HCMC – Vietnam’s private sector should expand by at least 11% per year if the country wants to attain double-digit economic growth, said Minister of Planning and Investment Nguyen Chi Dung. This is a clear indication that the private sector is an important growth driver of the nation.
Speaking at a meeting between the Government and business executives today, February 10, Dung emphasized the role of major state-owned and private enterprises in driving economic expansion.
Prime Minister Pham Minh Chinh urged industry leaders to contribute ideas to help achieve ambitious growth targets of the country.
During a discussion with 26 major corporations, Minister Dung called on businesses to lead innovation, boost technology transfer, and integrate smaller businesses into their value chains to strengthen the national economy.
According to the Ministry of Planning and Investment, businesses contribute around 60% of Vietnam’s GDP, account for 98% of export revenue, and employ 85% of the workforce. The minister also highlighted regulatory improvements in 2024, including new investment procedures designed to cut costs and shorten project timelines.
Regarding global economic uncertainties, Chinh acknowledged challenges such as political instability and strategic competition that could impact Vietnam’s growth trajectory. He urged businesses to get prepared for the worst-case scenario.
Chinh reaffirmed the Government’s commitment to removing barriers to growth, particularly in institutional reforms, which he described as both the biggest challenge and the key to economic breakthroughs.
For 2025, the Government has assigned growth targets to all provinces, ministries, and state-owned enterprises. Chinh reiterated the urgency of accelerating economic expansion, citing a recent directive mandating GDP growth of at least 8% in 2025 as a stepping stone toward sustained double-digit growth in the years ahead.
The prime minister also announced upcoming meetings with banks, SMEs, and foreign-invested businesses to discuss policy reforms and institutional obstacles. He emphasized the importance of synchronized growth across all sectors, including domestic and foreign enterprises.
Vietnam is currently moving forward with several large-scale infrastructure projects, including a high-speed north-south railway, three standard-gauge rail lines connecting to China, and a nuclear power plant. Chinh encouraged private sector participation, provided that businesses engage in these projects without seeking personal gain.
Citing Truong Hai Group Corporation (THACO) as an example, Chinh urged the company to advance railway carriage production and eventually manufacture high-speed train locomotives. He also suggested that Hoa Phat Group produce railway tracks and that technology giant FPT invest in workforce training and semiconductor design.
THACO Chairman Tran Ba Duong reaffirmed the company’s commitment to national growth targets. As a diversified business group with a 32% share of Vietnam’s automobile market, THACO plans to sell 100,000 vehicles in 2025, focusing on hybrid models. The company has also met local content requirements, with domestically sourced components making up over 50% of trucks and more than 70% of buses.
Vingroup CEO Nguyen Viet Quang highlighted the conglomerate’s focus on innovation and sustainable development, particularly in green energy and digital transformation. He pointed to VinFast, the company’s electric vehicle subsidiary, as a key initiative in building a sustainable production ecosystem.
FPT Chairman Truong Gia Binh called for a national initiative to integrate artificial intelligence (AI) into education and business operations. He proposed a broad campaign to make AI accessible to all enterprises, drawing parallels with past government literacy efforts. Binh urged the state to take immediate action in positioning Vietnam as a leader in AI development.
