Nearly 40 years after Đổi mới, Việt Nam’s private sector has grown in scale and quality, becoming a decisive driver of the economy. By 2024 it contributed 43% of GDP, 57% of GDP growth, 53.4% of total investment, and 82% of employment. Its output grew 6.3% annually from 2011–2024, faster than the national average. However, momentum has slowed since 2016. Private firms remain much smaller than state-owned and foreign peers, with weak capital, technology adoption, and management capacity. Trends of “miniaturisation” and limited domestic linkages are emerging. Structural bottlenecks include incomplete policy recognition of the sector, uneven institutions, thin value-chain connections, low absorptive capacity, and insufficiently professionalised entrepreneurship. Strategically, Resolution 68-NQ/TW targets 2 million enterprises by 2030, contributing 55–58% of GDP and employing 85% of the workforce; by 2045, at least 3 million firms should deliver 60% of GDP and compete globally. Execution priorities include fairer institutions, substantive administrative reform, equal access to inputs, deeper supply-chain linkages, better financial intermediation, and stronger firm capabilities. Formalising the informal economy—25% of GDP—through simplified compliance and digital tools is essential. Sustaining double-digit private-sector growth is critical for Việt Nam to reach long-term 8% economy-wide growth, resilience, and inclusive prosperity. (ICE HO CHI MINH CITY)

Fonte notizia: Vietnam News