Entrepreneurs Confident and Self-Reliant in Reaching New Horizons

“We must continue to uphold the spirit of confidence, pride, self-reliance, and self-determination to take longer strides, reaching out to the sea, delving deep into the earth, and soaring high in the sky. This is a great cause of the Party and the people, but entrepreneurs must serve as the pioneering force, the core strength, and the exemplary leaders at the forefront.” This was the emphasis of Prime Minister Pham Minh Chinh at the meeting with outstanding enterprises and entrepreneurs, held in Hanoi on the occasion of Vietnamese Entrepreneurs’ Day (October 13).

Government’s support

In his opening remarks, Prime Minister Pham Minh Chinh said that while Vietnam has entered the historic autumn days with renewed confidence, momentum, and development, the country has also faced multiple challenges, particularly natural disasters and floods that caused significant loss of life and property.

Representatives of the business community at the meeting with Prime Minister Pham Minh Chinh in Hanoi, October 9 

According to the Prime Minister, what is encouraging is that the greater the pressure, the stronger and more resilient the nation becomes. In recent years, Vietnam has consistently achieved higher outcomes, with each month outperforming the previous month, each quarter surpassing the previous quarter, each year exceeding the previous year, and this term expected to surpass the last. As a result, the economy has expanded in scale, per capita income has increased, labor productivity has improved, and the material and spiritual well-being of the people has steadily advanced, ensuring that no one is left hungry, cold, or without basic needs. Within these achievements, enterprises and entrepreneurs have made significant contributions, and the business community itself has grown stronger and more mature.

Prime Minister Pham Minh Chinh highlighted major projects implemented by Vietnamese enterprises, including the My Thuan 2 Bridge, which is larger, longer, wider, and more visually striking than the My Thuan 1 Bridge yet constructed more quickly and at lower cost; the Long Thanh International Airport, scheduled for completion by the end of this year; and the steel dome structures of the Vietnam Exhibition Center in Dong Anh, Hanoi, together with outstanding achievements in agriculture.

He stressed that to set sail for the open sea, entrepreneurs must be the pioneers, the backbone, and role models. To achieve this, Vietnam must drive breakthroughs in science and technology, innovation, and digital transformation in line with Resolution 57 of the Politburo; harness the private sector as the most important driver of the economy, as emphasized in Resolution 68 of the Politburo; while ensuring the state-owned sector retains a leading role and foreign-invested enterprises continue to play a vital part.

The Politburo issued Resolution 41-NQ/TW on October 10, 2023, on building and promoting the role of Vietnamese entrepreneurs in the new era. The Prime Minister underscored the need to create mechanisms that maximize the creativity, capabilities, and dedication of entrepreneurs.

To date, the Government, ministries, and local authorities have acted promptly and effectively in implementing a wide range of policies to support enterprise development, while urgently revising and supplementing laws related to investment and business. According to the Prime Minister, Vietnam must turn its institutional framework into a competitive advantage, “a breakthrough among breakthroughs.” At the same time, it must build streamlined two-tier local governments and shift toward a development-oriented, service-driven administration that proactively serves both citizens and businesses.

Enterprises make proposals and policy recommendations

According to Tran Dinh Long, Chairman of Hoa Phat Group, the Government and the Prime Minister have acted decisively, and ministries have been highly effective in their work. However, businesses hope that the implementation of Resolution 68-NQ/TW on developing the private sector will be accelerated to create more favorable conditions. In today’s fiercely competitive environment, time is a matter of survival. Therefore, when enterprises submit petitions or proposals, they expect the Government and ministries to review and resolve them more quickly so as not to miss growth opportunities.

He also said that the European Union recently decided to raise import tariffs on steel from 25% to 50% to protect its domestic industry. This move will directly impact Vietnam’s steel exports. Hence, he proposed that the Government adopt flexible and timely policies to safeguard the domestic industry.

“With products that are already produced domestically and meet domestic demand, we hope state-funded projects and programs will give priority to using local goods. This both supports Vietnamese enterprises and concretely implements the policy of ‘Vietnamese people give priority to using Vietnamese goods,” Long emphasized.

Le Ngoc Son, General Director of Vietnam National Industry-Energy Group (Petrovietnam), said that to enable the business community to fully realize its potential, the Government should advise the Politburo to issue a new resolution on developing state-owned enterprises (SOEs) and the state sector. This would comprehensively remove institutional bottlenecks and create stronger momentum for SOEs to achieve breakthrough development. At the same time, he urged the early issuance of a decree on specific operating and financial mechanisms for Petrovietnam, aligned with its new model and stature.

“Timely policy adjustments will serve as an important boost for enterprises in general, and SOEs in particular, to continue innovating and developing sustainably,” Son stressed.

Nguyen Van Than, Chairman of the Vietnam Association of Small and Medium Enterprises (VINASME), affirmed that the private sector and the state sector are two growth pillars, closely connected and inseparable, even as the private sector plays an increasingly important role in socio-economic development. He stressed that the role of state resources must continue to be strengthened, particularly through ministries, local authorities, and civil servants taking the lead in innovation and decisively transforming public administration from a “permit-granting” mindset to a “service for enterprises and citizens” approach.

“Based on a clear definition of the position, role, and liberalized policies for the private sector, we propose that the Government adopt policies to foster the next generation of national entrepreneurs, the ‘F2 entrepreneurs’ who will succeed the first generation (F1) of established business leaders, along with fast-growing technology enterprises,” Than said.

He added that the Government has tasked the Vietnam Association of Small and Medium Enterprises with studying the establishment of a digital bank dedicated to SMEs. This model, already successfully implemented in many countries, offers practical solutions for SMEs and household businesses that face difficulties accessing capital from traditional banks. In addition, to enhance international integration and increase exports, he suggested that the Government incorporate the FTA Index, launched by the Prime Minister and the Ministry of Industry and Trade in May 2025, into local growth indicators and use it as a criterion to assess provincial competitiveness.

With the aim of uniting the entrepreneurial community with the strength of the entire nation, combining domestic and global resources for national development, Prime Minister Pham Minh Chinh called on enterprises and entrepreneurs to fulfill “three pioneering roles”: First, pioneering in science, technology, and innovation by taking the lead in digital transformation, advancing into strategic and core technologies, and fostering a nationwide movement for innovation while building a digital nation; Second, pioneering in lawful business practices by being exemplary in compliance with the law and contributing actively and effectively to building a socialist rule-of-law state; and third, pioneering in implementing Resolution 68 of the Politburo by affirming the private sector as a principal driver of the national economy, contributing to building a socialist-oriented market economy under the leadership of the Party, state management, and people’s ownership.

“With these three pioneering roles, we will together set sail for the open sea, delve deep into the earth, and soar into space, enabling our country to develop rapidly and sustainably, entering an era of prosperity, strength, civilization, and happiness,” Prime Minister Pham Minh Chinh emphasized.

Quynh Anh (Vietnam Business Forum)