Vietnam PM Champions Robust Development Foundations for Sustained Economic Growth

Vietnam's Prime Minister, Le Minh Hung, recently convened a pivotal meeting with the country's business community in Hanoi, aiming to eliminate obstacles, unlock resources, and propel economic growth. This gathering marked the first instance of engagement between the new-term government and the business sector, which plays a crucial role in driving growth, generating employment, and enhancing national competitiveness.

The PM underscored the significance of the meeting, acknowledging the challenging socio-economic development tasks that lie ahead for the 2026-2030 period and the year 2026. He emphasized that achieving these growth targets heavily relies on the performance of both domestic enterprises and foreign-invested businesses. Despite the increasingly volatile and unpredictable global environment in the first half of this year, Vietnam has maintained positive momentum across multiple sectors.

By the end of June, the country boasted nearly 1.062 million active enterprises, with total registered capital of approximately $1.2 trillion. The business sector contributes over 60% of the gross domestic product (GDP), employs more than 17.6 million workers, and remains the main engine of the country's foreign trade. Notably, nearly 170,000 enterprises entered or re-entered the market in the first six months of 2026, representing an 11.2% increase from the same period last year.

During the meeting, business representatives highlighted major challenges related to the enforcement of laws and the handling of corporate petitions by ministries and localities. They proposed measures to improve the investment climate, strengthen competitiveness, and encourage business expansion. Ministries, sectors, and local authorities engaged directly with enterprises, clarifying how specific recommendations would be addressed and outlining implementation roadmaps to ensure tangible results.

The Government leader instructed ministries, agencies, and local administrations to promptly resolve issues within their authority while expediting reviews of policies requiring legislative amendments. He ensured that all official responses to business recommendations would be made public and forwarded to the Vietnam Chamber of Commerce and Industry (VCCI), which will assess whether the issues have been adequately addressed.

The PM acknowledged the progress made by the country's three major business sectors – state-owned enterprises (SOEs), private companies, and foreign-invested enterprises (FDI). However, he emphasized that achieving sustained double-digit growth would require a more significant breakthrough, particularly by leveraging the leading role of leading enterprises and high-tech companies in innovation, digital transformation, and green transition.

To achieve this, the government must address the relatively low efficiency of some state-owned enterprises, the small scale and limited technological capacity of many private firms, and the weak integration of foreign-invested enterprises with the domestic economy, along with insufficient technology transfer. By doing so, Vietnam can create new productivity, added value, and economic momentum, ultimately driving sustainable growth and development.

In conclusion, the meeting between the Vietnamese government and the business community marks a crucial step towards addressing the challenges faced by enterprises and promoting a more favorable business environment. As the country strives to achieve its socio-economic development goals, it is essential to focus on creating a transparent and stable business climate, encouraging innovation and entrepreneurship, and fostering a spirit of cooperation between the government and the private sector.