The Government Standing Committee today met with businesses on tasks and solutions for private enterprises to accelerate, make breakthroughs, and contribute to the country's rapid and sustainable development in the new era.
At the conference, Minister of Planning and Investment Nguyen Chi Dung highlighted the robust growth of Vietnamese enterprises over nearly 40 years of innovation. For instance, in 2024, there were over 233,000 new were established and re-established enterprises - the highest ever.
He also stressed the need for an annual growth rate of approximately 11 percent to achieve the desired double-digit economic growth for the nation. The private sector has increasingly demonstrated its vital role in driving Vietnam's socio-economic development, industrialization, and modernization.
The Government acknowledges the invaluable contributions of the business community to the nation's remarkable achievements. The Prime Minister has consistently demonstrated a strong commitment to supporting the business community, prioritizing the implementation of measures designed to restore confidence, stimulate investment, and create a favorable environment for businesses to thrive and expand.
However, despite these remarkable achievements, Minister Nguyen Chi Dung acknowledged that the economy continues to face significant challenges. He pointed out that the development of enterprises and entrepreneurs still has limitations, with untapped potential and growth opportunities. Most businesses remain small in scale, with restricted competitiveness, operational efficiency, and management capacity. Furthermore, several businesses often adopt seasonal marketing strategies rather than a long-term strategic vision.
While a number of medium and large enterprises have emerged, they have yet to become the key drivers of the economy as expectations. The country still lacks large-scale projects, particularly in new and pioneering sectors, that could serve as catalysts for breakthroughs, foster widespread impact, support economic restructuring, and enhance overall competitiveness.
Additionally, several industries continue to face difficulties, with weak market demand and slow recovery. The progress on key infrastructure projects remains sluggish, with unresolved bottlenecks hindering their implementation.
The Minister of Planning and Investment stated that 2025 is of special importance to the country. The growth target for 2025 is verified to reach 8 percent or more, creating a solid foundation for double-digit growth from 2026 to realize the aspiration and vision of a new era of development and the strategic goal that by 2030, the Southeast Asian country will become a developing country with modern industry and high average income, and by 2045, it must become a developed country with high income.
The Minister stressed that to achieve double-digit growth, the non-state economic sector needs to grow by about 11 percent per year. Amid new rising requirements, the business community in general and the private enterprise sector in particular need to further promote their role and mission in the country's socio-economic development.
The Ministry of Planning and Investment has proposed six key orientations and solutions for business development. Above all, the Ministry emphasizes the need to unify awareness of the critical role enterprises play in socio-economic development, particularly private businesses. The ministry identifies private sector growth as a vital driving force for economic expansion, labor productivity, and competitiveness.
Additionally, it stresses the importance of institutional reform, considering it the "breakthrough of breakthroughs" to foster a more favorable business environment.
