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

Related News

MEMBER CORNER / PROMOTIONS

SENTRYSAFE CHW20201 - EFFECTIVE WATER RESISTANCE, MAXIMUM PROTECTION

In unexpected flooding situations, the most important thing is to keep your valuables dry and intact. SentrySafe CHW20201 is specially designed with superior water-resistant capabilities, helping protect documents, cash, and important belongings even when fully submerged. Proven in real testing: After water submersion, the documents inside remain dry - undamaged.

Sep 21, 2026

MEMBER CORNER / PROMOTIONS

AN ELECTRIFYING NIGHT WITH THE "QUEEN OF DANCE" THU MINH AT THE GRAND HO TRAM!

The stage at The Grand Ballroom is set to catch fire as Vietnam’s undisputed "Queen of Dance," Thu Minh, takes the spotlight. Renowned for her powerhouse vocals, magnetic stage presence, and sultry, high-energy performances, Thu Minh promises an evening of pure musical euphoria. The energy escalates with an exclusive appearance by special guest and The Voice champion, Vu Thao My.

Sep 17, 2026

HR / LABOUR/ EMPLOYMENT

HIGH-QUALITY HUMAN RESOURCES NEEDED TO ATTRACT NEW TECH INVESTMENT CAPITAL

Besides infrastructure, Việt Nam must also rapidly develop a highly skilled workforce to attract investment in AI, semiconductors and advanced manufacturing, experts have said. Don Lam, CEO and co-founder of investment management company VinaCapital, said that global technology investors were increasingly looking at the readiness of the entire ecosystem, with high-quality human resources a decisive factor.

Sep 16, 2026

HR / LABOUR/ EMPLOYMENT

HIRING OUTLOOK STRENGTHENS IN Q4 AS SKILLS SHORTAGES PERSIST

Hiring intentions among employers in Việt Nam strengthened in the fourth quarter, with 52 per cent of surveyed companies planning to increase headcount between October and December, according to a ManpowerGroup survey released this week. Việt Nam's hiring outlook was stronger than the Asia Pacific and Middle East (APME) regional average of 33 per cent and the global average of 29 per cent, ranking third in the region and 11th globally among 42 markets surveyed.

Sep 16, 2026

BANKING / FINANCE / INSURANCE / TAX

LARGE BANKS FORECAST TO GAIN HIGHER PROFITABILITY IN H2 2026

The return on average assets (ROAA) of the banking sector will likely remain stable at around 1.5 per cent in the second half of 2026, but profitability divergence among banks will increase, with large banks outperforming peers on stronger margins and diversified earnings, analysts forecast. In a recent report on the banking sector, analysts from the Vietnam Investors Service Rating said the sector’s ROAA rose by 10 basis points quarter-on-quarter to 1.51 per cent in the first half of this year, driven by net interest margin (NIM) improvements at some State-owned banks and large private banks.

Sep 16, 2026

GARMENT / TEXTILE

VIỆT NAM'S FOOTWEAR, BAG EXPORTS TO US TOP $8 BILLION IN EIGHT MONTHS

Việt Nam's exports of footwear and handbags to the US exceeded US$8 billion in the first eight months of 2026, as the US and EU remained the country's biggest markets despite sluggish growth in footwear shipments. Exports from Việt Nam's leather and footwear sector reached more than $2.45 billion in August, down 9 per cent from July but up 3 per cent from a year earlier, according to preliminary statistics.

Sep 16, 2026