Vietnam’s private sector will continue to play a pivotal role in the country’s economic growth. Currently, this sector contributes significantly to GDP, state budget revenue, and employment, supporting millions of workers. However, it still faces multiple barriers, including limited access to capital, land, skilled labor, and a complex regulatory environment.
In the coming years, the government will actively promote private sector growth by implementing institutional reforms, ensuring business freedom, reducing legal obstacles, and creating opportunities for private enterprises to participate in national projects. Additionally, policies will encourage investment in research, technological development, and innovation to enhance competitiveness.
By 2030, the private sector is expected to contribute around 70% of GDP, with more Vietnamese enterprises achieving global competitiveness. The government envisions the private sector as the driving force behind Vietnam’s economic transformation, helping the country escape the middle-income trap and achieve high-income status by 2045.
Key Goals by 2030:
- Contribute 70% of GDP: Increase the private sector’s share in the national economy.
- Develop large-scale enterprises: Establish major private corporations capable of leading domestic markets and expanding internationally.
- Boost innovation and technology: Encourage private businesses to invest in R&D, high technology, digital transformation, and strategic industries.
- Participate in national projects: Enable private enterprises to invest in key infrastructure sectors such as high-speed railways, renewable energy, fintech, artificial intelligence (AI), blockchain, and more.
- Enhance the business environment: Strive to rank among the Top 3 in ASEAN for business environment, reducing administrative procedures and legal barriers.
- Build a strong startup ecosystem: Foster a wave of entrepreneurship, supporting Vietnamese tech companies in expanding globally.
