Chairman of the Central Policy and Strategy Commission Nguyen Thanh Nghi addresses the conference on private enterprises and entrepreneurs in Vietnam’s development model renewal

Institutional momentum and the rise of private corporations

The clearest result after one year of implementing Resolution 68-NQ/TW has been a clear shift in legislative thinking and in efforts to create a more supportive business environment. Phan Duc Hieu from the National Assembly’s Economic and Financial Committee said the most important aspect of Resolution 68 goes beyond raising the role of the private sector. More importantly, development policy has shifted from simply encouraging businesses to creating an environment where companies feel confident making long-term investments.

To support that momentum, institutional reform has accelerated over the past year through actions by the National Assembly and the Government aimed at removing long-standing bottlenecks. These efforts have included introducing special mechanisms and resolutions to address projects delayed for years, revising a broad range of laws related to investment, public-private partnerships, bidding, and planning, as well as promoting a wider shift in governance from pre-approval to post-review oversight.

Vietnam has also seen strong progress in the development of its private business sector. According to Fortune Southeast Asia 500, Vietnam had 75 companies ranked among Southeast Asia’s top 500.

In Da Nang, THACO has steadily built an automotive and mechanical manufacturing ecosystem that ranks among the largest in Southeast Asia. In heavy industry, Hoa Phat Group has grown from a small furniture workshop into one of Southeast Asia’s leading steel producers, with annual output reaching millions of tons and competing directly with international steel producers in export markets.

In technology, FPT, one of the region’s largest IT companies, is providing digital transformation services to multinational corporations. In consumer goods, Vinamilk has built a dairy brand present in more than 50 countries, while Masan Group has developed a consumer ecosystem spanning food, beverages, and retail services for tens of millions of consumers.

Meanwhile, VinFast has become one of Vietnam’s most closely watched business success stories as the country’s first electric vehicle manufacturer, with a large-scale production complex in Hai Phong, a successful listing on a Nasdaq listing, and vehicle sales across international markets including North America, Europe, and Southeast Asia. In infrastructure, Vingroup has developed projects covering thousands of ha, while Sun Group and BRG Group have invested billions of U.S. dollars in tourism infrastructure, resorts, and airports, helping reshape the economic landscape of several of Vietnam’s major growth regions.

Challenge of reaching 2 million businesses

Even with the rise of major private corporations, the challenge of building balanced business growth in both scale and quality remains difficult. By the end of 2025, Vietnam had nearly 1.1 million active businesses. Yet according to Dau Anh Tuan, Deputy Secretary General of the Vietnam Chamber of Commerce and Industry (VCCI), the business community remains “broad but not yet strong, large in number but still lacking depth.” Most businesses continue to operate as small and medium-sized enterprises with limited ability to withstand external shocks.

The gap between strategic goals and actual market trends is becoming increasingly clear in the numbers. Resolution 68-NQ/TW targets 2 million active businesses nationwide by 2030. However, the Institute for Policy and Strategy Studies has warned that the trend of businesses entering and exiting the market is becoming more concerning, with the ratio approaching one-to-one. In 2025, around 300,000 businesses entered or re-entered the market nationwide, while more than 227,000 exited. During the first four months of 2026, that pressure showed little sign of easing, with 119,400 newly established or returning businesses and 108,900 leaving the market.

That means Vietnam is averaging roughly 32,000 newly registered and returning businesses each month, while about 30,400 businesses are also leaving the market. In practical terms, the economy is seeing net growth of only around 1,600 businesses per month. According to economic analysts, at that pace, reaching 2 million businesses by 2030 will be extremely challenging.

Overview of the conference on private enterprises and entrepreneurs in Vietnam’s development model renewal

Beyond a defensive mindset

The economy’s biggest concern today is no longer simply the number of businesses, but the sharp decline in long-term private sector investment. Le Xuan Nghia, former Vice Chairman of the National Financial Supervisory Commission, shared a striking figure: at one point, the private sector accounted for as much as 91% of total investment in the economy, but that share has now fallen to around 67%.

