Hanoi (VNA) - From the first enterprises established in an independent economy to today’s business community of about 1.1 million companies, Vietnam has made significant progress in developing its private sector. Entrepreneurs have become an important force in wealth creation, employment generation, state budget revenue and national competitiveness.
According to the Ministry of Finance, as of September 2026, Vietnam had approximately 1.1 million active enterprises, with total registered capital exceeding 30 quadrillion VND (1.16 trillion USD). In the first nine months of the year, more than 223,900 businesses were newly established or resumed operations, averaging 24,900 enterprises entering the market each month.
The business sector contributes more than 60% of gross domestic product (GDP), employs over 17.6 million people and accounts for approximately 55% of total state budget revenue. Its expansion has strengthened production capacity, attracted investment, developed supply chains and supported economic growth.
Vietnam’s GDP grew by 9.01% year-on-year in the first nine months of 2026, its highest rate in 15 years. Industrial production increased by 12.3%, consumption by 13.4%, and total social investment by 15.1%. These results reflect businesses’ efforts to maintain production, explore markets, adopt new technologies and adapt to changing conditions.
Their contributions also extend to livelihoods and social welfare. During the period, Vietnam recorded 52.7 million employed people, an increase of 683,800 year-on-year, while average monthly earnings reached 9.1 million VND, up 9.1%.
Creating new momentum for private sector
The growing role of businesses highlights the need for a more favourable development environment. A key policy milestone was Politburo Resolution No. 68-NQ/TW, issued on May 4, 2025, which identifies the private economy as “one of the most important driving forces of the national economy.”
By 2030, Vietnam aims to have two million active enterprises, with the private sector growing by an average of 10–12% annually, contributing 55–58% of GDP and providing employment for 84–85% of the workforce. The country also targets at least 20 major enterprises participating in global value chains.
Achieving these goals requires stronger institutions, protection of business freedom and property rights, and the removal of barriers involving land, capital, technology, human resources and market access. Businesses are also required to modernise management, accelerate digital transformation and green transition, improve workforce skills and meet international standards.
Alongside competitiveness, corporate social responsibility and business ethics remain essential. President Ho Chi Minh’s principle of “serving the nation and benefiting the people” continues to guide businesses toward creating sustainable value for workers, consumers and communities. Legal compliance, fair competition, environmental protection and employee welfare are integral to long-term success.
On April 6, 2026, the Prime Minister issued Decision No. 631/QD-TTg approving the Programme for Developing 1,000 Pioneering Enterprises for 2026–2030. The initiative aims to build highly productive, technologically advanced and internationally competitive private enterprises capable of leading key economic sectors.
By 2030, the programme targets 1,000 pioneering businesses, including at least 15% owned by women, 20 major companies participating in global value chains and at least 200 enterprises achieving rapid, outstanding growth.
The State will provide targeted assistance with investment procedures, customs, financing, product testing, management training, innovation, digital transformation and green transition. Businesses will also receive support to participate in trade fairs, promote their brands and bring Vietnamese products into overseas distribution networks.
From President Ho Chi Minh’s letter to the business and trade community on October 13, 1945, to today’s policies supporting private sector development, Vietnam has consistently linked enterprise growth with national prosperity.
October 13 was designated as Vietnam Entrepreneurs’ Day in 2004. It is an opportunity to recognise businesses’ contributions and reinforce the entrepreneurial spirit, the pursuit of legitimate prosperity and national responsibility. With stronger policies and greater innovation, Vietnamese enterprises are expected to play an increasingly important role in economic growth and the country’s ambition to become a strong, prosperous nation./.
