In the context of the country entering a new stage of development with both opportunities and challenges intertwined, the private economic sector is being identified as one of the strategic pillars of the socio-economy. The Politburo's issuance of Resolution No. 68-NQ/TW dated May 4, 2025 on private economic development clearly demonstrates political determination, and at the same time opens a major turning point for the private enterprise community nationwide.
Sharing with Lao Dong Newspaper, Dr. Tran Khac Tam - Chairman of the Soc Trang Provincial Business Association - expressed his excitement at Resolution 68. According to Dr. Tam, Resolution 68 emphasizes institutional reform, creating a truly favorable, transparent and fair business environment. This is expected to remove bottlenecks, creating more motivation and room for development for the private economy in the context of the country's strong growth.
"An issue I highly appreciate in Resolution 68 is that the Party and State have paid special attention to supporting small and medium-sized enterprises, helping them improve their competitiveness, innovate and participate deeply in the global value chain," Mr. Tam affirmed.
According to Mr. Tam, the Resolution sets a target that by 2030, the private economic sector will contribute 58% to GDP. This demonstrates a strong commitment to enhancing the role and efficiency of this sector in the economy.
Mr. Tam said that to achieve this goal, in addition to policies, there is also the internal strength and initiative of the private business community. According to him, besides large enterprises that have risen and affirmed their brands and values in the "big ocean", many enterprises still lack long-term strategies and weak governance. Even enterprises in the domestic private economic sector have high internal competition, lacking linkage to jointly develop value chains. This problem needs to be improved soon if Vietnamese enterprises do not want to fall behind.
To overcome these shortcomings, according to Dr. Tran Khac Tam, it is necessary for private enterprises to change their thinking and act more specifically. First of all, there needs to be mechanisms and policies to encourage the application of technology, promote innovation and support technology transfer.
Second, the establishment or consolidation of business support organizations, typically investment promotion centers, needs to be promoted. These centers play an important role in connecting businesses between localities, between economic regions and between Vietnamese businesses and international markets. Another important thing is to ensure that private enterprises participate in the policy making process, through industry associations.
Mr. Tam emphasized that private enterprises need to proactively improve internal capacity. In which, investing in governance, building long-term strategies and developing corporate culture. At the same time, it is necessary to strengthen the connection between businesses in the value chain to create collective competitiveness, if they want to go far, they must go together.
