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“Dispelling Misconceptions: Embracing the Vital Role of Private Enterprise”

11 March, 2025

This afternoon, March 7, General Secretary To Lam chaired a working session with the Central Policy and Strategy Committee on strategic solutions to boost the development of Vietnam’s private sector in the coming time.

Also present were Politbüro member, President of the Ho Chi Minh National Academy of Politics, and Chairman of the Central Theory Council Nguyen Xuan Thang; Central Committee member and Head of the Central Policy and Strategy Committee Tran Luu Quang; Central Committee member and Chief of the Central Office Le Hoai Trung; Central Committee member and Deputy Prime Minister Nguyen Chi Dung…

General Secretary To Lam chairs the working session with the Central Policy and Strategy Committee on strategic solutions to boost the development of Vietnam’s private sector. Photo: VNA

Removing barriers and unleashing the power of the private sector

Through discussions, many opinions expressed at the conference held that in the past time, Vietnam’s private sector has made important developments, but is still facing many barriers, deeply affecting the promotion of the role, position, and contribution potential of this sector to the country’s economic development.

Therefore, this is the time when we can no longer delay removing barriers and unleashing the power of this important sector, contributing to the successful implementation of the strategic development goals of the country by 2030 and 2045 that the whole Party and people have set out and determined to achieve.

From international experience and the reality of domestic business activities, some opinions also suggested that the functional ministries and branches continue to propose practical solutions, including ensuring synchronism and comprehensiveness to create a favorable and open common environment, enhancing resource access, promoting technological innovation, human resources development, and improving the capacity of enterprises and businesses…

General Secretary To Lam: We must eliminate wrong prejudices about the private economy

Having major and important policies for the development of the private sector

Speaking at the working session, General Secretary To Lam once again emphasized that the private sector is an important driving force of the socialist-oriented market economy, especially for growth; along with the state economic sector and the collective economic sector, it is the core force to continue Vietnam’s sustainable development.

Therefore, in the future, the Party and State will have major and important policies to create a driving force for the strong development of the private sector, so that the business community can prosper and make worthy contributions to the country’s socio-economic development.

However, the General Secretary also frankly pointed out the fundamental limitations of Vietnam’s private sector in the face of new demands, such as the fact that there are still few businesses that have grown and become strong in the fields of production and exploitation of high technology; or most private enterprises are small in scale, with low competitiveness, and lack leading enterprises in industries and fields…

According to the General Secretary, the main reason stems from the fact that the consensus on the private sector is not really sufficient, and there is a lack of high consensus in the whole society, so policies and laws still have many points that are not suitable, and therefore the assessment and “behavior” towards this sector are not appropriate…

In that spirit, General Secretary To Lam emphasized the requirement to continue renovating thinking and creating high consensus in awareness of the role and position of the private sector, to eliminate prejudices and wrong thinking towards this sector, and to thoroughly implement the principle that the private sector is allowed to operate and develop in all sectors and fields that the law does not prohibit.

“There must be a clear strategy for the development of the private sector, suitable for the current development level of the economy, with the new geo-economic and geopolitical space of the country, and taking into account the geo-economic and geopolitical changes to ensure that the private sector is capable of development, adaptability, resilience, and competitiveness. and we need to focus on significantly improving infrastructure and human resources serving the common development of the private sector” – the General Secretary stated.

The General Secretary also requested to continue improving the investment and business environment to quickly create favorable conditions and an open environment for private enterprises to develop sustainably in the long term; and suggested the Central Policy and Strategy Committee, ministries, and localities continue to research and have outstanding and breakthrough policies to form and develop enterprises on a large scale, leading and pioneering in a number of key and crucial fields of the country.

The Dung

– 19:44 07/03/2025