Prime Minister Pham Minh Chinh meets with business representatives on the occasion of the Vietnamese Entrepreneurs’ Day

Growing business community

During nearly 40 years of implementing renovation policies, under the wise leadership of the Party and the State, Vietnam’s business community has been growing both quantitatively and qualitatively. The Ministry of Planning and Investment’s data show that Vietnam currently has over 930,000 ongoing enterprises, around 14,400 cooperatives, and more than five million household businesses. In the first nine months of 2024, over 183,000 businesses entered or re-entered the market, taking the total to more than 2.1 million enterprises in the 2000-2024 period.

Minister of Planning and Investment Nguyen Chi Dung said entrepreneurs and businesses have helped ensure poverty reduction and social stability, and contributed around 60, 85 and 98 percent to the country’s GDP, employment and foreign trade value, respectively.

In the first nine months of this year, Vietnam earned an export value of US$299.63 billion, up 15.4 percent year-on-year, while the added value of the country’s industrial sector grew by an estimated 8.34 percent compared to the same period last year. These encouraging achievements are largely attributed to the business community.

Vietnamese entrepreneurs have well adapted to the fluctuations in the global economic and political landscape.

According to Brand Finance - a world’s leading brand valuation company based in the UK - Vietnamese businesses adapted well during the pandemic, with the total value of Top 50 brands in 2022 reaching US$36.6 billion, up 36 percent from 2021, marking the highest growth in the region.

Many businesses and entrepreneurs have adopted long-term, sustainable business strategies to build, develop and strengthen their brands.

The Government always accompanies enterprises

With a spirit of facilitation, the Government has consistently accompanied businesses, vigorously

implementing institutional reforms and improving the investment and business environment to create favorable conditions for enterprises to grow.

According to a recent survey, the business outlook has become much more optimistic, as the proportion of businesses with a positive assessment of Vietnam’s macroeconomic situation over the next 12 months is five times higher than in the previous survey.

Speaking at a recent meeting between the Government and enterprise representatives on the occasion of the Vietnamese Entrepreneurs’ Day, Prime Minister Pham Minh Chinh expressed his joy, confidence, and pride in Vietnamese entrepreneurs and businesses, who have overcome countless difficulties and challenges to grow stronger and make significant contributions to the cause of building and protecting the country.

The Prime Minister called on businesses and entrepreneurs to take the lead in driving the three strategic breakthroughs (institution, infrastructure, and human resources), science and technology development, application of the Fourth Industrial Revolution’s achievements, innovation, renewing traditional growth drivers (investment, exports, and consumption), and promoting new growth drivers (digital economy, green economy, circular economy, sharing economy, knowledge-based economy, and nighttime economy). He also urged them to help maintain the country’s macroeconomic stability, control inflation, accelerate growth, ensure the major balances of the economy; develop modern corporate governance; and strengthen national solidarity and ensure social welfare without sacrificing progress, fairness and social security.

Economist Vo Tri Thanh said the success or failure of the country’s development process heavily depends on Vietnamese entrepreneurs and businesses. Their aspirations and efforts are key to building the strength of this sector, he added./.