The State Bank of Vietnam’s website has featured an article by General Secretary Tô Lâm on developing Viet Nam’s private sector, setting an ambition for the private economy to become a leading force in technology adoption and innovation and to contribute around 70% of GDP by 2030. The article frames the private sector as a major growth driver and cites its current scale at nearly one million enterprises and around five million household businesses, contributing about 51% of GDP, more than 30% of the state budget, over 40 million jobs, more than 82% of total employment and nearly 60% of total investment. It identifies constraints including limited access to credit and other resources, small firm size and weak management capacity, slow digital transformation and low R&D investment, alongside overlapping legal provisions, burdensome administrative procedures, unequal access to incentives versus state-owned and foreign-invested firms and persistent unofficial costs. Proposed priorities include strengthening market-economy institutions, protecting property and business rights and contract enforcement, tighter control of monopoly and policy capture, support for large private groups alongside small and medium-sized enterprises and household-business formalisation, and policies to promote start-ups, innovation and digitalisation, including regulatory sandboxes for new technologies such as artificial intelligence, blockchain, big data, e-commerce and fintech. The agenda also calls for broader private-sector funding channels including equities, corporate bonds, venture capital, credit-guarantee funds and crowdfunding-style fintech, administrative simplification and digitisation, and a goal for Viet Nam’s business environment to rank in the top three in ASEAN within three years. A forthcoming Politburo resolution on the private economy is referenced as the next policy milestone intended to provide a longer-term strategic framework and additional support measures.

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