Reporting at the opening session of the 9th Session of the 15th National Assembly on the morning of May 5, Mr. Phan Van Mai, Chairman of the National Assembly's Economic and Financial Committee, said that on average, nearly 26,300 businesses withdraw from the market each month.
This is an worrying figure, although the economy is assessed to be positive recovery. And this reflects a paradox: while macro indicators are all achieved or exceeded, at the bottom of the economy, where private enterprises, especially small and medium enterprises, are struggling and struggling, are suffering from exhaustion.
In the current structure of the Vietnamese economy, the private enterprise sector plays a key role in terms of quantity, employment and spread level. According to statistics, small and medium enterprises account for more than 97% of the total number of enterprises, employ about 60% of workers and contribute about 45% to GDP.
That is the "backbone" of the economy, a force capable of reacting flexibly to the market and creating sustainable vitality for the manufacturing sector.
However, after many consecutive shocks - from the COVID-19 pandemic to input cost pressure, high interest rates, difficulty accessing capital, most private enterprises are now in a state of exhaustion of cash flow, declining resistance and gradually losing competitiveness.
Meanwhile, the support policies in the past have been largely inaccessible or not strong enough to revive the entire industry. Many small businesses are not eligible for credit access and cannot borrow preferential capital because they do not have guaranteed assets or cannot meet paperwork.
The problem at this time is not only to save businesses from the risk of closure, but also to rebuild the environment to "enhance" the private sector - which creates the momentum of the domestic market, spreads production, promotes consumption and maintains growth momentum in the long term - proactively and long-term.
nurturing here is not a subsidy, but a creation of conditions for businesses to survive, recover and develop with transparent, feasible and accessible policies.
These could be separate credit packages for micro-enterprises, corporate tax reductions with deeply declining revenue, simplification of administrative procedures, establishment of legal support centers and digital transformation for businesses.
In particular, as Resolution 68 of the Politburo signed by General Secretary To Lam on May 4, 2025, affirmed that the private economy is a leading important driving force of the national economy.
The Resolution requires "eliminating prejudice", "seeing businessmen as economic front soldiers", " giving ownership rights and substantial competition rights"...
At the same time, re- positional the relationship between the state and businesses, from "management" to "creating and serving", from "asking - giving" to " competitive equality", from "no prediction" to "free business except what the law prohibits"...
To "prevent" businesses from leaving the market and promote the private economic sector to return strongly, master the value chain, and lead innovation, the State has no choice but to "nurture" them with both new policy thinking and determination to take practical action from the authorities.
