Hanoi (VNA)ꦅ – The recent issuance of resolutions to promote the development of the private sector is considered a fresh breeze reenergising businesses in the market.

Many companies have released bold plans to expand to the global market, affirming the "Made in Vietnam" brand in the new era.

Quickly implementing resolutions in reality

Vietnam is aiming to have 2 million active private businesses which will contribute to at least 55% of GDP by 2030; and at least 3 million firms, contributing to more than 60% of GDP by 2045. The strategy seeks to develop both quantity and quality of businesses, affirming the Party's strategic vision regarding the private sector, positioning it as a key driver for building an independent, self-reliant, and resilient economy with deep, substantive, and effective integration into the world. This will help the country escape the risk of lagging behind and secure prosperous development. However, to translate the reform spirit into action, there is a need for decisive and synchronised engagement from all levels and sectors, as well as proactive innovation from the private sector, business households, and each people. Only then can this sector truly make a breakthrough in the new development phase. Tran Hoang Ngan, a National Assembly deputy from Ho Chi Minh City, said that with the parliament’s resolution on new provincial administrative units taking effect from July 1, localities need to quickly issue guiding documents to enable the private sector to grow into the most important driving force for the upcoming period. Ngan perceived that in addition to the proposed policies, localities need to pay attention to supporting measures, especially in terms of land, bidding mechanisms, and capital access. Furthermore, it is crucial to quickly strengthen and upgrade the credit guarantee fund for small- and medium-sized enterprises (SMEs) to assist them in seeking bank loans. In particular, the legislator proposed the immediate establishment of a support centre for SMEs at the trade or investment promotion centre of each locality. This support centre will guide and assist businesses with tax and land lease policies, as well as human resources and personnel training.

Unleashing mechanisms to attract many "leading cranes"

Not only large companies, but many SMEs are also ready to make bold steps thanks to support from the State – not only financial aid, but also right mechanisms and policies. Doan Thi Kieu Thanh, Director of the Nam Sung Aluminum Company, shared that the recent policies on the private sector development, and the breakthrough ones on science and technology, green transition, and digital transformation, have "hit the right note" for businesses. The resources being unlocked will serve as a strong "lever" for their growth in the coming period. Nam Sung plans to increase its presence in the northern market and achieve a 20% growth in 2025 compared to last year by investing in a new factory in Ninh Binh. In addition, the company also aims to expand its market share and solidify its foothold in international markets, particularly large ones such as the US, the EU, and Australia. For SMEs, investment will be costly and time-consuming, but policies such as Resolution 68 on the development of the private sector or the resolution on science and technology, innovation, and digital transformation will be a huge boost to help Nam Sung expand further, said Thanh./.