HÀ NỘI — The private sector will play a central role in the country’s strategy to achieve double-digit economic growth, but businesses need a more transparent, predictable and competitive operating environment to unlock their full potential.

That was the key message at a seminar on double-digit economic growth – driving forces from businesses, jointly organised by the Vietnam Chamber of Commerce and Industry (VCCI) and Nhân Dân Newspaper in Hà Nội on July 8.

Speaking at the event, VCCI President Associate Professor Dr Hồ Sỹ Hùng said that more than a year after the implementation of Resolution 68, institutional reforms had delivered encouraging progress. However, he said the biggest challenge now lies in policy implementation rather than policy design.

Based on feedback from the business community, VCCI has reported to the Prime Minister that companies continue to face burdensome administrative procedures, overlapping regulations, sector-specific inspections, inconsistent rules and an unpredictable regulatory environment.

Hùng said business reforms must go beyond reducing paperwork and focus on creating a regulatory framework that is simpler, more stable and easier for businesses to navigate. 

Legal reviews, he said, should examine the entire business lifecycle – from company establishment and investment to land use, construction, manufacturing, trade, tax refunds, inspections, dispute resolution and business closure.

He argued that achieving double-digit growth requires placing businesses at the center of Việt Nam’s development strategy. Without a strong private sector capable of competing internationally, Việt Nam will find it difficult to build an independent, resilient and globally integrated economy.

Hùng also urged businesses to accelerate their own transformation. Beyond expecting more supportive policies, companies need to strengthen corporate governance, improve financial transparency, comply with regulations, invest in technology, pursue digital and green transformation, develop human resources and promote responsible business practices.

In the next stage of development, businesses competing mainly on low costs are likely to face growing pressure. Companies that improve productivity, adopt new technologies, strengthen their brands and enhance management capabilities will be better positioned for long-term growth.

VCCI, he said, will continue serving as a bridge between policymakers and the business community by conveying practical challenges, contributing to policy development and supporting further improvements to the business environment.

Lê Quốc Minh, editor-in-chief of Nhân Dân Newspaper, said private enterprises will be essential to achieving Việt Nam’s ambitious growth targets. 

He called for further institutional reforms, lower compliance costs and faster removal of regulatory bottlenecks to unlock private-sector investment.

Bùi Anh Tuấn, director general of the Department of Private Enterprise and Collective Economy Development under the Ministry of Finance, said businesses are seeking a fair and efficient business environment rather than preferential treatment.

As the private sector becomes a key growth driver, he said the government's role should evolve from administrative management to creating conditions that enable businesses to grow.

That includes simplifying business conditions and administrative procedures, accelerating meaningful digital transformation and ensuring stronger coordination among government agencies so that reforms are implemented effectively.

Tuấn also stressed the need to strengthen the legal framework supporting investment in science, technology and innovation, describing these as essential to improving competitiveness and sustaining long-term economic growth.

Nguyễn Minh Thảo, head of the Business Development and Business Environment Division at the Institute of Strategy and Policy on Economy and Finance under the Ministry of Finance, said businesses need structural reforms rather than additional support programmes.

She said reform should be measured by tangible improvements experienced by businesses during investment and day-to-day operations, rather than by the number of administrative procedures formally abolished.

Phan Đức Hiếu of the National Assembly's Committee for Economic and Financial Affairs echoed that view, saying legal reforms alone are insufficient unless authorities can resolve implementation issues quickly.

Although many regulations have become more business-friendly, companies still face delays and additional costs when implementation problems are left unresolved, he said. Strengthening the accountability of implementing agencies will therefore be critical to ensuring reforms deliver practical results.

Building stronger private enterprises

Speakers agreed that achieving sustained double-digit growth will also require a stronger ecosystem that enables private enterprises to expand and become more competitive.

Tuấn said private businesses should be given greater opportunities to participate in national infrastructure projects and strategic value chains, particularly small- and medium-sized enterprises (SMEs).

He also said Việt Nam's Law on Support for Small- and Medium-sized Enterprises, nearly a decade after its introduction, should be revised to improve implementation, strengthen value-chain linkages and define a greater leadership role for large corporations in supporting SME development. 

Without broader reforms, he warned, large corporations could dominate the market and limit growth opportunities for smaller firms.

Representing the SME community, Tô Hoài Nam, vice chairman and secretary general of the Vietnam Association of Small and Medium Enterprises, said policy reforms should be accompanied by stronger support for improving business management, expanding partnerships and integrating SMEs into domestic and global value chains.

He added that SMEs need better access to finance, technology and markets in order to achieve sustainable growth.

Deputy Governor of the State Bank of Vietnam Nguyễn Ngọc Cảnh said the banking sector has continued to reform, expand digital transformation and introduce monetary and credit measures aimed at supporting business investment and economic growth.

Outstanding credit reached nearly VNĐ20 quadrillion at the end of June 2026, up 7.4 per cent from the end of 2025. Lending to the private sector exceeded VNĐ18.2 quadrillion, accounting for 92.6 per cent of total outstanding credit.

Despite strong credit growth, financing demand remains high, particularly for medium- and long-term investment in major national infrastructure projects. 

Banks continue to face challenges in expanding lending to some sectors because of weak corporate financial capacity, limited resilience, uneven market recovery and high production costs.

Cảnh said Việt Nam should continue developing its capital markets, particularly the corporate bond and equity markets, to provide more transparent, sustainable sources of long-term financing and gradually reduce the economy's reliance on bank lending.

He also called for broader financing models for major national projects by combining public investment, private capital, public-private partnerships, foreign investment and other long-term funding sources. — VNS