Nhan Dan Newspaper, in coordination with the Viet Nam Chamber of Commerce and Industry (VCCI), have recently organised the seminar "Double-digit growth — driving force from businesses" in Ha Noi. Participants focused on analysing the bottlenecks hindering the private sector and proposed a series of solutions to remove these barriers, and transform its resources, production capacity, and aspirations into a sustainable growth engine for the country.
A change in approach
In his remarks at the workshop, Le Quoc Minh, member of the Party Central Committee, Editor-in-Chief of Nhan Dan Newspaper, Deputy Head of the Party Central Committee’s Commission for Communication, Education, and Mass Mobilisation, and President of the Viet Nam Journalists Association, said that in the more than a year since the implementation of Resolution No. 68-NQ/TW, entrepreneurial spirit has been significantly strengthened, making the private sector a core foundation for achieving double-digit economic growth target. However, the Vietnamese business community continues to face structural and institutional bottlenecks, as well as difficulties in accessing land, capital, and markets.
To make businesses the true centre of economic growth, it is essential to continue improving institutions, reducing compliance costs, and removing all barriers. Policies should be designed around businesses, creating a favourable environment for their development while giving them opportunities to work alongside the state in designing mechanisms, building infrastructure, and participating in national governance. Nowadays, businesses are not just seen as "objects of management," but must become "creative partners," working alongside each other in development.
Ho Sy Hung, Chairman of the Viet Nam Chamber of Commerce and Industry (VCCI), also stressed that institutional reform would be the country's greatest growth driver in the coming years. This involves more than simplifying administrative procedures, reducing licences, or cutting business requirements. More importantly, it requires a shift in mindset, from management to service and facilitation, from pre-licensing inspections to post-inspections, and from "if it cannot be managed, it should be banned" to smart, transparent, and accountable governance.
Looking more closely at institutional reform, Nguyen Duc Hien, Deputy Head of the Party Central Committee's Commission for Policy and Strategy, questioned whether the reduction of administrative procedures and business conditions had been truly effective. Although the Central Government has demonstrated strong determination, the success of institutional reform ultimately depends on consistent implementation across implementation levels and local authorities.
From the perspective of monetary policy, Nguyen Ngoc Canh, Deputy Governor of the State Bank of Viet Nam, stated that the target of double-digit economic growth is a prerequisite for Viet Nam to become a developed, high-income country by 2045. The banking sector therefore remains committed to operating monetary, credit, and foreign exchange policies in a flexible manner, controlling inflation, and ensuring adequate capital for the economy, thereby contributing to ushering the country into an era of strength and prosperity.
Improving the quality of institutional reform
Addressing the specific barriers facing businesses, Dau Anh Tuan, Deputy Secretary General and Head of the Legal Department of VCCI, noted that although the government's commitment to reform has been clear and decisive, implementation by government agencies has not progressed at the same pace. Administrative procedures therefore remain a common obstacle. Only when reforms are carried out consistently from the central to the local levels will they genuinely improve the business environment and unlock resources for enterprise development.
The lack of consistency is particularly evident in the seafood industry. Nguyen Hoai Nam, Secretary General of the Viet Nam Association of Seafood Exporters and Producers (VASEP), said that efforts by ministries and agencies to reduce administrative procedures and business conditions had fallen short because businesses — the groups directly affected — had not been sufficiently involved in the process.
According to VASEP, many long-standing issues remain unresolved despite repeated recommendations. For example, seafood exporters are still required to complete numerous documents and obtain multiple approvals before exporting a shipment. These practical obstacles need to be removed quickly to prevent the industry from losing valuable growth opportunities.
Meanwhile, legal bottlenecks continue to hinder the real estate sector. Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association, said institutional reform is one of the most cost-effective measures with the broadest impact. However, the sector still faces major challenges, including procedures related to investment approval and construction. For instance, although the Ministry of Public Security has abolished some procedures for fire safety inspection and acceptance, similar inspection procedures still exist in the construction sector and need to be further reviewed and reduced.
To improve the quality of institutional reform, Phan Duc Hieu, a full-time member of the National Assembly's Committee for Economic and Financial Affairs, proposed three key measures. First, some laws could be consolidated and guided by a common implementing decree to reduce overlaps. Second, a special mechanism similar to the government's working groups should be established to directly resolve legal difficulties encountered by businesses. Third, stricter control should be exercised over the introduction of new regulations to prevent business conditions that have been abolished from reappearing in different forms.
A stable and open business environment
As institutional bottlenecks become clearer, the next priority is to remove them and create a strong foundation for business growth.
Discussing how to position the private sector at the centre of economic growth, Nguyen Minh Thao, Head of the Department of Enterprise Development and Business Environment under the National Institute for Economics and Finance (Ministry of Finance), said businesses need more than preferential policies. What matters most is a stable, transparent, and open business environment with fewer administrative procedures and lower compliance costs. At the same time, breakthrough mechanisms are needed to develop large private enterprises capable of leading the market and undertaking major national projects.
Continuing this discussion, To Hoai Nam, Vice Chairman and Secretary General of the Viet Nam Association of Small and Medium Enterprises, said Vietnamese businesses are ambitious and willing to grow. What they need is a favourable ecosystem for development.
The most practical support the state can provide is a healthy business environment that enables millions of enterprises to expand and become large businesses. Before introducing any new regulation, management agencies should carefully assess how much time and money it will cost businesses to comply and whether compliance is practical. If these questions cannot be answered convincingly, the regulation should not be introduced.
Reaffirming that the private sector must be placed at the heart of the growth strategy, Bui Anh Tuan, Head of the Department of Private Sector and Collective Economy Development under the Ministry of Finance, noted that future policies will shift from "supporting businesses" to "building a development ecosystem". Priority will be given to improving the investment and business environment, accelerating comprehensive administrative reform, designing policies to remove bottlenecks and reduce costs, strengthening the long-term competitiveness of enterprises, and providing tailored support throughout different stages of business development.
