This was one of the key messages shared by VCCI President Hồ Sỹ Hùng at the conference titled “Enterprises contributing to double-digit growth and the Prime Minister’s recognition of enterprises.”

VCCI President Hồ Sỹ Hùng

Enterprises make strong breakthroughs
According to VCCI President Hồ Sỹ Hùng, the 2021-2025 period witnessed numerous difficulties and challenges due to the Covid-19 pandemic, geopolitical conflicts, supply chain disruptions, and rising global inflation. Thanks to the decisive, flexible, and effective direction and administration of the Government, led by the Prime Minister, Vietnam’s economy has maintained positive growth momentum, macroeconomic stability, and major economic balances.

VCCI President Hồ Sỹ Hùng speaks at the conference “Enterprises contributing to double-digit growth and the Prime Minister’s recognition of enterprises”

The average GDP growth rate in the 2021–2025 period reached approximately 6.2% per year, with 2025 alone achieving 8.02%, placing Vietnam among the high-growth economies in the region and the world. GDP size increased from USD 346.6 billion in 2020 to over USD 514 billion in 2025, making Vietnam the fourth-largest economy in ASEAN.

Notably, the enterprise sector has continued to grow strongly, becoming an important driver of the economy. The VCCI President emphasized that key resolutions of the Politburo have been translated into Government action programs with many breakthrough policies, opening up new development space for enterprises.

As a result, the private economic sector in general and the business community have witnessed unprecedented breakthroughs, most clearly reflected in the surge and record levels in the number of newly established enterprises and those resuming operations.

The number of newly established enterprises in the 2021–2025 period reached over 777,000, more than 1.2 times higher than in the 2016–2020 period. In 2025 alone, the country recorded more than 195,000 newly registered enterprises with total registered capital of nearly VND 2 quadrillion, up 24.1% in both number of enterprises and registered capital.

In addition, more than 102,300 enterprises resumed operations, up 34.3% compared to 2024. This is a record increase, clearly reflecting the strong vitality, dynamism, and growing business confidence of the enterprise community.

“These achievements have been made thanks to the Government’s strong support with a spirit of enabling, action, and service to enterprises. The Vietnamese business community highly appreciates and acknowledges the Government’s decisive direction, as well as timely and effective policies, especially the close attention of the Prime Minister in removing difficulties and creating momentum and confidence for enterprise development,” affirmed VCCI President Hồ Sỹ Hùng.

Notable measures include the implementation of the post-pandemic economic recovery and development program; reducing more than 30% of administrative processing time, abolishing over 30% of business conditions, and deploying 100% of administrative procedures online, helping enterprises reduce costs and improve operational efficiency. Alongside this, strong investment in strategic infrastructure has been made, with over 3,335 km of expressways; promotion of innovation and digital economy development; and expansion of international integration through free trade agreements. These timely and decisive decisions have laid an important foundation for the business community to recover quickly, enhance competitiveness, and contribute positively to national economic growth.

VCCI President Hồ Sỹ Hùng emphasized that the Vietnamese business community is committed to accompanying the Government to realize the goal of double-digit growth, contributing to Vietnam’s rapid and sustainable development

According to Associate Professor Dr. Hồ Sỹ Hùng, the Government’s policies and decisive direction during the past term have played a crucial role in helping the business community recover strongly, improve competitiveness, and contribute increasingly to economic growth. This also serves as an important foundation for the business community to continue accompanying the Government in achieving double-digit growth in the coming period.

Regarding the double-digit growth target, VCCI President Hồ Sỹ Hùng stated that this is not only a short-term development requirement but also a strategic step for Vietnam to break through and realize its goal of becoming a developed country by 2045. Although challenging, this goal also presents a major opportunity to restructure the economy, improve productivity, and enhance the role of the enterprise sector.

“The Vietnamese business community fully supports the Government’s policy of double-digit growth. Enterprises clearly understand that achieving high growth requires close coordination between the State and enterprises, in which enterprises play a central role as the driving force of the economy,” VCCI President Hồ Sỹ Hùng shared.

However, for the business community to fully play this role, it is essential to create a favorable, transparent, and fair business environment, shifting from a mindset of “managing enterprises” to “serving and enabling enterprises.” VCCI leadership believes that if enterprise resources, especially in the private sector, are unleashed, Vietnam can fully achieve double-digit growth.

Promoting key breakthrough reforms
To help the business community maximize its role in contributing to double-digit growth, based on consolidated feedback from enterprises and business associations, VCCI proposes several recommendations.

First, institutional reform – the most critical breakthrough. The business community recommends decisively reviewing and eliminating overlapping regulations; simplifying administrative procedures; promoting digital transformation in governance; and enhancing policy transparency and stability.

It is also necessary to establish legal frameworks to facilitate the development of new economic sectors such as low-altitude economy, silver economy, and night economy. A transparent, open, and predictable business environment will give enterprises confidence to invest and expand operations.

Delegates attending the conference

At the same time, enterprises propose building a “government that serves enterprises,” developing a “digital government – real-time processing,” ensuring fast, transparent, and efficient administrative procedures through comprehensive digitalization. Operate under the mechanism: One-stop – one-time – one responsible person.

In addition, it is necessary to implement decentralization and delegation of authority, enhancing local proactiveness alongside inspection and supervision to improve enforcement efficiency, while also strengthening training and capacity building for grassroots officials to handle tasks effectively when empowered. Assign enterprise development KPIs to each locality.

