Vietnam is entering a transformative phase of growth, bolstered by strategic efforts to overcome obstacles and achieve sustainable development, Party General Secretary To Lam remarked during a recent discussion at the Ho Chi Minh National Academy of Politics. Central to this vision is empowering the private sector while addressing challenges such as escaping the middle-income trap and preparing for the post-golden population era. Experts highlight the need for regulatory bodies to expand opportunities for private businesses across all sectors. They stress the importance of consistent and effective implementation of policies, regulations, and laws to ensure private enterprises can thrive and significantly contribute to economic growth. Private sector’s path to growth Vietnam’s private sector began taking shape in the early 1990s, with its foundation laid through pivotal legislation such as the Law on Companies and the Law on Private Enterprises in 1990, followed by the Law on Business Bankruptcy in 1993 and subsequent amendments in 1994. By 2011, private enterprises were formally recognized as a core component of the economy. More recently, their role as a crucial driver of economic growth has been underscored, reflecting their growing significance. Initially, private businesses were restricted to operating within state-sanctioned activities. Over time, they […]
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