PRIVATE SECTOR TOUTED AS KEY DRIVER OF ECONOMIC GROWTH IN VIETNAM

Vietnamese Prime Minister Pham Minh Chinh addresses a national conference on April 16, stressing the importance of science, technology, and innovation in shaping the country’s growth model - PHOTO: QUOCHOI.VN

HCMC – The private sector is seen as the most important engine of Vietnam’s economy in draft documents for the 14th National Congress of the Communist Party of Vietnam, according to Prime Minister Pham Minh Chinh.

Speaking at a national conference on April 16, Chinh highlighted updates in the draft political report, which lays out priorities for the country’s socio-economic development from 2026 to 2030.

A key focus is the continued development of a socialist-oriented market economy with the private sector, alongside the state and collective sectors, forming the core of an independent and self-reliant economy.

The report emphasizes transitioning to a new growth model driven by science, technology, innovation, and digital transformation. Policymakers aim to foster the digital economy, green economy, and circular economy while promoting entrepreneurship and the lawful accumulation of wealth.

Institutional reform is positioned as a foundation for future breakthroughs. The draft calls for improved lawmaking capacity, a more transparent and equitable legal environment, and expanded decentralization to give local governments more autonomy and responsibility. Strengthening governance and ensuring efficient allocation of resources are also key objectives.

In line with Resolution 57-NQ/TW, the Government plans to accelerate science and technology development, focusing on removing policy bottlenecks and aligning with international standards. Special incentives will be introduced to support innovation and digital transformation, especially in research and development.

On sustainability, the draft calls for integrated data systems to manage resources, protect the environment, and respond to climate change.

High-quality human resource development is another strategic priority, with plans to expand the startup ecosystem and attract talent. Building a capable leadership team across all levels of government is also emphasized.

Source: The Saigon Times