Enhancing the Partnership of Private Enterprises in the Domestic Economic Structure: Decision by the Politburo
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HÀ NỘI - Kickstarting the Private Economy Revolution!
Let's talk Vietnam! Grandmaster To Lam, our General Secretary, recently dropped Resolution 68-NQ/TW on May 4, 2025, and it's a game changer for the nation's private economy. Here's what's cookin':
Vietnam's Private Economy: A transformed powerhouse by 2030
By 2030, our aim is to have 2,000,000powerhouses(enterprises) buzzing and at least 20 titans(large firms) integrated into global supply chains, ready to conquer the world. We're aiming to have a workforce that's 84-85% powered by the private sector, contributing to 55-58% of our GDP and 35-40% of the state's budget revenues. We ain't gonna rest on our laurels, though. We're seeking an annual growth rate of 10-12% for our beloved private sector—that's faster than national speed!
Innovation and Digital Transformation: A step ahead in the technology race
We're positioning our private sector to join the big leagues in Southeast Asia and Asia when it comes to innovation and digital transformation. Our goal is for our private sector to be amongst the top three in ASEAN and top five in Asia by 2030.
Strategic Directions for a Private Economy Revolution
- Empowering the Engines of the Economy: The private sector is now the primary engine driving our national economy, marking a monumental shift in political ideology. Time to roll up our sleeves and make it happen!
- A Fair and Transparent Playing Field: The government's committed to creating an egalitarian playing field, supporting the comprehensive development of our vibrant private sector alongside the glorious state and collective economies.
Vision 2045: A Globally Competitive PowerhouseBy 2045, we envision a rapid, robust, and sustainable growth of our private sector. Our aspiration: To be a leading force in global production and supply chains, with strong regional and international competitiveness.
Implementation MechanismsFrom improving governance to promoting innovation and enhancing our business environment—we've got a bag of tricks to make the private sector dreams come true![1][3][4]
There you go! Get ready for an action-packed decade as we transform Vietnam's private sector into a global powerhouse. Let's make history together!
A car assembly line in Thaco, a large private enterprise in Việt Nam. The private sector will be considered as the most important driving force behind the national economy. - VNA/VNS Photo
[1] The Banker
[3] Bloomberg
[4] World Bank
- The transformative Resolution 68-NQ/TW by General Secretary To Lam in 2025 is aimed at revolutionalizing Vietnam's private economy, setting a goal for 2,000,000 enterprises by 2030.
- The private sector's growth target is an annual rate of 10-12%, outpacing the national average, with at least 20 titans integrated into global supply chains.
- The private sector's workforce is expected to comprise 84-85% of the total by 2030, contributing 55-58% of the GDP and 35-40% of the state's budget revenues.
- In an effort to compete globally, the private sector will focus on innovation and digital transformation, aiming to be amongst the top three in ASEAN and top five in Asia by 2030.
- The strategic directions for the private economy revolution include empowering the economy's primary engine, the private sector, and creating a fair and transparent playing field.
- TOWARDS Vision 2045, the private sector is envisioned to be a leading force in global production and supply chains, with strong regional and international competitiveness.
- Implementation mechanisms involve improving governance, promoting innovation, and enhancing the business environment to ensure the success of the private sector.
- AI, environment, culture, policy, war, markets, business, economy, technology, science, sector, Thaco, constrained, directions, average, finance, and business will all play a significant role in shaping Vietnam's private sector in the upcoming decades.
