Prime Minister Pham Minh Chinh has called for intensified efforts to bolster Vietnam private sector development, identifying it as the nation’s primary growth driver heading into 2026.
Chairing the fourth session of the National Steering Committee in Hanoi on January 31, the Prime Minister emphasized the critical need to implement the Politburo’s Resolution 68-NQ/TW. This resolution serves as the backbone for creating a resilient and competitive business environment.
Strategic Mechanisms for Vietnam Private Sector Development
To ensure that Vietnam private sector development remains on track, PM Chinh directed ministries and local authorities to focus on “open mechanisms.” The government aims to foster growth by:
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Streamlining administrative procedures to reduce overhead for SMEs.
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Developing synchronous and seamless infrastructure across key economic zones.
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Cultivating a smart workforce and modern governance models.
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Pooling all possible resources to tackle financial and legal bottlenecks.
Milestones in Enterprise Growth and Innovation
The results of recent reforms are already visible in the data. Since May 2025, Vietnam has maintained an impressive momentum, averaging 18,000 new enterprise registrations per month. Furthermore, over 8,300 businesses have resumed operations, signaling a robust recovery.
By late 2025, the nationwide total of active enterprises successfully surpassed the 1 million mark. This milestone is a testament to the effectiveness of policies supporting Vietnam private sector development and the resilience of domestic entrepreneurs.
The Role of Private Firms in Economic Restructuring
The Prime Minister underscored that the private sector is not just a participant but a leader in the new economy. Private firms are assigned to spearhead:
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Innovation & Tech: Leading digital and green transitions.
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Social Welfare: Creating sustainable jobs and enhancing workforce training.
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Institutional Building: Contributing to the refinement of market-oriented mechanisms.
According to reports from the Ministry of Planning and Investment (Sample Outbound Link), these pillars will be essential for Vietnam to maintain its competitive edge in Southeast Asia.
To learn more about our previous analysis on regional trade, view our Internal Economic Report 2025.