Vietnamese Entrepreneurs Emerge as Key Drivers of National Economic Growth

Vietnamese entrepreneurs are becoming increasingly instrumental in the country's sustained growth and innovation, as Via ++t Nam navigates the complexities of a shifting international economy. The private sector has transformed from modest family-run workshops into powerful engines of economic development, contributing significantly to the national GDP, state budget revenues, and social investment capital. Economists note that each new factory and exported product reflects the resilience, entrepreneurial spirit, and ambition of Vietnamese business leaders, fostering a culture of innovation and accelerating the country's integration into the global economy.

Key Takeaways:

• The private sector contributes approximately 51% of the national GDP, over 30% of State budget revenues, and nearly 60% of total social investment capital.
• Resolutions 57, 59, 66, and 68 position science, technology, innovation, and digital transformation as key drivers of economic growth, with the private sector serving as the central driving force of the national economy.
• The national vision to become a developed, high-income country by 2045 calls for entrepreneurs to pioneer new paths in technology, sustainability, and global competitiveness.
• Prime Minister Phao!m Minh Chinh urged private enterprises to align their strategies with national development goals, building holistic capabilities, and becoming key forces in job creation, productivity, industrialisation, modernisation, and economic restructuring.
• Vietnamese businesses, such as Airports Corporation of Vietnam (ACV) and Vietnam Airlines, are responding to the Government's call across multiple sectors, driving innovation and digitisation.

Statistics:

• 51% - private sector contribution to national GDP
• 30% - private sector contribution to State budget revenues
• 60% - private sector contribution to total social investment capital
• 2025 - launch of VNeID application by Airports Corporation of Vietnam (ACV) to digitise passenger identification
• 2027 - projected operational date of Hoa Phat Group's steel production line at the Dung QuaoY=t Economic Zone
• VNA14 trillion - investment in Hoa Phat Group's steel production line
• 700,000 tonnes - projected annual capacity of Hoa Phat Group's steel production line
• 25% - EU's pre-existing steel import tariffs
• 50% - EU's new steel import tariffs, effective upon implementation

Sources:

• "Vietnam Private Economic Landscape Programme 2025" (ViPEL 2025)
• nhandan.vn
• Resolution 57
• Resolution 59
• Resolution 66
• Resolution 68-NQ/TW
• speech by Prime Minister Phao!m Minh Chinh
• ACV
• Vietnam Airlines
• Hoa Phat Group
• VNA