General Secretary To Lam affirmed: The private economy is the key for Vietnam’s economy to take off. The private economic sector contributes about 60% of total social investment capital.

The private economic sector currently contributes about 60% of total social investment capital. As recently affirmed by General Secretary To Lam, the private economy is the key for Vietnam’s economy to take off, achieve sustainable growth and improve its position. And in order to be able to rise, according to the contributions of many experts, equality and non-discrimination are what need to be established in the thinking of private economic development.

“Fairness in policy mechanisms. Fairness in management and operation, and especially equal exploitation of infrastructure, exploitation of the country’s resources and resources,” said Mr. Phan Dinh Tue – Vice President of Ho Chi Minh City Business Association.

Dr. Can Van Luc – Member of the National Financial and Monetary Policy Advisory Council said: “In the coming time, we need to create 3 rights: 1 is the right to own property, 2 is the right to freedom of business, meaning they can do anything that is not prohibited by law, and 3 is to compete equally with other entities in the economy.”

According to experts, to achieve the growth target of over 8% this year, the economy will need to mobilize about 174 billion USD, of which the private sector will contribute about 96 billion USD. This target can only be achieved in a level playing field and the State plays the role of “midwife”.

Only then can private hands create efficiency like typical deals on equitization of state-owned enterprises, such as the cases of Vietnam Dairy Products Joint Stock Company – Vinamilk, Saigon Beer Sabeco or Viglacera Corporation.

After GELEX became the controlling shareholder, last year, Viglacera’s consolidated pre-tax profit reached VND1,630 billion, an increase of 94% compared to 2020 when it divested. This proves that operations are efficient, costs are reduced, and shareholders, including the State shareholder, the Ministry of Construction (owning 38.58%), benefit more.

Mr. Le Tuan Anh – Deputy General Director, Gelex Group Corporation said: “From 2025, there will be many key large public investment projects. As a domestic private enterprise, we hope that state agencies will create conditions for private enterprises to contribute high-quality products with high technological value to these projects.”

In the recent directive on private economic development, the Prime Minister requested that by 2025, administrative procedure processing time be reduced by at least 30% ; compliance costs be reduced by at least 30%; and at least 30% of unnecessary business conditions be abolished. This is also the foundation for businesses to confidently set record-high business plans, contributing to the overall growth picture of the country.