To address the issue at its root, institutional barriers will need to be removed through a different policy approach. Phan Duc Hieu said that creating an environment where businesses feel confident making long-term investments must be based on protecting property rights, avoiding the criminalization of economic and civil relationships, and reducing administrative pre-approval barriers as much as possible.

From a broader international perspective, Nguyen Canh Cuong, an expert lecturer at VNU University of Economics and Business, pointed to global lessons: Japan accelerated growth by choosing the right strategic industries; South Korea built powerful chaebol such as Samsung and Hyundai that helped drive entire industrial ecosystems; and China used its market scale to build large industrial clusters and strengthen control across value chains. For Vietnam, becoming an economic powerhouse will require support policies in this next phase to be more focused, prioritizing businesses with the capacity to lead industries and master technology rather than spreading resources too broadly.

Resolution 68-NQ/TW has created a major opportunity for both private and state-owned enterprises. At the same time, lessons from earlier resolutions, including Resolution 10, which did not achieve its goal of reaching 1 million businesses by 2020, show that even ambitious targets will have little meaning without a clear accountability mechanism for implementation. What the business community is waiting for now is a safe, consistent, and predictable environment that gives companies the confidence to commit long-term investment. Only when institutional confidence is strengthened and the path for reform becomes clearer can Vietnamese businesses build the momentum needed to grow and help the economy achieve its ambitions in the decade ahead.

Encouraging private investment in green industrial parks, logistics, and strategic infrastructure

Nguyen Van Hung - Chairman of the Phu Tho Provincial Business Association, Chairman of the Board of Directors of CNCTech Group

Vietnam is entering a new stage of development with higher expectations for growth quality, competitiveness, and its ability to attract next-generation investment. The global shift in supply chains, together with the trend toward more diversified manufacturing, is creating a major opportunity for Vietnam to become a new production hub in the region.

In this context, industrial and logistics infrastructure is no longer simply a supporting factor for manufacturing. It has become a core part of national competitiveness. In the past, investors focused mainly on labor costs and tax incentives. Today, they place greater importance on infrastructure quality, project delivery speed, logistics connectivity, living conditions for workers, and green and sustainable development standards.

A high-tech company will not choose a location that offers only basic infrastructure. It needs an ecosystem that is modern, integrated, and stable enough to optimize costs, support long-term operations, and retain skilled workers. CNCTech’s experience provides a practical example. We chose to develop a green, smart, and integrated industrial park model rather than expand broadly. One example is Nam Binh Xuyen Green Park, which includes 35 ha of green space, more than 15 ha of lakes and water regulation areas, underground power systems, clean water infrastructure, and technical facilities built to international standards.

Through our work with international investors, we have seen that a next-generation industrial park model cannot stop at land leasing alone. Investors need a one-stop solution covering infrastructure, factory facilities, logistics, operational services, and investment procedures. For that reason, CNCTech has built an integrated ecosystem that includes industrial infrastructure, logistics warehousing, operational support services, and supply chain connectivity to help businesses save time, lower costs, and begin operations more quickly.

Private enterprises are playing an increasingly important role in developing strategic infrastructure thanks to their ability to adapt quickly, their focus on innovation, and their willingness to invest in green and sustainable standards. However, large upfront investment costs, long capital recovery periods, and the lack of dedicated support mechanisms remain major barriers.

Based on practical experience, we propose four recommendations:

First, Vietnam needs preferential credit packages and dedicated support mechanisms for green industrial parks, green logistics centers, and smart industrial infrastructure projects.

Second, the country needs coordinated policies for supporting industries and high technology, including land, credit, tax, and workforce support to build highly connected domestic manufacturing ecosystems.

Third, investment should continue in interregional logistics infrastructure such as seaports, inland container depots, expressways, railways, and digital logistics to reduce logistics costs and strengthen national competitiveness.

