Fostering Resilient Entrepreneurs for Thriving National Growth Era

The Government Standing Committee, chaired by Prime Minister Pham Minh Chinh, met with business leaders on the occasion of the upcoming  Vietnamese Entrepreneurs’ Day at the Government headquarters on the morning of October 4, 2024.

According to the Ministry of Planning and Investment, Vietnam boasts over 930,000 active companies, approximately 14,400 cooperatives, and more than 5 million business households. In just the first nine months of this year, over 183,000 enterprises entered or re-entered the market. Currently, enterprises and entrepreneurs account for about 60% of the country's GDP, 85% of the total workforce, and 98% of the overall import and export value.

Without excellent entrepreneurs, economic flows will stagnate

Shortly after the founding of the Democratic Republic of Vietnam, President Ho Chi Minh reached out to the business community in a letter dated October 13, 1945. He encouraged their development and highlighted their role in the national economy: "Currently, the Industrialist and Commercialist Association for National Salvation is doing much good for the country and the people. I wholeheartedly welcome and expect positive outcomes. While other sectors strive for complete independence, the business community must work to establish a stable and prosperous economy and financial system."

Inheriting and promoting his ideology, 20 years ago, October 13th was designated as Entrepreneurs’ Day by Decision 990/QD-TTg, signed by Prime Minister Phan Van Khai on September 20, 2004, aiming to celebrate and honor entrepreneurs for their contributions to the Fatherland and the people.

Prime Minister Pham Minh Chinh emphasized that, in the current context of Vietnam, we affirm that President Ho Chi Minh's ideology of encouraging development and promoting the role and responsibility of Vietnamese entrepreneurs for national prosperity remains profoundly relevant, especially in the era when the nation experiences rapid growth and transformation.

Prime Minister Chinh stated that the Party, State and Government always respectfully welcome Vietnamese entrepreneurs - those who are talented, dedicated, and deeply and correctly aware of their main responsibilities and pioneering roles in contributing to promoting socioeconomic development and enhancing the country's potential, prestige and international position. Our country has never had such a foundation, potential, position and international prestige as it does today and entrepreneurs and businesses play an important role in that process.

 “There is an old saying: ‘Without work, there is no wealth; without trade, there will be no activity in society,’ expressing the importance and indispensability of entrepreneurs for development. Without capable entrepreneurs, economic flow will stagnate, and the country will struggle to achieve prosperity,” he said.

Prime Minister Chinh said, the Vietnamese business community has presently grown strongly in both scale and quality, inherited the tradition of patriotism, fostered the will of self-reliance and the spirit of dedication to the nation; increasingly proved its important role and contribution to the economy. Some businesses have grown to regional and world levels and helped elevate Vietnam's position and prestige in the international arena.

The entrepreneurial force has experienced robust growth, with some entrepreneurs achieving world-class status

After listening to the opinions at the meeting, Prime Minister Chinh expressed his high appreciation for the enterprises, entrepreneurs, and attendees, commending their responsible, dedicated, and constructive proposals and insights.

He tasked the Office of the Government with collaborating with the Ministry of Planning and Investment (MPI) and the Vietnam Chamber of Commerce and Industry (VCCI) to synthesize and analyze the meeting’s feedback. This effort aims to address the recommendations of enterprises and entrepreneurs swiftly, while assigning ministries, agencies, and localities to implement timely and effective solutions that benefit both the country and the business community.

Remarking on enterprises and entrepreneurs, Prime Minister Chinh stated: We are very delighted, confident and proud of Vietnamese entrepreneurs and enterprises that have overcome countless difficulties and challenges to develop, grow and contribute importantly to the cause of building and defending our country.

Vietnamese entrepreneurs and enterprises have increasingly affirmed their position, role and importance in the cause of national renovation and development, especially in economic transformation.

The Party and the State have consistently supported enterprises and entrepreneurs with practical and timely measures. Since the 9th National Party Congress, the Party has underlined the role of Vietnamese enterprises. On December 9, 2011, the Politburo issued Resolution 09-NQ/TW on building and promoting the role of Vietnamese entrepreneurs in the period of accelerating industrialization, modernization and international integration.

On October 10, 2023, the Politburo issued Resolution 41-NQ/TW to reaffirm and uphold the role of enterprises and entrepreneurs, emphasizing that "The entrepreneur community has an important position and role, acts as one of the core forces in the cause of national industrialization and modernization and international integration, builds and develops an independent and self-reliant economy, and ensures national defense and security".

