How can the private sector contribute 70% of GDP by 2030? How can we have more and more private enterprises that are globally competitive, master technology, and expand into international value chains?

Mr. Dang Hong Anh, President of the Vietnam Young Entrepreneurs Association.

These are the concerns I had after reading General Secretary To Lam's article titled 'Developing the Private Economy – A Lever for a Prosperous Vietnam'.

When ambitious goals are set, demonstrating unprecedented expectations and trust from the Party's top leadership in the role of the private economy, it also means that the strategic vision and special attention of the Party and State to this economic sector with abundant development potential are very clear.

This is as clear as the message that the General Secretary emphasized: 'A prosperous economy must be based on the internal strength of a robust private sector that is at the forefront of innovation.'

Thus, from a place where the private sector was once stigmatized and underestimated, it has now been affirmed as 'an important driving force' for economic development. We – the Vietnamese business community – are very pleased and excited.

When embarking on our business careers, besides the goal of building a career for ourselves and our families, we also want to contribute to economic development, create jobs, and build brands for Vietnamese products and services. Furthermore, we aspire to make a significant contribution to shaping the future of the Vietnamese economy, fulfilling the mission of the private sector and as emphasized by the General Secretary.

And we both strongly believe that, with the right mechanisms, policies, and a favorable environment, the private sector will make a breakthrough, quickly transforming our country into a high-income nation within the next few decades.

It must be affirmed that Vietnam's private economy has been and continues to assert its position as a leading driving force for the country's development, as the General Secretary's insightful article has clearly pointed out, but there are still obstacles that need to be removed.

As the Chairman of the Vietnam Young Entrepreneurs Association, representing a community of over 19,000 young entrepreneurs, I hope that the new Resolution on the private economy will concretize policies clearly, practically, and strongly enough to address the difficulties and obstacles that businesses are facing.

Firstly, it relates to financial and credit mechanisms and policies.

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

Therefore, we propose that the government establish special credit guarantee funds specifically for young businesses and technology and innovation startups. These funds would guarantee loans without collateral or with flexible collateral requirements, offer low preferential interest rates, and have quick and clear procedures to stimulate entrepreneurship and innovation among young business people.

Secondly, administrative reform should be considered a top priority.

We hope the new Resolution will continue to strongly promote the reduction of unnecessary procedures and accelerate the application of digital technology to shorten the processing time for investment licenses, business licenses, taxes, and customs. In particular, localities need to publicly and transparently disclose all administrative processes and be clearly accountable to businesses and society.

Thirdly, policies to support startups, especially in innovation, need to be developed in a more systematic and coordinated manner.

The Vietnam Young Entrepreneurs Association proposes establishing startup support centers in major cities, acting as 'one-stop-shops' providing comprehensive services including consulting, training, initial investment, and international market connections. Startup funding programs based on a matching fund model, combining state and private capital, should be replicated, following the successful models of Israel and South Korea.

Fourth, policies aimed at forming large economic conglomerates capable of competing in the international market.

We hope the Resolution will highlight policies supporting leading private enterprises through tax incentives, credit, and access to large-scale national investment projects. Large Vietnamese private enterprises such as Vingroup, THACO, FPT, etc., should be considered 'eagles,' given opportunities and conditions to develop internationally, leading and creating a ripple effect within the Vietnamese business community.

In realizing the vision for the development of the private economy, the Vietnam Young Entrepreneurs Association plays a very important role, especially in building a class of leading enterprises, promoting entrepreneurship, innovation, digital transformation, and sustainable development.

With the mission of 'Pioneering Innovation - Creating Value' and with over 31 years of development and growth, we are committed to continuing to be an important bridge, proactively organizing training activities, connecting businesses, and promoting international trade.

The Vietnam Young Entrepreneurs Association will strengthen dialogue with the Government, ministries, and localities to promptly reflect on issues and propose specific solutions, contributing to the improvement of policies and the business environment…

We are also committed to further promoting social responsibility programs, demonstrating the spirit of young entrepreneurs for the community. With annual revenue exceeding $40 billion, creating jobs for over 5 million workers and contributing hundreds of billions of VND to society annually, 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, sustainable, and highly responsible.

The new era of the nation requires strong, leading, and innovative businesses. The Vietnam Young Entrepreneurs Association is determined to stand alongside the country, contributing to building a strong team of young Vietnamese entrepreneurs, ready to thrive in the new era.

According to Investment Newspaper