Creating conditions for businesses to harness their potential
According to the National Statistics Office under the Ministry of Finance, Viet Nam’s GDP grew by 9.01% in the first nine months of 2026, the highest rate in 15 years, thanks to policies promoting economic growth. However, the health of businesses — the direct drivers of growth — still shows signs of fragility.
Although more than 223,000 businesses entered the market in the first nine months of 2026, around 172,000 withdrew, including more than 48,700 that completed dissolution procedures, up 118.8% from the same period in 2025.
These figures highlight the need to ensure that growth goes hand in hand with business stability and resilience. Rather than simply addressing individual problems as they arise, the State needs to establish an open, transparent and stable business environment, ensure that regulations and policies are predictable and consistently and effectively implemented, shorten administrative procedures, and help businesses access capital, technology and markets to unlock new drivers of growth.
Ho Sy Hung, President of the Viet Nam Chamber of Commerce and Industry (VCCI), said this was a vital foundation for helping businesses reduce costs, minimise risks, invest confidently in innovation and develop long-term plans, thereby improving the quality and sustainability of growth. In recent years, some localities have cut investment procedures and prioritised application processing. Meanwhile, the digitalisation of procedures at border gates has accelerated customs clearance, reduced costs and improved businesses’ ability to fulfil orders.
However, isolated positive changes are not enough to create a favourable business environment on a broad scale. Based on nearly 900 submissions from businesses, VCCI identified 53 groups of obstacles across 10 areas, ranging from institutions, land and credit to taxation, customs, energy and logistics. Many difficulties stem not from a lack of policies, but from inconsistent regulations, unclear guidance, lengthy procedures and poorly defined responsibilities for handling cases.
VCCI’s chairman therefore argued that the priority should not simply be to introduce more policies or further cut administrative procedures, but to address shortcomings in implementation. Regulatory agencies need to review overlapping regulations, clarify which bodies are responsible for handling cases, and ensure that processing deadlines are publicly disclosed and consistently observed. This would enable businesses to proactively harness their own strengths.
From a legislative perspective, Phan Duc Hieu, a member of the National Assembly’s Economic and Financial Committee, stressed that the quality of institutions could not be measured by the number of legal documents issued, but by tangible improvements in the market. Reform only has real meaning when it saves businesses time and money without imposing additional compliance burdens.
A favourable business environment requires not only simplified procedures but also stability and predictability. Businesses need to know which regulations apply, how long their applications will take to process and which agency is responsible. Without such clarity, they will struggle to develop long-term investment plans, even when market opportunities remain available.
Shifting from direct support to building an enabling ecosystem
Alongside institutional improvements, some economic experts believe the State needs to reform its support mechanisms to address the practical needs of different types of businesses. Start-ups need facilities for research, product testing and access to investors; manufacturers need capital, premises and technology; and small businesses participating in supply chains need to improve quality and management capacity.
Unlocking capital and credit should be considered a breakthrough in creating an enabling environment, as lending remains largely dependent on real estate collateral. Many businesses with viable business plans still struggle to secure financing because they lack sufficient collateral.
Speaking at a recent ceremony marking Viet Nam Entrepreneurs’ Day and honouring outstanding entrepreneurs in 2026, Standing Deputy Prime Minister Pham Gia Tuc emphasised the need to shift from receiving and responding to petitions to resolving problems and measuring performance by results. Legal, institutional and policy-related obstacles must be reviewed and addressed at their root, rather than leaving businesses to raise the same issues repeatedly.
The State must create a favourable, transparent, fair and safe environment in which businesses can invest, operate, innovate and grow with confidence. To achieve this, dialogue between regulatory agencies and the business community needs to be maintained regularly, with clear follow-up and feedback mechanisms.
Business associations, including VCCI, should strengthen their role in consolidating recommendations, providing practical evidence and contributing to policy reviews. Businesses, for their part, should proactively provide feedback during the drafting of legal documents instead of waiting until regulations take effect to report shortcomings.
Alongside the State’s enabling role, businesses must continue to strengthen their own capabilities proactively rather than relying entirely on policy support.
