Dear readers,

Prior to the “Doi Moi” (Economic Renewal) process being adopted in 1986, Vietnam’s economy had only two forms of economic ownership, which were also the two main economic sectors - State-owned and collective. According to data from the National Statistics Office at the Ministry of Finance, the State-owned economy accounted for 39.7 per cent of the national economic structure at that time, with the other 60.3 per cent belonging to the collective economy. The individual economy accounted for an insignificant proportion, while the private economy and the foreign-invested economy had not yet been allowed to exist in Vietnam.

The fatal mistakes in national economic planning before Doi Moi led to a prolonged socio-economic crisis from the mid-1980s to the early 1990s.

It was indeed remarkable that the Communist Party of Vietnam, at its 6th National Congress in 1986, dared to openly acknowledge its mistakes in formulating economic policies, stemming from dogmatic doctrines, and to change its mindset, especially its economic thinking, thus creating a revolutionary breakthrough and reversing the situation. With the Doi Moi process adopted at the 6th National Congress, non-State and non-collective economic sectors were unleashed, paving the way for the private economy and the foreign-invested economy to participate more deeply and extensively in the national economy, as significant sectors, under the leadership of the Communist Party of Vietnam.

The success of Doi Moi, initiated and led by the Party, has been affirmed by the unexpected socio-economic achievements attained over the past 40 years. These accomplishments have propelled Vietnam from one of the world’s poorest countries into the Top 34 leading nations in terms of GDP scale in 2024.

Its success is primarily a success in the Party’s renovation of economic thinking, attaching importance to all economic sectors. As a result, all economic sectors are equal before the law, are provided with the same conditions for operation, and compete equally within the legal framework created by the State.

With its renewal of economic mindsets, the Party formulated a host of policies in support of the private sector.

Resolution No. 10-NQ/TW, dated June 3, 2017, from the fifth plenary of the 12th Party Central Committee on private economic development, created the conditions for the private economy to gradually become an important engine of Vietnam’s socialist-oriented market economy.

Most recently, with Politburo Resolution No. 68-NQ/TW on private economic development, issued on May 4, 2025, the private economy was defined for the first time as “one of the most important engines of the national economy.” This demonstrates a breakthrough in development thinking, as the position of the private economy was put on par with the State-owned economy, both playing equally important roles in the effort to build an independent, self-reliant economy with extensive international integration.

Enjoying the “fresh breeze” created by Resolution No. 68, the Vietnam Private Sector Forum (VPSF) 2025, held on September 15 and 16, further upheld the leading role of the private sector in the country’s socio-economic development, in the spirit of “The government accompanies, ministries reform, infrastructure connects, institutions enable, businesses lead - Vietnam develops”, as affirmed by Prime Minister Pham Minh Chinh at the high-level dialogue held within the Forum on September 16.

Our Cover Story in this edition therefore focuses on the private sector, with updated information affirming the consistent policy of the Party and the State to create all conditions for and encourage the development of the private economy. It also analyzes strengths, potential, and the vast resources of the private sector, which, once unlocked, will significantly contribute to achieving the goal of “wealthy people, strong country, equitable, democratic, and civilized society”, as directed by the Party.

Warmest regards

Dr. CHU VAN LAM
CHAIRMAN OF THE EDITORIAL BOARD