Drawing from practical challenges the private sector faces, Assoc. Prof. Dr. Tran Quoc Toan, former deputy chief of the Government Office, pointed out three major causes, namely incomplete and inconsistent awareness of the private sector’s role; institutional, policy, and enforcement bottlenecks that lag behind development needs; and weaknesses of the private sector itself, with limited capacity and not yet a truly strong force.

Mechanisms should be developed to enable private enterprises to engage in supply chains, said Toan.

He stated that developing the private sector in line with Resolution 68 requires solutions to address many issues, from perspectives and awareness to mechanisms and policies. He stressed the need to decisively eliminate inappropriate administrative procedures, reduce bureaucratic red tape, and build a transparent and ethical corporate culture.

Without a healthy business environment, Vietnam cannot compete globally, he said.

He suggested that Vietnam should train a skilled, visionary, and ethical entrepreneurial workforce, while the State should play a proactive role in forming a new generation of entrepreneurs capable of driving private sector growth and contributing to the sustainable development of the national economy in the new phase.

Dr. Le Xuan Nghia, former vice chairman of the National Financial Supervisory Commission, stressed that to develop the private sector as envisioned in Resolution 68, it is crucial to quickly translate the resolution into action.

This includes implementing policies to help businesses access financial resources, particularly for investment in science and technology, while the government should play a leading role in funding research and development for the private sector, aiming to have 2 million active businesses by 2030, and at least 3 million by 2045, with the private sector contributing over 60% of GDP, he suggested.

Delegates also recommended facilitating more effective and substantial access to capital for the private sector and developing more diverse capital mobilisation channels. In addition, they urged for more proactive tasks and opportunities to be given to small, medium, and micro-enterprises.

According to Nguyen Huu Hung, vice chairman of Deo Ca Group, the government must assign tasks and create favourable conditions for private enterprises to accomplish their tasks. Large corporations should not monopolise all opportunities.

Local small businesses must be given the chance to participate in national projects; otherwise, the country will lack a capable execution force in the future, said the executive.

He called for a spirit of boldness by "daring to think, act, and take responsibility" to drive innovation and growth, warning without it, the economy risks stagnation.

Private economic sector poised for a breakthrough phase

VOV.VN - On May 4, 2025, on behalf of the Politburo, Party General Secretary To Lam signed Resolution No. 68-NQ/TW on private economic sector development, which underscores that the private economic sector is one of the most important drivers of the national economy.