After decades of development, many family-run groups have begun the power transition process. The next generations have taken over leadership, while veteran businesspeople are retiring from their positions.

While private enterprises have to struggle to get land for factories, the red carpet treatment is given to foreign-invested enterprises (FIEs) in all cities and provinces in the country.

Vietnam will focus on developing its private sector to turn it into an important driving force for the socialist-oriented market economy, contributing to rapid and sustainable socio-economic development and improving the economy's self-reliance.

After 40 years of reform, Vietnam still lacks private enterprises with international stature. This is a challenge for Vietnam to create the ‘2045 miracle’.

Capital from the private sector also makes a great contribution to socio-economic development.

The United States Mission to Vietnam and Vietnam’s Ministry of Planning and Investment announced an initiative to spur private sector stainable growth.

It is necessary to control inflation but also ensure opportunities for businesses to access capital, said economist Tran Dinh Thien.

The report on the 500 largest Vietnamese Private Enterprises (VPE500) was published last week, which included a lot of valuable information on the current state of businesses in the country.

Despite the Covid-19 pandemic, the Travel Investment and Seafood Development Corporation (Trisedco) recorded impressive business results in the fiscal year 2021, with net revenue reaching nearly VND2,26 trillion, 107.62% higher than the plan.

At the 2022 Annual General Meeting of Shareholders of the IDI International Development and Investment Corporation (IDI), held on April 10, 2022 shareholders voted to approve the company’s published reports and plans.

The Covid-19 pandemic ravaged the world economy last year and pushed many businesses to bankruptcy or dissolution. Sao Mai Group, at the same time, overcame this harsh test to get impressive business results.

The young generation has a great desire for doing business to become prosperous on their own. This is a good condition to develop a strong team of entrepreneurs who can play the role of a "launch pad" for the country’s development.

Vietnam's emerging and dynamic private sector proved its resilience during the Covid-19 pandemic as it helped the country become one of the few countries to obtain positive growth in 2020. 

The Ministry of Transport has proposed mobilizing private resources under the public-private partnership model for new airport projects, such as Quang Tri, Sa Pa and Cao Bang.

After 30 years of development, South Korea has had hundreds of large-sized corporations, while most Vietnamese businesses are small and medium-sized after three decades of Doi Moi (reform).

After over 30 years of Doi Moi (reform), Vietnam has had large private groups operating in many industries with international stature. There are also Vietnamese USD billionaires, but only a handful.

Due to the influence of Covid-19, many people have created their own jobs, businesses or moved to technology-based industries.

According to unofficial statistics of the Central Institute for Economic Management, many private businesses have importantly contributed to the country’s fight against the COVID-19 epidemic.

The current challenges are unprecedented and Vietnamese people need to share the same mindset to overcome them, according to Nguyen Dinh Cung, an economist.