“A Call to Arms for Vietnam’s Business Giants: Minister Nguyen Chi Dung Urges Large Enterprises to Blaze a Trail for the Nation’s Economic Growth, Creating Opportunities for Smaller Businesses to Thrive.”

On September 21st, Prime Minister Pham Minh Chinh chaired a conference of the Government’s Standing Committee, working with businesses on contributing to the country’s socio-economic development.

Attending the conference were Deputy Prime Ministers Tran Hong Ha, Le Thanh Long, and Ho Duc Phoc; leaders of ministries, sectors, and central agencies; and representatives from prominent businesses: Vingroup, Hoa Phat, Thaco, KN Holdings, Sun Group, T&T, Geleximco, Minh Phu, Masan, Sovico, TH, and REE Corporation.

In his opening remarks, Prime Minister Pham Minh Chinh stated that since the beginning of his term, the government has held numerous meetings with domestic and foreign businesses, especially during the post-pandemic economic recovery phase. However, this is the first themed conference, and agencies will continue to research and advise on organizing subsequent themed conferences.

Reporting at the conference, Minister of Planning and Investment Nguyen Chi Dung informed that by the end of 2023, the total assets of the large private enterprises present at the conference today will reach approximately 70 billion USD. Mobilizing these assets, along with technology, knowledge, management expertise, and high-quality human resources, will provide a significant boost to the economy and contribute to the country’s economic autonomy.

“Therefore, today’s conference resembles a Diên Hồng Council for the private enterprise sector, where the government and businesses discuss significant national issues, including the role of large enterprises,” the Minister emphasized.

Minister Dung expressed his hope for these large enterprises to take a pioneering role in key sectors, leading in industrial and agricultural value chains, and possessing international competitiveness in foundational, priority, and spearhead industries.

Minister Dung suggested that large enterprises need to take the initiative and lead in significant, challenging, and novel endeavors, solving national-scale problems to boost economic development and create room for small and medium-sized enterprises in other fields.

“With their financial might, R&D capabilities, high-quality human resources, extensive experience, and longstanding reputation, we believe it is time to entrust these large enterprises with more significant missions,” said the Minister of Planning and Investment.

Alongside profit-oriented business activities, the Minister also hopes that large enterprises will collaborate with large state-owned corporations to invest in new fields emerging from the Fourth Industrial Revolution. These fields should align with the trend of green, circular, and sustainable development, such as electric vehicles, semiconductor industries, artificial intelligence, high-quality and low-emission agriculture, and more.

Simultaneously, large enterprises are expected to participate in significant national projects, including the North-South high-speed railway, urban railways, the Vientiane-Hanoi Highway, the Vientiane-Vung Ang Railway, renewable energy, and offshore wind power.

Additionally, these enterprises should pioneer innovation, digital transformation, and the application and mastery of science and technology in the Fourth Industrial Revolution era. They should also take the lead in international integration, effective overseas investment, efficient exploitation of national resources, research and implementation of socio-economic development policies alongside social welfare, and the training of high-quality human resources for smart enterprise development.

Large enterprises are also encouraged to assume the role of “leading enterprises,” transferring technology, actively forming joint ventures and linkages, and guiding and creating opportunities for small and medium-sized enterprises to participate as subcontractors, fostering mutual development within value chains.