During a working session with the Central Policy and Strategy Committee, Party General Secretary To Lam affirmed that it is time to change the mindset regarding the role and position of the private economy. He emphasised the necessity of issuing a new resolution with breakthrough policies to strongly develop this sector within the socialist-oriented market economy. This inevitable requirement is in line with the country’s development realities.
At the 12th Party Congress (2016), the Party Central Committee affirmed that "the private economy is an important driving force of the economy." Previously, the private economy was only acknowledged as "having a long-term important position in the socialist-oriented market economy" or "one of the driving forces of the economy." Each time the role and position of the private sector were redefined, it reflected a shift in perception and recognition. Along with this, the contribution of the private economy to the overall economy has also risen, with increasing influence.
The private economy currently contributes over 50% of GDP, approximately 30% of budget revenue, while accounting for around 85% of the workforce. This does not even include the resources from millions of unregistered household businesses. These figures demonstrate that the private economy is becoming one of the most crucial drivers of economic development. The sector’s growth and influence in socio-economic life over time reflect the results of the Party and State's strategic orientation and guidance.
In each stage of development, enhancing the role of the private sector does not mean diminishing the importance of other economic components. To achieve fast and sustainable development, it is essential to maintain overall economic balance and macroeconomic stability. The state economy continues to play a leading role, while the foreign-invested sector (FDI) is crucial in capital supply, technology transfer, and fostering a competitive business environment.
In the current context, further adjusting perspectives and elevating the private economy to a new position is entirely appropriate for development needs. Looking back at the journey since its recognition, this transformation appears inevitable. More importantly, beyond achieving a new status, it is about clearly affirming that the private economy deserves this role — translating this new perception into a strong commitment from the Party and State. Through this, policies will be formulated to meet practical demands and enhance the implementation capacity of the entire system.