Shift from “internal control” to “socialized supervision” by implementing systems for enterprises and citizens to rate government performance. Promote transparency by publishing data on on-time processing rates and satisfaction levels of enterprises and citizens.

Second, unlock resources for enterprises, especially in the private sector. It is necessary to establish mechanisms to ensure a level playing field among all economic sectors, particularly for private enterprises and small and medium-sized enterprises.

To meet capital needs for high growth, VCCI recommends mechanisms to ensure fair access to finance by effectively reducing interest rates and developing capital markets. Unlocking capital flows will enable enterprises to expand investment and grow faster.

In addition to capital, enterprises also need more transparent and convenient access to land. It is necessary to promote public disclosure of planning, digitize land data, and establish transparent auction and bidding mechanisms to facilitate access to land, especially for SMEs. At the same time, shorten approval times for land-related procedures and improve planning stability to support long-term investment.

Moreover, timely and transparent access to information is crucial for enterprises to proactively develop business strategies. Enterprises recommend enhancing transparency in development planning, support programs, and investment opportunities, as well as building shared digital information platforms for easier access. Transparency will reduce search costs, improve predictability, and create a fairer business environment.

Ensuring fair access to public investment projects and development programs, regardless of enterprise size, is an urgent requirement. Currently, many SMEs face difficulties participating in large projects due to complex requirements and procedures.

Therefore, it is necessary to design bidding packages suitable for different enterprise capacities, promote joint ventures and partnerships, and enhance transparency in contractor selection. Facilitating private sector participation in infrastructure, digital transformation, and innovation projects will help effectively mobilize social resources for growth.

Third, develop infrastructure to reduce business costs. Priority should be given to accelerating strategic transport infrastructure projects such as expressways, ring roads, seaports, airports, and interregional connections, thereby reducing logistics costs and expanding economic space.

At the same time, it is essential to develop a modern logistics system, build large-scale logistics centers, enhance multimodal connectivity, and apply digital technologies in supply chain management to reduce costs for enterprises. Stable energy infrastructure is a key factor for enterprises to confidently expand production. It is necessary to accelerate power generation and grid projects, diversify energy sources, especially renewable energy and establish transparent and stable electricity pricing mechanisms.

In addition, digital infrastructure development should be strongly promoted, including high-speed telecommunications networks, data centers, and national digital platforms to support enterprise digital transformation and productivity improvement.

At the same time, opportunities should be created for enterprises to participate in infrastructure development projects by expanding public-private partnership mechanisms, ensuring transparency in investor selection, and encouraging private sector participation in large-scale projects.

Expanding growth space and conditions
Fourth, VCCI recommends promoting innovation and digital transformation to enhance productivity, focusing on supporting enterprises—especially SMEs—in digital transformation through advisory, training programs, and shared digital platforms to reduce implementation costs.

In parallel, apply tax incentives for innovation activities, including incentives for R&D investment, new technologies, and digital transformation to encourage enterprises to invest boldly in technology. At the same time, develop technology and innovation funds to support enterprises in accessing capital for high-risk but high-potential projects.

In addition, it is necessary to establish sandbox mechanisms for policy experimentation, allowing enterprises to test new business models in areas such as fintech, AI, logistics, and the digital economy. In particular, conditions should be created for Vietnamese enterprises to research and master core and strategic technologies through R&D support, state-commissioned research, development of national innovation centers, and stronger linkages among enterprises, research institutes, and universities. This will enhance technological autonomy and create a foundation for long-term growth.

Fifth, develop high-quality human resources – a decisive factor for long-term growth and productivity improvement. To meet new development requirements, priority should be given to promoting STEM education, increasing investment in science, technology, engineering, and mathematics, and encouraging enterprise participation in designing training programs aligned with practical needs.

In addition, it is necessary to develop digital skills for the workforce, implement large-scale digital skills training programs, and support enterprises in reskilling and upskilling employees. In particular, promote training in AI and high technologies, focusing on strategic areas such as artificial intelligence, semiconductors, big data, and automation to enhance national competitiveness.

Strengthening linkages between educational institutions and enterprises is also essential, including expanding internship and in-company training programs to improve workforce quality.

Finally, build a proactive integration strategy while protecting domestic enterprises. In the context of integration, there is a risk that SMEs may lose market share; therefore, the Government needs to adopt a proactive integration strategy alongside protecting domestic production capacity.

First, imports should be managed strategically through appropriate technical barriers in line with international practices, higher quality standards, and traceability requirements, while prioritizing the use of domestic goods and services in supply chains and public projects.

At the same time, it is necessary to protect and develop domestic manufacturing sectors, particularly foundational and supporting industries, through selective support policies to enhance competitiveness and deeper participation in value chains.

Relevant authorities should strengthen support for enterprise integration by establishing export support centers, providing international legal consultancy, promoting trade, and connecting Vietnamese enterprises with global value chains.

Integration is not about complete openness but about strategic openness leveraging international opportunities while protecting and developing Vietnamese enterprises in the long term.

“To achieve double-digit growth and build a self-reliant economy, Vietnam needs to shift from a model of “Managing enterprises” to “Serving and enabling enterprises.” If the Government enables, enterprises will increase investment. If the environment is favorable, enterprises will grow. If policies are transparent, enterprises will innovate."