Minister of Planning and Investment Nguyen Chi Dung said that this poses risks and challenges but also brings new opportunities and fortunes to countries.
Business thinking is still “seasonal”
On the morning of February 10, speaking at the Prime Minister’s Spring Meeting with Private Enterprises in 2025, Minister of Planning and Investment Nguyen Chi Dung said that after nearly 40 years of Innovation, Vietnamese enterprises have grown strongly in both quantity and quality. There are currently more than 940,000 operating enterprises, more than 30,000 cooperatives and over 5 million business households. In 2024 alone, there will be over 233,000 newly established and resuming operations, the highest number ever.
Some businesses have developed to reach regional and world levels; proactively participating and affirming their position and role in global supply chains.
“The business force contributes about 60% of GDP, 98% of total export turnover and creates jobs for about 85% of the country’s workforce,” said Minister Nguyen Chi Dung.
Besides the positive points, Mr. Dung also frankly pointed out the limitations and shortcomings. Most businesses are small in scale, with limited competitiveness, operational efficiency, and management skills. Business thinking is still “seasonal” and lacks strategic vision.
Although a group of medium and large enterprises has emerged, they have not really become the leading force of the economy as expected. There are no large-scale projects, especially in new fields, with leadership to create breakthrough momentum, spread, support restructuring and improve the competitiveness of the economy.
The production and business situation in some areas is still difficult, market purchasing power is still weak, and recovery is slow. The implementation of some key infrastructure projects is still stuck and not thorough. Institutions and laws are still “bottlenecks of bottlenecks”, hindering business development and people’s lives.
Need to abandon the mindset of “if you can’t manage it, then ban it”
Minister Nguyen Chi Dung emphasized that Vietnam is at a very important time when the world is witnessing many major changes.
In particular, policy changes in major economies lead to shifts in investment flows. Adjustments in trade structures, increased tariff barriers; armed conflicts; especially the risk of a global “trade war” is present.
According to Mr. Dung, Vietnam has set a growth target of 8% or more in 2025, creating a solid foundation for double-digit growth from 2026. And to achieve double-digit growth, the non-state economic sector needs to grow by about 11% per year.
To achieve the above goal, Minister Nguyen Chi Dung recommended that it is necessary to identify private economic development as one of the most important driving forces contributing to growth, increasing labor productivity and competitiveness of the economy.
Along with that, focus on perfecting institutions, identifying institutions as “breakthroughs of breakthroughs”, creating the most favorable business environment for enterprises.
“Right in 2025, we must truly innovate the thinking of law-making in the direction of “development creation”, abandoning the thinking of “if you can’t manage it, then ban it”, said Minister Nguyen Chi Dung.
In addition, it is necessary to unleash all resources, using state resources to arouse, lead, and activate social resources. In particular, focusing on investment and accelerating the progress of strategic and important infrastructure projects, especially highways, coastal and inter-regional routes, North-South high-speed railways, railways connecting to China, opening up new development space; nuclear power projects, offshore wind power, national data centers, etc.
On the business side, the Minister of Planning and Investment said that large enterprises need to promote their role as “leading enterprises”, transfer technology, proactively form joint ventures, partnerships, lead, and create opportunities for small and medium-sized enterprises to participate in development along the value chain.
Besides, it is necessary to proactively innovate business thinking, improve management capacity, productivity, quality, competitiveness…