Many bottlenecks cause the private economic sector to "los wind"
Over the past time, the Vietnamese private economic sector has had strong developments in both quantity and quality. The private sector has contributed 43% of total GDP and accounted for 57% of GDP growth in 2024 - the largest contribution among economic components.
Speaking at the seminar "Breakthrough solutions to remove bottlenecks in the development of the private economic sector" organized by the National Economics University (NEU) on the morning of August 15, Prof. Dr. Nguyen Thanh Hieu - Deputy Director of the National Economics University - said that in Resolution No. 68-NQ/TW dated May 4, 2025, the Central Executive Committee clearly identified: The private economy is one of the most important driving forces of the national economy. However, compared to the expectation of becoming a pillar of national economic development, the private economic sector still has many shortcomings.
Currently, the private economic sector is the sector with the lowest business efficiency, scientific and technological qualifications, labor productivity and employee income among economic sectors.
The reason stems from many "bottlenecks" such as: Inadequate awareness of the role of the private economy; unfair and inclusive institutions and policies; lack of effective linkage models between components in the private sector; weak internal capacity and the ability to absorb development resources; and limitations in the quality of the business community" - Prof. Dr. Nguyen Thanh Hieu assessed.
According to Prof. Dr. Ngo Thang Loi - National Economics University, although it is still the leading sector of the entire economy in terms of growth in the number of enterprises, capital, and labor. However, during the lead process, the private economic sector is showing signs of "stalling down" or more precisely, there are signs of "losing steam".
The growth rate in the number of enterprises, revenue, investment capital or labor of the period from 2016 to present is slowing down compared to the period from 2011-2015, even lower than the FDI enterprise sector. The phenomenon of businesses not wanting to grow or even "mini hoa" has tended to increase in recent years, the average scale of private economic sector businesses is increasingly smaller than state-owned enterprises and FDI enterprises in terms of capital, labor and revenue... - Prof. Dr. Ngo Thang Loi assessed.
Key to private enterprises breaking through
According to Prof. Dr. Ngo Thang Loi, to achieve the growth target of 8%, the private economic sector needs to achieve a growth rate of 10.3% and from 2025, to achieve the double-digit growth target, the private sector must have a minimum growth rate of 11.5-12% or more. To achieve a much higher growth rate than at present, it is necessary to actively remove bottlenecks that have hindered the development of this economic sector over the years.
Completing thinking and identifying the position of the private economy as the most important driving force in the national economic system to achieve double-digit growth goals. Propose a model and policies to implement an encompassing development model for the business system with the goal of ensuring that all types of enterprises (private sector, state and FDI) have equal opportunities in access to input, in the business process and distribution of output of business activities.
Propose models and solutions to connect private economic forces of different scales and solutions to organize linkages between overseas Vietnamese enterprises and domestic private enterprises in the locality with enterprises to improve the capacity of Vietnamese entrepreneurs - Prof. Dr. Ngo Thang Loi suggested.
Speaking at the seminar, Dr. Tran Van The - Chairman of the Board of Directors of InDel Investment and Development Company said that to overcome shortcomings, limitations and create a breakthrough for the development of private enterprises, it is necessary to continue to perfect institutions in a synchronous, transparent and stable direction, especially in areas where enterprises are facing many difficulties such as investment, land, credit and public-private partnership.
"In particular, the reform of administrative procedures needs to be further accelerated, not only in name but also in reality, helping businesses save time and costs for compliance" - Dr. Tran Van The emphasized.
