The private sector has proved its important role in effectively mobilising resources for development, creating jobs and livelihoods, improving people’s living standards, promoting international integration, and contributing significantly to national construction and defence, he said.

In his keynote speech, he urged Vietnamese entrepreneurs to embody the spirit of “three pioneering roles” and “two strengths” to fulfill the overarching goal entrusted by the Party and the State to make the private sector one of the most important drivers of the national economy, working harmoniously and effectively with the state-owned sector, which remains the backbone.

According to the PM, private enterprises must pioneer in achieving the country’s two centennial goals, aligning corporate missions with the national vision of independence, self-reliance, and long-term growth. They should also lead patriotic emulation movements by creating at least one innovative, high-tech product each year. In addition, he called on business leaders to pioneer in promoting equality, fairness, and social progress, ensuring that “no one is left behind.”

With regard to the “two strengths”, the Prime Minister encouraged the private sector to grow by overcoming its own limitations, pressing forward into green growth, digital transformation, and the knowledge economy.

“The greater the pressure, the stronger the effort. I hope entrepreneurs will rise beyond their limits to innovate and thrive,” he said.

The Government leader urged enterprises to grow through fair and transparent competition on the global stage, integrating deeply into regional and global value chains with a forward-looking and strategic vision.

He called on the business community to unite under the motto “Solidarity – Discipline – Innovation – Prosperity – Development – Sustainability”, not only to enrich themselves and their industries but also to contribute to the country’s overall wealth and well-being, helping realise the aspiration for a strong and prosperous Vietnam.

During the programme, many entrepreneurs and experts shared recommendations to further strengthen the private sector.

Mai Huu Tin, Chairman of the Board of Directors of U&I Investment Corporation and Co-Chairman of the Committee for Infrastructure and Competitive Advantage Development, stated ViPEL would not be a one-off event but an ongoing, multi-year initiative linked to national projects and monitored for results. He proposed specific mechanisms and policies to support private participation in strategic projects, avoiding vague or general commitments.

The ViPEL executive council, based on recommendations from the Private Economic Development Research Board and founding entrepreneurs, suggested that the Prime Minister allow relevant ministries and agencies to pilot a “Public–Private Co-Nation-Building” cooperation model. This legal framework would facilitate the selection of reputable domestic enterprises to lead strategic projects under transparent and accountable mechanisms, eliminating the outdated “ask–give” approach.

Taking the floor, Truong Gia Binh, Chairman of FPT Corporation and Head of the Private Economic Development Research Board, likened the current economic challenge to “a new battle for a strong, prosperous, and happy Vietnam.” He stressed that the private sector and the State must share a common dream, act together, and achieve tangible, measurable results through joint responsibility and commitment.

Meanwhile, Nguyen Thi Phuong Thao, Chairwoman of Sovico Group, that provides products and services in finance, banking, aviation, real estate, and industry, emphasised that Vietnam is standing at the threshold of a new era of innovation, with opportunities to move deeper into global value chains, from design to packaging and testing.

“If we dare to act and move fast, we can absolutely become Asia’s innovation hub,” Thao affirmed.

According to her, the global boom in emerging technologies such as AI, semiconductors, drones, fintech, and digital assets is opening vast potential for Vietnam as an emerging market. To seize this moment, the Sovico Chairwoman called for genuine collaboration among the government, businesses, and society at large.

In that spirit, she proposed selecting “leading enterprises” in specific sectors to take responsibility for standardising processes and quality, and placing orders for their broader ecosystems. She also highlighted the need to build national infrastructure for data and experimentation to lower initial costs, facilitate access to shared resources, accelerate the “trial-and-error” process, and shorten the time for products to reach the market.

The programme gathered over 500 entrepreneurs, economic experts, and senior government officials. At the closing ceremony, Prime Minister Pham Minh Chinh and the delegates officially launched the Vietnam Low-Altitude Economic Alliance (LAE) and witnessed the signing of several strategic cooperation agreements.

Vietnam to train 10,000 CEOs to strengthen private sector development

The Vietnam Young Entrepreneurs Association (VYEA) announced in Hanoi on October 8 the summary report of Vietnam Private Sector Forum 2025 (VPSF 2025) and launched a programme to train 10,000 chief executive officers (CEOs) from 2025 to 2030.