As Việt Nam enters a new phase of economic transformation, business leaders are voicing support for the Government’s recent recognition of the private sector as the most important engine of national growth. Top executives from the country’s private enterprises tell Việt Nam News reporter Vũ Hoa about what this shift means, and the steps needed to turn policy into progress.

Nguyễn Việt Thắng, CEO, Hòa Phát Group

 

The Government’s recent recognition of the private sector as the most important component of the economy is a strategic breakthrough.

For decades, we have known that private businesses form the backbone of our economy, contributing more than any other sector. But hearing the Government's affirmation with such clarity is a milestone that places private enterprises exactly where they belong to: at the heart of national development.

Supporting private enterprises, however, is not simply a matter of issuing policies. Like raising a child, it requires a complete environment, from nourishment and education to safety and opportunity. Only then can private businesses grow strong and contribute sustainably.

The first priority is market fairness. Domestic competition must be healthy and rules-based. When the Government aims to develop national champions in key industries, such as in logistics, steel or high-speed rail, it must shield these emerging giants until they are ready to compete on equal footing. Like a child still learning to walk, they need space and support before being asked to run.

We need a well-calibrated industrial policy, covering everything from macroeconomic stability to sector-specific roadmaps. Just as South Korea nurtured its chaebols, Việt Nam too must create national champions. Hòa Phát is ready to rise to that challenge.

Our experience proves that speed in execution is essential. Take the Dung Quất 1 steel complex: we launched it in late 2017 and had product on the market by 2019. That positioned us perfectly for 2021 when global demand soared, and we posted record profits of VNĐ34 trillion (US$1.3 billion). It was a turning point.

Had we been delayed even one or two years due to procedural issues, that moment would have passed. With it, perhaps Hòa Phát would not be where it is today. Timing in business is everything.

Therefore, I urge policymakers to streamline approval processes. Every year saved is a competitive edge gained.

Beyond that, macro stability matters – exchange rates, inflation, and growth targets must be predictable. That builds investor confidence.

Finally, the Government must nurture big businesses, not just allow them to survive. Companies like Vingroup, Thaco and Hòa Phát have largely grown by swimming on their own. That is commendable, but slow and rare. If Việt Nam wants many more firms like Hòa Phát, it must actively raise them, and not wait for them to emerge by chance.

Trần Kim Chung, chairman of CT Group

 

Việt Nam is entering a transformative period, and new resolutions are the policy anchors enabling this shift. Together, they represent a bold change in mindset, decisively tackling long-standing obstacles while unlocking a new era of development thinking.

I firmly believe Resolution 68 [ruling Communist Party's resolution on private economic sector development] arrived at just the right time. Its impact extends beyond our borders. International partners we work with, from Asia to Europe, have taken notice. Some have even told us: “This is real market economy reform. This is visionary.” That makes us proud, not only as Vietnamese businesses but as global partners.

After 33 years navigating the challenges of a non-state enterprise, we at CT Group deeply appreciate the momentum these reforms bring. For the first time, we feel not only supported but energised to lead.

We operate 68 member companies across 12 countries and invest heavily in R&D across nine core 4.0 technologies. Many of our innovations are already in the market, and more are coming.

We hope the government will support us in making Việt Nam the leading UAV manufacturer in ASEAN within the next two years. We are fully prepared to take on this mission — and we believe that, with the government's partnership, we can achieve it together. Similarly, we are Việt Nam’s first enterprise to build an ATP chip manufacturing facility. Within months, we will unveil Việt Nam’s first high-difficulty chip, developed entirely in-house.

We don't stop there. We are building Việt Nam’s low-altitude economy – yes, an entirely new sector. With our expertise, technology, and human capital, we will pioneer what we call the suborbital economy – an emerging global frontier. Việt Nam can be a first mover in Southeast Asia, and we are ready to lead.

We also aim to complete the key digital transformation backbones of the country, bridging land, space and frontier infrastructure. These are not ambitions. They are roadmaps we are actively delivering.

When the State sets a clear direction, Vietnamese businesses are not just capable. They are eager to rise and lead the region, and even the world.

Phan Minh Thông, chairman of Phúc Sinh Group

 

The world is shifting. The turbulence of 2025, rising protectionism and ongoing geopolitical and climate challenges make one thing clear: Việt Nam must rise from within, by unlocking the full potential of its private sector.

Looking inward, our strengths are formidable. We have a time-tested agricultural base that few countries can rival, producing everything from rice and coffee to cashews, pepper, seafood and timber. These are not just commodities; they are strategic assets in an uncertain world.

But raw exports are not enough. We must scale up, process deeply and create value. Our vision is to position Việt Nam as the “world’s kitchen”, just as Philip Kotler once suggested – a global source of trusted, high-value food and agricultural products.

Geographically, our coastline is a gift from nature, with over 1 million sq.km of marine territory, perfectly situated for trade, shipping, tourism, and seafood industries. It is a highway for economic growth, and we must leverage it fully.

Crucially, Việt Nam is now undergoing a reform revolution, placing the private sector at the centre of its growth model. That mindset shift is our moment.

But to convert potential into performance, we need a coherent, national strategy for private investment. This includes access to green land for farming, financial mechanisms for building modern processing facilities and support for entering new export markets.

When the Government establishes a clear direction and a comprehensive, co-ordinated approach, it will not only strongly mobilise private investment but also drive major economic groups to lead key industries.

Financial institutions and organisations will also be encouraged to step in. Only with this level of alignment can we effectively solve the investment puzzle — one that seeks to attract serious, large-scale enterprises with long-term vision, rather than fragmented efforts.

This will help elevate Việt Nam’s high-potential sectors through supportive policies on land use, green and sustainable farming zones, financing for new factories and processing plants, and access to and development of new markets.

At the same time, large-scale investment in technology application and digital transformation among businesses will be activated, fostering a community of digital enterprises and a digital economy that can support green and smart agriculture — on par with any developed country.

The reality is that many of Việt Nam’s advantageous industries have already developed significantly. We’ve attracted substantial foreign direct investment from multinational corporations. However, most domestic private companies remain small, fragmented, and struggle to compete.

Meanwhile, multinationals often do not align their business goals with Việt Nam’s national branding efforts. They tend to leverage our resource advantages primarily for raw exports, which are then deeply processed and branded under their parent corporations abroad.

In the next 20, 30 or even 50 years, private enterprises must lead not only the domestic market but command global scale. Whether we go fast or slow matters less than how boldly we think, and how ready we are when opportunity calls.  VNS