Ninety per cent of businesses in Vietnam are small and medium-sized enterprises (SMEs) but their access to finance and land remains a challenge, Professor To Trung Thanh, Head of the National Economics University’s Faculty of Management Science, has said.

“It is therefore essential to improve the legal environment and promote equality to help the private sector further uphold their significant role in the economy,” he told the Government News on the sidelines of the Contemporary Issues in Economics, Management and Business conference on November 21 in Hanoi.

“The driving force of economic growth is currently the digital economy,” the Professor continued. “International specialists have noted that the digital economy will have a strong impact on workplace productivity. Vietnam’s economic managers should take that into consideration given the difficult situation currently seen, especially when the economy’s overall demand is declining.”

Overall demand includes investment, consumption, and the trade balance, which have not reached the desired levels while supply has not improved significantly, meaning the growth target for 2023 will face many difficulties.

In the near future, Professor Thanh said, it is necessary to actively maintain overall demand growth, ensure sustainable economic growth, and focus more on overall supply.