With the addition of one million new businesses, contributions to economic growth, the state budget, employment, and social welfare are expected to increase, while new development opportunities for the economy will emerge. Importantly, however, growth in quantity must be matched by improvements in quality. Momentum from the informal sector The private sector is recognized—and must function—as the driving force of economic growth in the years ahead. However, given its current structure, large private corporations can only carry part of the load. With around 98% of formal businesses classified as small and medium-sized enterprises (SMEs), accelerating their growth is essential. To achieve economic growth of 8% or higher in 2025 and aim for double-digit expansion in the following years, SMEs should play a significantly more dynamic role. Moreover, the informal sector—which includes sole proprietorships, agricultural households, farms, and other business entities or self-employed individuals—accounts for around 40% of the private sector’s 50% contribution to GDP. Developing this sector not only boosts GDP and tax revenue, but also strengthens the private sector as a whole, making it more capable of responding to and activating policies that align with the nation’s broader development strategy. Therefore, when the Prime Minister issued Directive No. 10/CT-TTg […]
With the addition of one million new businesses, contributions to economic growth, the state budget, employment, and social welfare are expected to increase, while new development opportunities for the economy will emerge. Importantly, however, growth in quantity must be matched by improvements in quality. Momentum from the informal sector The private sector is recognized—and must function—as the driving force of economic growth in the years ahead. However, given its current structure, large private corporations can only carry part of the load. With around 98% of formal businesses classified as small and medium-sized enterprises (SMEs), accelerating their growth is essential. To achieve economic growth of 8% or higher in 2025 and aim for double-digit expansion in the following years, SMEs should play a significantly more dynamic role. Moreover, the informal sector—which includes sole proprietorships, agricultural households, farms, and other business entities or self-employed individuals—accounts for around 40% of the private sector’s 50% contribution to GDP. Developing this sector not only boosts GDP and tax revenue, but also strengthens the private sector as a whole, making it more capable of responding to and activating policies that align with the nation’s broader development strategy. Therefore, when the Prime Minister issued Directive No. 10/CT-TTg […]
With the addition of one million new businesses, contributions to economic growth, the state budget, employment, and social welfare are expected to increase, while new development opportunities for the economy will emerge. Importantly, however, growth in quantity must be matched by improvements in quality. Momentum from the informal sector The private sector is recognized—and must function—as the driving force of economic growth in the years ahead. However, given its current structure, large private corporations can only carry part of the load. With around 98% of formal businesses classified as small and medium-sized enterprises (SMEs), accelerating their growth is essential. To achieve economic growth of 8% or higher in 2025 and aim for double-digit expansion in the following years, SMEs should play a significantly more dynamic role. Moreover, the informal sector—which includes sole proprietorships, agricultural households, farms, and other business entities or self-employed individuals—accounts for around 40% of the private sector’s 50% contribution to GDP. Developing this sector not only boosts GDP and tax revenue, but also strengthens the private sector as a whole, making it more capable of responding to and activating policies that align with the nation’s broader development strategy. Therefore, when the Prime Minister issued Directive No. 10/CT-TTg […]
Small and medium-sized enterprises (SMEs) have few choices when it comes to borrowing, but access to loans at commercial banks is still tough though...
HCMC — HCMC plans to reduce business approval paperwork and related costs by 30% to support economic growth and improve the business environment.
The People’s...
HCMC – Vietnam wants to have at least one million more businesses by 2030, especially small and medium-sized enterprises (SMEs).
Prime Minister Pham Minh Chinh...
HCMC – Small and medium-sized enterprises (SMEs) in HCMC continue having difficulty securing bank loans, despite the availability of various preferential loan packages, according...
There have been proposals for the Party and the State to issue a groundbreaking policy resolution to promote private sector development, similar to the...
“The private sector should demonstrate its internal strengths to better support economic growth and drive the transition from a traditional growth model to a...