Fourth, planning should follow a more integrated approach, shifting from standalone industrial parks toward industrial, technology, and logistics ecosystems where infrastructure, transportation, urban development, and workforce planning are connected in a coordinated way.

We believe that with the right mechanisms and effective policy support, private enterprises can work alongside the Government to help build a new generation of strategic infrastructure for the country.

National program needed to green private enterprises in 2026-2030

Luu Thi Thanh Mau - Vice Chairwoman of the Vietnam Young Entrepreneurs Association, CEO of Phuc Khang Construction and Investment Corporation

Through years of working closely with the young business community, I have found that the biggest challenge today is not a lack of awareness around green transformation. The real challenge is that many businesses do not know where to begin, which standards to follow, how much the transition will cost, or what support mechanisms are available. Many companies want to save energy but do not have enough capital to invest in equipment. They want to adopt ESG practices but lack staff with the right expertise. They want to measure emissions but do not have reliable data. They want to join green supply chains but cannot afford certification costs. They want access to green financing, but the requirements remain difficult to navigate.

For that reason, policy should move beyond asking businesses to go green and focus instead on building an ecosystem that supports green transformation. First, there should be practical green transition guidelines that are simple, easy to understand, and tailored to each industry. At the same time, green financing packages should be designed specifically for small and medium-sized enterprises, covering not only large energy projects but also loans for upgrading production lines, replacing equipment with energy-saving alternatives, wastewater treatment, recycling byproducts, and digitalizing production management.

Data must become the foundation of green transformation. Businesses cannot reduce emissions unless emissions can be measured. They cannot access green financing without transparent records. At the same time, there should be policy incentives in trade promotion, financing, green public procurement, and supply chain connectivity for businesses that move early in green transformation.

In particular, we propose establishing a national program to green private enterprises for the 2026-2030 period. This should not be only a communication initiative. It should be a practical policy package with clear implementation mechanisms.

In our view, the program should include five key components: introducing a soft mandatory green audit system so businesses can assess current energy use and emissions; creating green credit packages for small and medium-sized enterprises; building digital green business passports; prioritizing market access for businesses investing in green development; and strengthening the role of business associations as green transition support hubs for their members.

I believe that with the right policy support, green transformation will no longer be seen as a burden and will instead become a new competitive advantage for Vietnamese businesses as global standards continue to tighten.

Removing capital and technology bottlenecks for global expansion

Mai Huu Tin - Chairman of U&I Investment Corporation JSC, Permanent Vice Chairman of the Ho Chi Minh City Business Association

Vietnam’s private sector is currently facing four major challenges: access to capital, industry development strategy, science and technology, and overseas investment.

While the country is mobilizing resources for large-scale national projects, many small and medium-sized enterprises continue to face serious difficulty accessing capital. With lending rates above 10%, even businesses that are able to secure financing face significant pressure in maintaining operations and generating profits. In my view, the current credit policy framework still presents major challenges and should be reviewed to create more suitable capital flows for the economy.

At the same time, institutional confidence and the ability of foreign investment funds to deploy capital effectively remain barriers that are limiting international investment flows into Vietnam.

In terms of industry development strategy, many policies still lack clear implementation plans and do not clearly define responsibilities. If Vietnam aims to achieve double-digit growth, it needs development plans for each industry tied to leading enterprises that can help build core capacity for the national economy.

In science and technology, businesses are highly willing to invest in acquiring technology, but the financial capacity of any individual company remains limited. For that reason, stronger Government support is needed through national investment funds dedicated to science and technology.

Vietnam can learn from countries such as Singapore and China, where governments use national investment funds to acquire and develop strategic technologies, helping shorten development timelines.

In particular, I propose dedicated support mechanisms for businesses investing overseas. Many Vietnamese companies have already maintained productivity growth of more than 10% a year and are ready to expand internationally, but they continue to face major challenges.

Administrative procedures are only part of the issue. What businesses need more is practical and sufficiently strong Government support so they can expand into global markets with greater confidence and build a stronger position for Vietnamese enterprises internationally.