Vietnam's non-state economic sector must grow by approximately 11% per year for the nation to achieve a growth rate of 8% or higher by 2025 and establish a foundation for double-digit growth from 2026, stated Minister of Planning and Investment Nguyen Chi Dung. 

The minister made the statement at the meeting between the Prime Minister and other permanent Government members with leaders of private enterprises on February 10.

This challenge is significant given the looming risk of a global trade war, according to Minister Dung.

He highlighted the progress since the Doi Moi (Renewal) policy began nearly 40 years ago. The country now boasts over 940,000 operating businesses, more than 30,000 cooperatives, and over 5 million business households.

"The business sector has increasingly affirmed its crucial role in socio-economic development, industrialization, and modernization of the country; contributing approximately 60% of GDP, 98% of total export turnover, and creating jobs for approximately 85% of the country's workforce," the minister noted.

He emphasized that alongside business development, the investment and business environment has seen substantial improvements through breakthrough reforms.

In 2024 alone, four laws were amended: Planning, Investment, PPP, and Bidding, along with nine laws in the financial sector. These changes have created favorable conditions for investment and business activities, introducing special investment procedures and a "green channel" for project implementation, which helps reduce time and costs for businesses.

However, Vietnam is facing major global shifts such as the emergence of new industries, policy changes in major economies leading to shifts in investment flows, adjustments in trade structure, increasing tariff barriers, and armed conflicts. The risk of a global trade war is particularly concerning.

"This requires the private business community to further promote its role and mission in the country's socio-economic development," the minister emphasized.