Vietnamese Private Enterprises Need Opportunities and Conditions for Growth

Mr. Đặng Hồng Anh, Chairman of the Vietnam Young Entrepreneurs Association

 These are my thoughts upon reading General Secretary To Lam’s article titled “Developing the Private Economy – A Lever for a Prosperous Vietnam.”

When ambitious goals are set, reflecting the unprecedented expectations and trust of our Party’s highest leadership in the role of the private economy, it also means that the Party and the State’s strategic vision and special attention to this highly potential economic sector have been made crystal clear.

This is as evident as the message that “a prosperous economy must be built on the internal strength of a strong private sector, pioneering in innovation,” as emphasized by the General Secretary.

Thus, from once being stigmatized and undervalued, the private sector is now affirmed as “an important driving force” for economic development. We—the Vietnamese business community—are deeply inspired and excited.

As we embark on our business journeys, beyond the goal of building careers for ourselves and our families, we also aspire to contribute to economic development, create jobs, and establish brands for Vietnamese products and services. More than that, we have a burning desire to play a crucial role in shaping the future of Vietnam’s economy, as is the mission of the private sector and as the General Secretary has underscored.

And we firmly believe that with the right mechanisms, sound policies, and a favorable environment, the private sector will break through, propelling our country to high-income status in the coming decades.

It must be affirmed that the Vietnamese private economy has been and continues to establish itself as a leading driving force for national development, as the General Secretary’s profound article has pointed out. However, there are still barriers that need to be removed.

As Chairman of the Vietnam Young Entrepreneurs Association, representing a community of more than 19,000 young entrepreneurs, I hope that the new Resolution on the private economy will concretize policies in a clear, practical, and strong manner to address the challenges and obstacles that businesses are facing.

First, regarding financial and credit mechanisms and policies.

Currently, access to capital is the biggest challenge for many businesses, especially young enterprises, startups, and small and medium-sized enterprises.

Therefore, we propose that the state establish dedicated credit guarantee funds specifically for young businesses and technology startups engaged in innovation. These funds should offer loan guarantees without requiring collateral or with flexible collateral requirements, low preferential interest rates, and streamlined, transparent procedures to stimulate the entrepreneurial and innovative spirit within the young business community.

Second, administrative reform should be a top priority.

We hope the new Resolution will continue to vigorously promote the reduction of unnecessary procedures and accelerate the application of digital technology to shorten processing times for investment permits, business licenses, taxes, and customs. Particularly, local authorities must ensure transparency by publicizing all administrative procedures and be held accountable for their clarity before businesses and society.

Third, startup support policies, especially in innovation, need to be systematically and comprehensively developed.

The Vietnam Young Entrepreneurs Association proposes the establishment of startup support centers in major cities, functioning as “one-stop shops” providing comprehensive advisory services, training, initial investment, and international market connections. Funding programs for startups following the co-investment model (matching fund), combining state and private capital, should be expanded based on successful models from Israel and South Korea.

Fourth, policies to foster large economic conglomerates capable of competing in the global market.

We hope the Resolution will highlight policies supporting leading private enterprises through incentives in taxation, credit, and access to major national investment projects. Vietnam’s top private enterprises, such as Vingroup, THACO, and FPT, should be regarded as “eagles,” given opportunities and favorable conditions to grow globally, leading and creating a ripple effect within the Vietnamese business community.

In realizing the vision for private sector development, the Vietnam Young Entrepreneurs Association plays a crucial role, particularly in cultivating leading enterprises, driving entrepreneurship, innovation, digital transformation, and sustainable development.

With our mission of “Pioneering Innovation – Creating Value” and over 31 years of growth and maturity, we are committed to continuing to serve as an essential bridge, proactively organizing training activities, business networking, and international trade promotion.

The Vietnam Young Entrepreneurs Association will strengthen its dialogue with the Government, ministries, and local authorities to promptly reflect issues, propose concrete solutions, and contribute to improving policies and the business environment…

We are also committed to further enhancing social responsibility programs, demonstrating the young entrepreneurs’ spirit of community service. With an annual revenue exceeding 40 billion USD, generating employment for over 5 million workers, and contributing hundreds of billions of VND to social causes each year, the Vietnam Young Entrepreneurs Association proudly affirms its responsibility in building a business community that is not only economically strong but also rich in humanity, sustainability, and social responsibility.

A new era for our nation calls for strong, pioneering, and innovative enterprises. The Vietnam Young Entrepreneurs Association is determined to accompany the country, contributing to the development of a resilient, forward-thinking generation of Vietnamese entrepreneurs ready to thrive in this new era.

According to Investment Newspaper