When the State expands development space through superior institutional frameworks, it is the business community that directly translates those opportunities into capital investments, industrial output, jobs, and tangible social value, stated VCCI president Ho Sy Hung.
The VCCI President, Associate Professor Dr. Ho Sy Hung, underscored this dynamic at the forum "Pioneering Entrepreneurs – Enabling Government in the New Era, " held on October 11, marking Vietnam Entrepreneurs' Day (October 13).
Even when enterprises possess innovative ideas, robust capital resources, and global ambitions, realizing them remains difficult if they face an unstable business environment, protracted administrative formalities, or institutional bottlenecks. Therefore, the convergence of an enabling state and pioneering corporate spirit delivers the substantive development results the economy awaits, Mr. Hung noted.
In recent years, Vietnam has introduced numerous new laws and regulatory mechanisms alongside government restructuring, accelerated decentralization, devolved authority, and streamlined paperwork.
Consequently, policy space for business development has expanded substantially. Many localities have proactively shortened investment approval timelines, introduced "green lane" mechanisms, and digitized border customs clearances—helping enterprises trim operating expenses, accelerate capital turnover, and sharpen their competitive edge.
However, Mr. Hung pointed out that sound policies do not automatically yield sound outcomes. The divide between policy intent and frontline implementation remains wide. The same legal provision, when enforced across different provinces, often produces markedly divergent experiences for citizens and businesses.
Where local governments act decisively, enterprises immediately feel positive impacts; where implementation lags, investors quickly forfeit valuable market windows.
Drawing from these practical lessons, Mr. Hung said, the current development phase demands a decisive shift toward "implementation breakthroughs."
A synthesis of nearly 900 specific submissions from the business community to VCCI identified 53 distinct groups of bottlenecks spanning 10 core policy domains.
"This demonstrates that the primary demand of enterprises is not merely cutting a single administrative procedure, but the stability, consistency, and predictability of the legal environment. A lack of synchronization between regulatory documents and protracted waiting periods cause severe waste in cost, time, and missed market opportunities," the VCCI President emphasized.
Consequently, modern regulatory reform must position execution quality as its foremost benchmark. Policy breakthroughs unlock windows of opportunity, but only execution breakthroughs convert those opportunities into genuine economic momentum.
Addressing Vietnam's ambition to achieve double-digit economic growth, the VCCI chief described the target as both a formidable test and a wide-open playing field for capable, determined businesses. When governmental facilitation deepens and corporate enterprise is maximized, high growth targets will rest on a solid foundation.
Establishing new growth drivers
Adding a strategic policy perspective, Dr. Nguyen Duc Hien, Vice Chairman of the Central Commission for Policy and Strategy, noted that four decades of the Doi Moi (Economic Renewal) process have underscored the critical contributions of the entrepreneurial community to national construction and defense.
Entering this new chapter, strategic Party resolutions on economic modeling, the private sector, science and technology, state-owned enterprises, and foreign direct investment have established an overarching blueprint to ignite fresh drivers of economic expansion.
Mr. Hien argued that the immediate task is modernizing traditional growth engines. The economy must pivot its export strategy toward value addition rather than sheer volume, while bolstering high-spillover vanguard sectors including R&D, logistics, clean energy, banking and finance, and the value-chain upgrading of core manufacturing industries.
"Breakthroughs in science and technology, innovation, and digital transformation represent the core foundation for elevating labor productivity. These will form the new productive forces that restructure the economy and raise Vietnam’s standing in global value chains," Dr. Hien said, stressing the importance of cultivating a resilient national enterprise ecosystem.
Within this framework, the state economic sector plays a pioneering role in guiding national restructuring, while the private sector serves as the primary engine of growth capable of producing world-class corporate champions. Proactively developing emerging economic models—such as the green economy, circular economy, and transitioning national governance to modern data-driven and decentralized paradigms—will unlock broad economic resources.
Representing the legislative perspective, Mr. Phan Duc Hieu from the National Assembly’s Economic and Financial Committee affirmed that institutional quality should not be gauged by the sheer volume of legal documents promulgated, but measured directly by real-world market outcomes.
Google translate