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Based on that spirit, the conference "Vietnamese Private Enterprises and Entrepreneurs with the Innovation of the National Development Model and the Policy of Party Members Engaging in Private Business," organized by the Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with the Central Policy and Strategy Commission on May 25th in Hanoi, raised many major issues concerning institutions, resources, technology, and business culture in the new development phase.
Pioneering a new development model
The conference made it abundantly evident that Vietnam's economic model, which is mostly dependent on low-cost labour, outsourcing, resource exploitation, and conventional investment incentives, is no longer adequate to produce breakthroughs as the country moves into a new stage of development. The economy needs to rely more on science and technology, innovation, digital transformation, green transformation, labour productivity, and contemporary governance capacities in order to advance more quickly and sustainably.
In such view, the private sector is viewed as more than just a force that boosts the economy, creates employment, and increases business and output. More significantly, it has to be a driving factor behind the development of a new growth model.
Delivering a keynote address and opening remarks at the conference, Comrade Nguyen Thanh Nghi, Politburo member, Secretary of the Central Committee of the Party, Head of the Central Policy and Strategy Commissione, emphasized that the need to innovate the national development model based on science and technology, innovation, and digital transformation is extremely urgent. This process requires the pioneering role of private enterprises, as they are a dynamic, flexible force, closely following market trends and capable of quickly entering new fields.
Over nearly 40 years of reform, the Party's understanding of the private economy has become increasingly comprehensive, profound, and has made many breakthroughs. While Resolution No. 10-NQ/TW of 2017 identified the private economy as "an important driving force" of the national economy, Resolution No. 68-NQ/TW dated May 4, 2025, further affirms and elevates the private economy to the most important driving force of the national economy.
This is not only a development in theoretical thinking, but also demonstrates the political determination to unleash resources, awaken the legitimate desire for wealth creation, and foster the capacity for contribution among Vietnamese entrepreneurs.
"The private sector currently accounts for approximately 97% of the total number of businesses nationwide, contributing about 50% of GDP, over 30% of budget revenue, and creating jobs for over 80% of the workforce. These figures show that the private sector has been and continues to play a very important role in promoting growth, innovation, international integration, and enhancing national competitiveness," Comrade Nguyen Thanh Nghi cited.
However, alongside its achievements, the current growth model has revealed many limitations. Growth heavily reliant on resource exploitation, processing, assembly, and cheap labor no longer provides a long-term competitive advantage. Labor productivity, technological capacity, and the resilience of the economy remain limited; the risk of falling behind and into the middle-income trap persists, while the demands for green transformation, digital transformation, and technological competition are increasingly fierce.
Based on that reality, the new development model must be based on science and technology, innovation, digital transformation, green transformation, and holistic human development; while harmonizing economic development with cultural, social, national defense, and security development.
Comrade Le Thanh Nghi also urged the business community and private entrepreneurs to focus on contributing ideas on key issues: removing bottlenecks in institutions, administrative procedures, land, credit, taxes, technology, and markets; identifying strategic sectors that private enterprises can lead, such as R&D, artificial intelligence, semiconductors, clean energy, high-tech agriculture, logistics, and big data; and proposing solutions to ensure that major resolutions of the Party are truly implemented in practice.
Conducting business with integrity
The private sector is increasingly demonstrating its pioneering role in innovation, digital transformation, investment in new technologies, green economic development, market expansion, and deeper participation in global value chains.
However, from the perspective of the business community, VCCI President Ho Sy Hung believes that, in the context of the country aiming for high growth, enhancing competitiveness, and moving towards becoming a developed, high-income country, private enterprises should be recognized as the central entity in the process of reforming the growth model.
Representatives from VCCI proposed expanding opportunities for the private sector to participate in large-scale infrastructure projects, key industries, and strategic technologies; and simultaneously fostering leading private enterprises capable of driving domestic, regional, and global supply chains.
However, developing large enterprises does not mean neglecting small and medium-sized enterprises (SMEs). Leading enterprises need to be placed within an interconnected ecosystem, helping SMEs participate in the supply chain, learn management, raise production standards, and gradually grow.
Another key focus is unlocking resources for innovation. In the new growth model, a company's assets are not just land, factories, or machinery, but also include data, technology, brands, patents, software, and research and development capabilities, etc.
Therefore, the credit system needs innovation and cannot rely solely on traditional collateral. Mechanisms such as value chain credit, green credit, technology investment funds, venture capital funds, credit guarantees, and intellectual property-based credit need to be studied and piloted.
Delegates at the conference also emphasized the need to open up policy testing space for new fields such as fintech, data, smart logistics, low-level economy, drones, smart agriculture, digital healthcare, etc. Instead of the "if you can't manage it, ban it" mentality, there is a need for controlled testing mechanisms with clear responsibilities, deadlines, and protection for businesses within the approved scope.
Regarding the policy on Party members engaging in private economic activities, after 20 years of implementing Regulation No. 15-QĐ/TW, practice shows that many Party members who are entrepreneurs, managers, and workers in the private sector have made positive contributions to production, business, job creation, tax revenue, and social responsibility.
This policy needs to be reviewed and supplemented to suit the new context, thereby building a team of exemplary Party member entrepreneurs who embody a business culture of integrity, respect for the law, innovation, and responsibility to the country.
