If the private economy previously only played a secondary role, now the private economy has become an important driving force of the economy. In fact, in recent times, the private economy has had remarkable development. There are many private enterprises that have affirmed their position and brand in the domestic market and have conquered foreign markets.
With nearly 1 million enterprises and about 5 million individual business households, this region currently contributes 51% of GDP, more than 30% of the State budget, nearly 60% of total social investment capital, creating more than 40 million jobs, accounting for more than 82% of total labor in the economy.
In the recent article Private economy - a pioneer force in the new era, General Secretary To Lam affirmed that the upcoming Resolution of the Politburo on private economy aims to encourage, support and orient the development of the private economy, creating breakthrough momentum, opening an era of the rise of Vietnamese private enterprises.
Notably, the presence of the private sector in large projects and key projects of the country, which was formerly a playground for state-owned enterprises, has issued a very clear message, all economic sectors have equal opportunities, efficiency and quality are given top priority, the State will play the role of creating and accompanying.
Not only expanding production, trade and services, the private economy is also the locomotive to promote innovation, improve productivity, create healthy competitive pressure, and promote other economic sectors to innovate and perfect capacity. The strong rise of many Vietnamese private enterprises not only dominates the domestic market but also affirms the brand in the international market.
However, despite many advantages and contributions to the national economy, the private economy is still facing many bottlenecks, from difficulties in accessing capital, limitations in land funds, lack of transparency in support mechanisms to inadequacies and lack of synchronization between levels and sectors.
These bottlenecks make many businesses, despite their potential, take advantage of and be cautious, not daring to lose their efforts or having difficulty staying strong under increasingly fierce competitive pressure.
Typically, according to Dr. To Hoai Nam - Permanent Vice President and General Secretary of the Vietnam Association of Small and Medium Enterprises (VINASME), decentralization, delegation of authority, and reduction of some regulations, administrative procedures, standards, technical regulations, and business conditions are not yet thorough. Some ministries, branches and localities have not been really determined and proactive in accompanying businesses to solve and remove difficulties.
In recent times, the National Assembly has also issued many important Laws and Resolutions to promptly remove difficulties and obstacles in terms of institutions and policies, create breakthroughs, promote socio-economic development in general, and businesses in particular.
With encouragement, support and orientation along with maturity, confidence, capacity, techniques, ... the private economic force has been officially setting foot in the country's super projects, playing a leading role in creating jobs, promoting the development of supporting industries, and improving labor productivity.
That presence shows that the private economic sector has been and is ready to accelerate, make a spectacular breakthrough, becoming the leading driving force for economic growth.
Associate Professor, Dr. Tran Dinh Thien - former Director of the Vietnam Economic Institute - said that now is the decisive moment. The role of the State needs to be in the direction of paving the way, leading and most importantly, building a favorable business environment for private enterprises to develop.
Accordingly, it is necessary to build a new institutional system. The current Labor Law mainly regulates manual labor, but this time it needs to be supplemented and adjusted further to suit the new context. Laws, such as the Law on Science and Technology, the Law on Intellectual Property... also need to be amended to create a more favorable legal corridor for private enterprises to develop, so that private enterprises can participate in the global supply chain, promoting the spirit of entrepreneurship and creativity.
