PM Chính Highlights Private Sector as Key Pillar of Vietnam’s Socialist-Oriented Market Economy
Hanoi, The Gulf Observer: Prime Minister Phạm Minh Chính reaffirmed the private sector’s pivotal role as a driving force of Vietnam’s socialist-oriented market economy during the plenary session of the Vietnam Private Economic Landscape Programme 2025 (ViPEL 2025), held in Hànoi on Friday.
Speaking ahead of Vietnam Entrepreneurs’ Day on October 13 and marking the 80th anniversary of President Hồ Chí Minh’s historic letter to the business community, Prime Minister Chính reflected on the nation’s remarkable transformation achieved through over 40 years of Đổi Mới (Renewal). He highlighted the achievements of key sectors, noting that agriculture had lifted Việt Nam out of poverty to become a global rice exporter, while industrial growth and foreign direct investment had helped the nation surpass the lower middle-income threshold.
The Prime Minister expressed confidence that science, technology, innovation, and digital transformation would serve as new engines propelling Việt Nam toward high-income status. He called on private enterprises to align corporate strategies with the nation’s two centennial development goals, lead patriotic movements through innovation and technological advancement, and contribute to equality, social progress, and welfare to ensure that “no one is left behind.”
PM Chính urged the private sector to grow comprehensively, leveraging internal strengths and overcoming limitations to become a leading force in economic growth, job creation, productivity, competitiveness, industrialisation, and modernisation. He also encouraged businesses to deepen international integration to compete on equal footing with global enterprises, move up global value chains, and pursue long-term, ambitious development strategies.
During the event, several significant initiatives were launched, including the Vietnam Low Altitude Economy Alliance (LAE), the Vietnam Supporting Industries Manufacturers Alliance, and a 2025–2030 programme aimed at enhancing localisation and strengthening supporting industries. A scheme introducing a pilot public-private nation-building model for 2025–2026 was also signed, along with plans to recognise outstanding entrepreneurs and enterprises.
Key cooperation agreements were exchanged at the session, including a strategic partnership between Ho Chi Minh City and the Vietnam LAE Alliance, a deal between HCM City and Sovico Group for Metro Line 4, and a trilateral agreement among Hà Nội, Sovico, and UNESCO to develop a “Creative Capital” model rooted in heritage and traditional values. Other notable projects included the “Made in Đà Nẵng” initiative and a Thái Nguyên project promoting organic agriculture, cultural tourism, and heritage-linked tea cultivation.
The plenary session gathered over 500 delegates, including government officials, foreign diplomats, and representatives from international organisations, domestic enterprises, and business associations.
ViPEL, one of four major tasks assigned by the Government to the Private Sector Development Research Board (Board IV) in coordination with the Ministry of Finance, aligns with the Politburo’s Resolution 68, which positions the private sector as a key driver of national economic growth.
The programme also featured a Vietnam Women Entrepreneurs’ Forum, celebrating women’s contributions to private sector development, along with sector-specific discussions that explored growth opportunities and cooperative projects under the “Public-Private Nation-Building” framework.
The session concluded with the unveiling of the ViPEL mechanism, which aims to strengthen public-private synergies, link Vietnam’s value chains, foster emerging technologies and innovation, and promote competitive industries, major infrastructure projects, and resource expansion—solidifying the private sector’s role as a cornerstone of Vietnam’s sustainable development journey.
