PM calls for private sector's stronger efforts to drive economic growth

PM calls for private sector's stronger efforts to drive economic growth

Prime Minister Phạm Minh Chính affirmed that the State must play a facilitative role, while businesses must lead in innovation and execution, with private sector development under the Party’s leadership.

Prime Minister Phạm Minh Chính chairs a working session with the Private Sector Development Research Board on Sunday. VNA/VNS Photo

Prime Minister Phạm Minh Chính has called for the mobilisation of the strength and resources of the entire nation and society to drive economic development as a whole, including the private sector, with the aim of delivering both material and spiritual benefits to the people.

The PM chaired a working session with the Private Sector Development Research Board (Board IV) in Hà Nội on Sunday, focusing on implementing the Politburo's Resolution No. 68-NQ/TW along with resolutions from the National Assembly and the Government to advance the private economic sector.

Since its founding in October 2017, Board IV has been a key bridge between the public and private sectors, driving policy reform, organising national and regional forums, and building a strong network of business associations.

In line with Resolution 68, the Board has proposed a monitoring and evaluation toolkit to track progress, an annual “Vietnam Private Sector Panorama” programme, and initiatives to boost community participation in economic activities through knowledge, technology, and skills. It also aims to foster entrepreneurship, innovation, and new economic models.

PM Chính praised the Board’s contributions over the past eight years, noting its unity, expertise, and role in positioning the private sector as a growth engine.

While frameworks and action plans are in place, he stressed that success depends on strong, inclusive, and globally minded implementation, aligned with restructuring the economy toward a digital, green, and circular model.

He called for removing institutional barriers, mobilising nationwide resources, and enhancing support for science, technology, digital transformation, innovation, smart governance, and human capital.

The State must play a facilitative role, while businesses must lead in innovation and execution, with private sector development under the Party’s leadership, he affirmed.

Stressing the need to accelerate the realisation of Resolution 68, PM Chính endorsed the Board’s proposal for a Private Sector Performance Index to be launched in August as a dynamic digital dashboard for both the Government and the National Steering Committee.

The index will track the transition from household businesses to formal enterprises, growth from small to large firms, and deeper integration into global value chains.

He also welcomed the “Việt Nam Private Sector Panorama” as a platform for dialogue, awareness-raising, and inspiring a wealth-creation movement, emphasising that it must deliver tangible results. The Ministry of Finance was tasked with working with Board IV on its scope and implementation.

The PM clarified that in order to secure 8.5 per cent growth in 2025 and a double-digit development in the years ahead, the private sector must show more active engagement and a higher rise.

Encouraging business leaders, especially those involved with Board IV, to consider establishing a Private Sector Development Fund, the PM also highlighted the need for more effective communication efforts to showcase success stories and best practices. These should serve as models for others to follow, he added.

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