At a seminar held on March 20 in Ho Chi Minh City, experts emphasized the private sector's vital role in the national economy, contributing around 40% of GDP and over 30% of total state budget revenue.

However, most private businesses are small and medium-sized enterprises (SMEs) that encounter numerous barriers to scaling up and enhancing their global competitiveness. Notably, Vietnam lacks a significant number of leading private firms with strong regional and international influence.

Regarding support policies, Le Tri Thong, general director of Phu Nhuan Jewelry Joint Stock Company (PNJ), pointed out that private enterprises face greater difficulties in accessing capital and development resources than foreign-invested firms and state-owned enterprises. He stressed the need for fairer policies to unlock resources and drive private sector growth.

Economists noted that with a shift in the Party and State’s perception, the private sector is now recognized as a key driver of the national economy.

Experts at the event also underscored the importance of removing barriers for SMEs, fostering a level playing field, and introducing support policies that align with those available to other business sectors, enabling private firms to reach their full potential.

PM: Private enterprises strive to contribute 50-60 pct of GDP

Private enterprises should continuously reform and increase competitiveness to contribute 50-60 percent of the national gross domestic product GDP), Prime Minister Nguyen Xuan Phuc said while addressing the second Vietnam Private Sector Forum held in Hanoi on July 31.