Young entrepreneurs, experts, and business community representatives joined a high-level dialogue on September 16 to exchange views on opportunities, challenges, and practical solutions to foster the sustainable growth of Viet Nam’s private sector.

Viet Nam now has more than 940,000 private enterprises and over 5 million household businesses, contributing approximately 50% of GDP, over 30% of state budget revenue, and employing 82% of the national workforce.

After nearly 40 years of reform, Viet Nam’s private sector has made remarkable progress in both scale and quality, steadily affirming its role in the socialist-oriented market economy. However, the sector still faces shortcomings that must be addressed swiftly to become a pillar of national economic development.

Prime Minister Pham Minh Chinh has called for the mobilisation of the strength and resources of the entire nation and society to drive economic development as a whole, including the private sector, with the aim of delivering both material and spiritual benefits to the people.

Addressing critical bottlenecks is essential to help the private sector become a key driver of Viet Nam’s future double-digit economic growth. In response to four key constraints that have hindered private sector development in recent years, the National Economics University has compiled and proposed four main groups of recommendations.

The Ha Noi People’s Committee has issued a plan to implement the Government’s Action Plan under Resolution No. 68 of the Politburo on promoting private economic development.

Private enterprise has been identified as one of the key drivers of growth. Viet Nam requires strong corporations with regional and global scale. These are expected to become the national champions that guide small and medium-sized enterprises, and the economy as a whole.

The transition from lump-sum taxation to a self-declaration system marks a significant turning point in tax administration and in promoting the development of the private sector. Our reporter interviewed Mai Son, Deputy Director of the Tax Department, on this matter.

To create new impulses for Vietnam's tourism industry, it is extremely important to mobilise the participation of the community and businesses in tourism activities. The problem is in how to attract and create connections and effective sharing among stakeholders to promote the sustainable development of the tourism sector.