“The private sector should demonstrate its internal strengths to better support economic growth and drive the transition from a traditional growth model to a more sustainable and high-quality economy,” said Dr. Le Duy Binh, director of Economica Vietnam, in an interview with The Saigon Times. The main growth driver The Saigon Times: Vietnam has set ambitious economic targets, aiming for high and sustainable growth over the next several decades, driven by science, technology, and innovation. Many believe that for these goals to be met, the private sector—excluding foreign direct investment (FDI)—must serve as the economy’s main pillar and growth driver. What are your thoughts on this? Dr. Le Duy Binh: During the subsidy period, the private sector existed in various forms but remained largely in the shadows. It wasn’t until the start of the renovation period, and particularly after the introduction of the Enterprise Law, that the sector expanded rapidly, becoming a critical force in the economy. In terms of scale, the General Statistics Office reports that the domestic private sector contributes nearly 50% of GDP. Registered businesses account for over 10%, while household businesses, farms, and sole proprietor traders contribute around 10%. Additionally, this sector provides employment for about […]
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