Government leader urges private businesses to intensify efforts in boosting economic expansion
Vietnam is embarking on an ambitious journey to restructure its economy towards a digital, green, and circular model, with a strong focus on private sector development. This transformation was the central theme of a working session chaired by Prime Minister Pham Minh Chinh with the Private Sector Development Research Board (Board IV) in Hanoi.
The session, which focused on implementing the Politburo's Resolution No. 68-NQ/TW and resolutions from the National Assembly and the Government, saw the Prime Minister endorse the Board's proposal for a Private Sector Performance Index. This digital dashboard, set to launch in August, will serve as a tool for the Government and the National Steering Committee to monitor the progress of the private sector and drive reform.
The index will track significant transitions, such as the shift from household businesses to formal enterprises, the growth from small to large firms, and deeper involvement in global value chains. This data-driven approach aligns with broader goals of accelerating digital transformation, innovation, smart governance, and human capital development, while removing institutional barriers and mobilizing national resources.
In his address, Prime Minister Chinh emphasized the need for stronger efforts by private businesses to drive economic growth and innovation. He encouraged private sector leaders to consider establishing a Private Sector Development Fund and called for enhanced communication efforts to showcase success stories and best practices as models for others to follow.
The Board IV has also proposed a monitoring and evaluation toolkit, an annual "Vietnam Private Sector Panorama" programme, and initiatives to boost community participation in economic activities. The "Vietnam Private Sector Panorama" was welcomed as a platform for dialogue, awareness-raising, and inspiring a wealth-creation movement.
The State is expected to play a facilitative role, while businesses are to lead in innovation and execution. This approach reflects Vietnam’s comprehensive approach to private sector-led sustainable economic growth, which also complements efforts to promote innovation-led improvements in education, healthcare, and social protection for equitable and inclusive development.
In order to secure the ambitious growth target of 8.5% in 2025 and achieve double-digit development in the coming years, the private sector must show more active engagement and a higher rise. The Prime Minister praised the Board's contributions over the past eight years, noting its unity, expertise, and role in positioning the private sector as a growth engine.
Since its founding in October 2017, Board IV has been a key bridge between the public and private sectors. Its aim to foster entrepreneurship, innovation, and new economic models reflects the Board's commitment to Vietnam's vision of a digital, green, and circular economy. As the country continues to navigate this transformative journey, the Private Sector Performance Index will undoubtedly play a crucial role in tracking progress and driving reform.
- The Government, in line with the Prime Minister's endorsement, will be utilizing the Private Sector Performance Index, a digital dashboard to be launched in August, as a tool for monitoring the progress of the private sector and driving reform.
- The shift from household businesses to formal enterprises, the growth from small to large firms, and deeper involvement in global value chains are significant transitions that the Private Sector Performance Index will track.
- In his address, Prime Minister Chinh underscored the significance of private businesses driving economic growth and innovation, encouraging private sector leaders to establish a Private Sector Development Fund and to showcase success stories and best practices.
- The State is expected to play a facilitative role, while businesses are to lead in innovation and execution, reflecting Vietnam’s comprehensive approach to private sector-led sustainable economic growth.
- The Board IV has proposed a monitoring and evaluation toolkit, an annual "Vietnam Private Sector Panorama" programme, and initiatives to boost community participation in economic activities, which were welcomed as platforms for dialogue, awareness-raising, and inspiring a wealth-creation movement.
- To secure Vietnam's ambitious growth target of 8.5% in 2025 and achieve double-digit development in the coming years, the private sector must show more active engagement and a higher rise, as praised by the Prime Minister for the Board's contributions over the past eight years.
