Topic: private economy

Many stakeholders attending the recent “Breakthrough Solutions for Double-digit Economic Growth in the New Era” seminar, organized by the Vietnam Academy of Social Sciences, believe that if the private sector develops strongly then Vietnam can reach its 8 per cent growth target in 2025 and secure double-digit growth in subsequent years.

Businesses—particularly the private sector—are central to Vietnam’s socio-economic development.

The action plan is to implement the National Assembly’s  Resolution No. 198/2025/QH15, dated May 17, 2025, on several special mechanisms and policies to promote private economy development.

At the national conference on May 18, the Party leader highlighted that in pursuit of socialist-oriented market economy, it is imperative to bring into full use of all resources to achieve rapid and sustainable development.

At a national conference on May 18, Prime Minister Pham Minh Chinh stressed that private sector development has consistently been a major policy direction throughout nearly 40 years of reform.  

The resolution aiming to improve investment and business environment and facilitate private sector access to resources.

Vietnam’s banking sector has been working to facilitate loan access by the country’s private sector.

At a working session with the Government's policy advisory council held on May 8, Prime Minister Pham Minh Chinh requests no limits to private economic sector development.

Under the resolution, private economy is defined as the most important driver of the national economy and the pioneering force in science and technology development, innovation and digital transformation.

Measures including development of institutions that ensure transparency, reduce administrative procedures, and eliminate unnecessary steps that cause inconvenience or bottlenecks for businesses.