Breaking Barriers: Vietnam's Bold Initiative to Power Private Sector Growth
Vietnam's PM unveils groundbreaking plans for private sector, marking a historic shift in economic strategy towards empowering enterprises as key partners.
In a momentous gathering on May 31, 2025, Prime Minister Phạm Minh Chính spearheaded a strategic dialogue with business leaders, forging a path for the transformation of Vietnam’s private sector. The prime minister highlighted that the resolutions in place are comprehensive and form the backbone of future economic strategies. However, the key lies in effective implementation, imbued with the ethos of ‘thinking deeply and acting boldly’. According to vietnamnews.vn, these discussions are pivotal in unlocking the latent potential of nearly one million enterprises along with five million household businesses across Vietnam.
A Vision Beyond Words
Prime Minister Chính stressed the significance of coordination between the State, local authorities, businesses, and citizens in executing Resolution No.68-NQ/TW, which acknowledges the private sector as a central engine of economic growth. Such an approach, he asserted, demands unity and bold action, leaving no room for reticence.
Building More Than Policy
The dialogue was not merely institutional; it marked the establishment of the National Steering Committee for the Resolution’s implementation. Discussions revolved around the private sector’s role, with calls to eliminate unethical practices and renew business philosophies to embrace a global trend towards growth.
Voices from the Business Front
Mai Kiều Liên, CEO of Vinamilk, reinforced the sentiment of shared responsibility and growth, while other business leaders emphasized the need for special mechanisms in science and technology, particularly in agriculture. Trần Mạnh Báo advocated for innovation support funds and stronger public-private collaborations.
Bridging the Gap
As the nation steps into a new era marked by the launch of the National Law Portal, the dialogue broadcasted live to over 1,000 delegates, resonates with the core spirit of Resolution 68. The private sector, as articulated by leaders like Phạm Nguyễn Toan, is no longer a passive entity but a strategic partner, poised to lead vital projects.
Overcoming Obstacles to Innovation
Nguyễn Văn Khôi accentuated the urgency of addressing institutional constraints and administrative bottlenecks. He underscored the necessity of enhancing internal capacities amid global disruptions, viewing the private sector as indispensable to Vietnam’s sustainable economic resilience.
The dialogue represents a foundational shift in Vietnam’s economic landscape, signaling new opportunities, strategic alliances, and a progressive vision where private enterprises are change leaders in the national economy.