Hanoi (VNA) - After 40 years of renewal, vivid practical evidence has enabled the Party to affirm the private sector as one of the most important driving forces of the national economy and a pioneering force in the development of science, technology and innovation.
Beyond its substantial contribution to gross domestic product (GDP), the sector has emerged as a principal engine of economic growth, job creation, budget revenues and innovation promotion.
Affirming strategic significance
Throughout Vietnam’s process of renewal, integration and development, the private sector has grown steadily and consolidated its position as a key pillar of the economy. According to the National Statistics Office under the Ministry of Finance, the private sector currently contributes around 42.3% of GDP and accounts for more than 85% of operating enterprises nationwide. It is the most dynamic segment of the economy, leading efforts to expand investment, explore markets, adopt new technologies and modernise governance models.
Notably, the private sector provides employment for approximately 83.7% of informal workers and more than 45% of the total workforce. A growing number of private enterprises have successfully expanded into regional and global markets, building recognised brands and competitive capabilities, thereby enhancing Vietnam’s international standing and reputation.
In addition, the sector has played a pioneering role in restructuring the economy and promoting industrialisation and modernisation. Prominent Vietnamese private groups including Vingroup, THACO, FPT, Masan, Vietjet, Vinamilk and TH have expanded regionally and globally, reflecting the innovative and creative spirit and aspiration of Vietnamese entrepreneurs.
The private sector has also helped diversify development resources, ease pressure on the state budget and mobilise social capital through private investment in infrastructure, education, health care and technology.
Professor, Dr. Tran Tho Dat, Chairman of the Scientific and Training Council of the National Economics University and a member of the National Financial and Monetary Policy Advisory Council, noted that Resolution No. 68-NQ/TW’s designation of the private sector as the most important driving force both recognises its substantial contributions and underscores its strategic role in the new development phase, particularly amid rapid technological change, innovation and digital transformation.
Despite positive progress, several targets remain unmet. By 2025, Vietnam aimed to have 1.5 million enterprises, yet the current figure stands at nearly one million, alongside more than five million household businesses. The ratio of enterprises per 1,000 people remains modest at around 9.4, lower than in some regional peers, indicating that both the scale and quality of the private sector have yet to fully match its potential.
According to Dr. Mac Quoc Anh, Vice Chairman and Secretary General of the Hanoi Association of Small and Medium Enterprises, while the Party and State have introduced numerous supportive policies, some measures have not been sufficiently targeted or effectively implemented. Most private firms are micro, small or medium-sized, with limited financial capacity, management expertise, technological capability and innovation performance, resulting in modest productivity and competitiveness. Institutional bottlenecks, complex procedures, high compliance costs and lingering bias against private enterprises have also constrained confidence and investment.
Towards regional- and global-level private economic groups
To further strengthen the private sector’s leading role, the Party and State have intensified reforms to address institutional and administrative barriers, including access to land and credit. Resolution No. 68-NQ/TW, issued by the Politburo on May 4, 2025, is regarded as a landmark policy reaffirming the Party’s consistent commitment to private sector development as a national strategy.
The resolution envisions a balanced economic structure based on three mutually reinforcing pillars: the state sector as the stabilising foundation; the private sector as the dynamic, innovative spearhead; and foreign direct investment as a source of capital, technology and global connectivity. Breakthroughs are required in institutional reform, resource access, market linkages and human capital development to enable the private sector to fulfil its mission.
By 2030, Vietnam aims to have 2 million active enterprises, at least 20 large firms participating in global value chains, private sector growth of 10–12% annually, and contributions of 55–58% of GDP. Achieving these goals will require continued bold reforms and greater determination from private enterprises and entrepreneurs to enhance governance, innovation and responsible business culture, ensuring that the private sector truly leads Vietnam’s journey towards sustainable and internationally integrated development./.
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