HCMC – Prime Minister Pham Minh Chinh has called on Vietnamese companies to lead the way in innovation and drive the country’s progress towards key development goals.
Speaking at a meeting between the Government and 12 leading Vietnamese companies in Hanoi today, September 21, Prime Minister Chinh reaffirmed the Government’s commitment to supporting the private sector, which is crucial for Vietnam’s economic growth.
According to the Ministry of Planning and Investment, Vietnam now has over 930,000 active companies, with 98% of them small and medium-sized enterprises. The country also has about 14,400 cooperatives and more than five million household businesses.
The private sector accounts for about 45% of the nation’s gross domestic product (GDP) and employs 85% of the workforce.
PM Chinh said the meeting underscored the Party and State’s strong focus on the private sector. Despite global challenges, Vietnamese businesses have shown resilience and played a pivotal role in the country’s recovery, he added.
The prime minister stressed the importance of the private sector leading innovation, adopting new technologies, and developing business models to propel economic growth. He urged businesses to actively contribute to Vietnam’s broader development objectives, including reaching high-middle-income status by 2030 and becoming a developed nation by 2045.
He also encouraged businesses to engage in social welfare initiatives, tackling issues like poverty reduction and environmental protection. He outlined the Government’s goal of developing a modern infrastructure system, including high-speed railways and expressways, to enhance connectivity and boost economic growth.
