Prime Minister Pham Minh Chinh chaired a meeting in Hanoi on February 10 with cabinet members and business leaders to discuss strategies for accelerating private sector growth and driving the nation's rapid and sustainable development.

In his opening remarks, the PM highlighted Vietnam’s economic strides in 2024, attributing these achievements to the leadership of the Party, particularly the Politburo and Secretariat under the guidance of the Party General Secretary. He also recognized the collective efforts of the political system, the business community, the people, and support from international partners.

The Government has now set ambitious economic growth targets for localities, ministries, agencies, and state-owned enterprises, aiming for a national growth rate of at least 8% this year. This momentum, he noted, is expected to pave the way for double-digit growth in the coming years, with businesses playing a central role in this trajectory.

To identify challenges and institutional bottlenecks, the Government will hold a series of conferences with banks and enterprises from the state-owned, private, and foreign-invested sectors. These discussions will focus on legal frameworks, land-use policies, planning, licensing procedures, and other regulatory hurdles that may impede business operations.

Chinh also called on businesses to actively participate in cutting-edge industries such as science and technology, innovation, and projects exploring underground, marine, and outer space opportunities.

Private sector’s growing impact

According to the Ministry of Planning and Investment, Vietnam is now home to over 940,000 active businesses, more than 30,000 cooperatives, and over 5 million household businesses. Collectively, these entities contribute around 60% of GDP, account for 98% of the country’s total export turnover, and provide jobs for approximately 85% of the workforce.

Several major Vietnamese enterprises have successfully expanded their regional and global presence, securing positions in international supply chains and bolstering Vietnam’s reputation as a rising star in sectors such as semiconductor manufacturing and innovation.

To support business growth, the PM has established dedicated task forces to address corporate challenges and restructured the Steering Committee to resolve issues related to stalled projects. Meanwhile, the business environment continues to improve through progressive policy reforms, including the approval and announcement of all 111 national, regional, and provincial master plans.

To stimulate domestic demand and ease financial pressure, the Government has introduced measures such as extending tax deadlines for VAT, corporate income tax, personal income tax, and land rental payments. Additionally, a 2% VAT reduction has been implemented to support enterprises and encourage economic activity.

Major enterprises urged to take the lead

At the conference, Minister of Planning and Investment Nguyen Chi Dung emphasized the increasing role of Vietnamese businesses in shaping the country’s economic trajectory. In 2024 alone, more than 233,000 new businesses were established or resumed operations, marking a record high.

Some enterprises have grown to a regional and global scale, actively integrating into supply chains and enhancing Vietnam’s international standing. The business community has solidified its crucial role in economic development, industrialization, and modernization, contributing significantly to GDP, exports, and employment.

Dung urged the private sector to embrace its role in driving economic and social progress. He called on major enterprises to lead efforts in tackling complex, large-scale national challenges and spearheading economic development. These businesses, he said, should serve as “pioneering enterprises,” fostering technology transfer, forming strategic partnerships, and creating opportunities for small and medium-sized enterprises (SMEs) to participate in value chains.

Enterprises were also encouraged to modernize their business strategies, enhance management capabilities, and invest in research, development, and technology to strengthen Vietnamese brands in the global market. Additionally, they must uphold corporate social responsibility and contribute to national development.

Meanwhile, business associations were urged to strengthen their role as a bridge between the Government and enterprises. This includes active engagement in policy discussions, addressing challenges faced by businesses, and advocating for regulatory improvements.

Enhancing the effectiveness of business associations is also essential in protecting members’ interests, particularly in trade disputes and anti-dumping cases, as well as fostering business collaboration and investment partnerships.

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