity of industrialists and merchants.”

This vision has been steadfastly and consistently endorsed by the Party and the State through Doi Moi (renovation) decades when policies are in place to provide an enabling business environment for companies to grow. Looking back on the Doi Moi process, policies that truly support people and businesses have increasingly created the driving force of robust and continuous development for our country’s economy that reaps better achievements year after year, which are admired by the whole world. During the early Doi Moi stage (1986–1990), the average annual GDP growth stood at 4.4%. This figure rose to 8.2% in the 1991–1995 period. Despite challenges such as the regional financial crisis and successive natural disasters, growth remained strong at 7% from 1996–2000. It further improved to 7.26% between 2001–2010 and maintained a steady 6.3% from 2011–2019.

Wrecked by the COVID-19 pandemic, our country's GDP growth dropped to 2.91% in 2020 and 2.58% in 2021. Boosted by recovery policies, it sharply soared 8.02% in 2022 and 5.05% in 2023.

Between 1989 and 2023, Vietnam's GDP per capita grew an astounding 40-fold. Changes and prosperity are easily seen in all places and families, making Vietnam a standout success story in hunger eradication and poverty reduction. Vietnam’s poverty rate was more than 58% in 1993, but it plunged to just 2.93% in 2023. With supportive policies of the Party and the State in the past 20 years, entrepreneurs and enterprises developed very strongly. From 92,000 enterprises in 2004, Vietnam now has more than 930,000 enterprises, nearly 30,000 cooperatives and more than 5.1 million business households, which have become the core force in economic construction and development. Most recently, Resolution 41-NQ/TW dated October 10, 2023 of the Politburo on building and promoting the role of entrepreneurs in the new era has generated more momentum and been warmly welcomed by the business community.

In 2024, the Central Commission of Propaganda and Education, the Central Economic Commission and the Vietnam Chamber of Commerce and Industry (VCCI) jointly organized a national conference on dissemination and implementation of Resolution 41/NQ-TW for over 206,000 delegates attending in person and online. This was the largest-ever event for a resolution on entrepreneurs and enterprises. Up to now, the Government, central agencies and all 63 provinces and cities have launched action programs for implementation of Resolution 41, demonstrating their determination to further develop entrepreneurs and enterprises in the new era.

Milestones in 2024

Nearly 40 years of Doi Moi achievements have elevated Vietnam's economy to a new position of strength and potential, paving the way for higher goals and greater aspirations. In 2024, Vietnam's GDP reached an impressive US$476 billion, positioning the country 34th globally, with a GDP per capita of US$4,700, approaching the upper middle-income threshold. For the first time, its import and export value neared US$800 billion, solidifying Vietnam’s standing among the Top 20 global trading countries. Vietnam also attracted nearly US$40 billion in licensed foreign direct investment (FDI) and disbursed US$25 billion, placing the country among the world’s 15 largest FDI recipients. Notable achievements include a strong economic recovery, highlighted by the world’s highest GDP growth rate of 7.09%, along with macroeconomic stability, effective inflation control, and firmly secured major economic balances.

In 2024, many new Party and State policies were introduced, ushering in a strong wave of reform, with many actively proposed or shaped through contributions from the Vietnam Chamber of Commerce and Industry (VCCI).

In 2024 alone, VCCI submitted 548 commentaries on draft legal documents and hosted 77 seminars, conferences and discussions on lawmaking and policymaking, engaging over 8,000 businesses. Additionally, it organized 654 training courses attended by more than 32,000 businesses. The active involvement of VCCI and the business community contributed to enhancing the quality of issued policies and legal documents, ensuring their practical effectiveness and impact.

In particular, the Land Law 2024, the Housing Law 2023, the Law on Real Estate Business 2023, support policies on the development of digital industry and green economy, investment stimulus policies for high technology, environmental protection and sustainable development have created a more favorable business environment and facilitated businesses to work effectively and contribute to national economic development.

General Secretary To Lam meets with outstanding Vietnamese entrepreneurs and enterprises on the 20th anniversary of Vietnam Entrepreneurs’ Day, praising their achievements and urging greater contributions to national prosperity

Continuing the historical mission

Today, looking at the emerging economies that have joined the world's leading group, all have the engagement and presence of nationalistic businesses standing shoulder to shoulder with the world's leading firms. We see Samsung, Hyundai and LG in South Korea; Tencent, Alibaba, Huawei and BYD in China; and TSMC, Foxconn and Pegatron in Taiwan (China). In Vietnam, after nearly 40 years of dynamic development and innovation, we are witnessing the emergence of more potential world-class businesses, exemplified by Viettel, FPT, Hoa Phat and Vingroup. To elevate Vietnam to stand on par with global powers in this new era, it is necessary for Vietnamese entrepreneurs and enterprises to stand alongside the world’s leading firms.

This is also the historical mission of Vietnamese entrepreneurs and enterprises. Resolution 41 of the Politburo also states the requirements and tasks of building and promoting nationalistic businesses in the new era. In particular, in the last days of 2024, the Politburo issued Resolution 57-NQ/TW dated December 22, 2024 on breakthroughs in science, technology, innovation and national digital transformation. This strategic orientation guides Vietnamese entrepreneurs and enterprises into a new era.

In the past, there were concerns that Vietnamese enterprises struggled to produce bolts and screws for FDI electronics manufacturers. Today, however, we take pride in seeing FPT standing on par with Nvidia to build an AI factory, with the goal of transforming Vietnam into a global AI hub. We also have Viettel with modern military equipment, VinFast with electric vehicles for a green future; and Hoa Phat Group capable of making rails for the high-speed railway “project of the century” recently approved by the National Assembly. Vietnamese entrepreneurs and enterprises today can manufacture chips, airplanes, missiles and other products, affirming their technological mastery and making high-value products.

In a flat world where technology is becoming a shortcut for those who follow behind to surpass and rise to the leading group, Resolution 57 together with Resolution 41 of the Politburo will serve as the foundation and driving force for breakthrough business development in 2025 and beyond. General Secretary To Lam's call for a “new era” along with the directive of “forsaking the mindset that bans what cannot be managed” and the requirement of “building an effective, dynamic administration and a safe, transparent, low-cost, international-standard investment and business environment to foster entrepreneurship and money making” will certainly create a new wind and stimulate entrepreneurs and enterprises to aspire to contribute to the country.

A new spring is on the horizon. The Year of the Snake 2025 is expected to bring fluctuations, challenges and fresh opportunities, along with a rising wave of economic innovation. Vietnamese businesses have new opportunities and motivations to progress, transform and enter a new era. We believe that as more and more Vietnamese entrepreneurs and businesses stand shoulder to shoulder with businesses around the world, the day when Vietnam stands on par with the world’s great powers will draw nearer. In 2025, Vietnam will emerge as an upper middle-income developing country, poised for a new journey - a journey of strong, sustainable, and prosperous national development.

Pham Tan Cong, Secretary of Party Union, President of VCCI