The Government consistently aligns with and implements the Party's guidelines and policies, working to establish state policies and laws that create an equal and healthy business environment for the growth of enterprises and entrepreneurs. Vietnamese businesses also embody a spirit of solidarity, supporting one another to progress together and contribute to the nation and its people.

The Prime Minister pointed out some bright spots indicating the strong development, growth and contributions of Vietnamese enterprises and entrepreneurs.

First, after 20 years from the first Entrepreneurs’ Day, the robust development of the Vietnamese business community and the increasing number of newly established companies are bright spots in the economy, reflecting the need and determination to advance despite the ongoing difficulties and challenges facing the country.

More than 1.88 million companies were established in the past 20 years (2004-2023), with the new incorporations in 2023 being 4.3 times more than those in 2004. In the first eight months of 2024, over 110,000 enterprises were founded, an increase of 4.4% from the same period in 2023. In 2024, new corporate entities are projected to surpass the 159,000 established in 2023, marking the third consecutive record-setting year. From 2000 to 2024, over 2.1 million companies were expected to be formed. The ratio of active businesses to residents increased significantly, rising from 1.1 per 1,000 in 2004 to 9.2 per 1,000 in 2023.

Second, enterprises and entrepreneurs are present in most industries and fields of production/business. Not only doing business domestically but many enterprises and entrepreneurs have made their name and affirmed their brand value in the region and the world, helping bring Vietnamese brands to the world and enhance our country's position in the international arena.

Major domestic enterprises like Viettel, PetroVietnam, Vingroup, FPT, THACO, Hoa Phat, TH, Vinamilk, and Masan play important roles as leaders and pioneers in their industries. They significantly contribute to economic development and the strong growth of national value.

Many companies have risen to master technology, take the lead in innovation, have recognized brands, create ecosystems for small and medium enterprises to develop together, pioneer in green transformation and digital transformation, and engage in solving major challenges and matters of the country.

Third, in the context of the COVID-19 pandemic or climate change, frequent natural disasters, storms and floods that exert serious impacts on production and business activities, enterprises and entrepreneurs have always upheld the spirit of sharing and supporting the country, overcoming difficulties and hardships, promoting self-reliance, resilience and effort to adapt to challenging circumstances to maintain operations and ensure jobs for workers, and livelihoods for people.

Fourth, entrepreneurs, enterprises and trade associations have promoted national spirit, a sense of responsibility to society. Many entrepreneurs have actively participated in social programs, hunger eradication, poverty reduction, gratitude and community development programs, treasured closer ties with the working class, farmers and intellectuals, and helped reinforce great national unity.

Fifth, enterprises and entrepreneurs have regularly and actively contributed to carrying out strategic breakthroughs in institutions, policy-making and law-making.

Sixth, as many difficulties and challenges are seen in 2024 (due to prolonged subsequences of the COVID-19 pandemic; strategic competition, conflicts, disruptions in global supply and production chains; and natural disasters and climate change), enterprises and entrepreneurs have made important contributions to maintaining macroeconomic stability, controlling inflation, boosting growth, and ensuring major balances of the economy.

Prime Minister Pham Minh Chinh said, Typhoon Yagi recently inflicted significant loss of life and damage to property across 26 northern provinces and cities. "We are deeply moved by the sincere, enthusiastic, and effective contributions of enterprises and entrepreneurs who voluntarily support those affected by storms and floods. Their deeds show that our national spirit, compatriotism, solidarity and unity always play an effective role in difficult and challenging times," he added.

On the occasion of the 20th anniversary of the Entrepreneurs’ Day, October 13, on behalf of the Government, the Prime Minister warmly commended the efforts and important contributions of enterprises and entrepreneurs in national construction and development.

Say less, do more, do whatever is said fruitfully

In the face of upcoming challenges and opportunities, Prime Minister Chinh emphasized that the Government, along with central and local authorities, must concentrate on implementing six key tasks and solutions.

First, creating an open, favorable and equal business environment for enterprises and entrepreneurs, especially building a socialist-oriented market economy where fair and healthy competition is for all economic sectors.

Second, developing synchronous, modern and comprehensive strategic infrastructure, including transport, energy, telecommunications, healthcare, educational and cultural infrastructure to reduce logistics costs and input costs, sharpen the competitiveness of product, businesses and the economy, creating new development space, new industrial parks, urban areas and services, and increasing land value.

Third, training high-quality human resources for the country in general and enterprises in particular.

Fourth, perfecting modern corporate governance models, mobilize all resources for development.

Fifth, protecting legitimate and legal rights and interests of enterprises and entrepreneurs, not criminalizing economic and civil relations.

Sixth, powering entrepreneurs and enterprises to deserve historical and cultural traditions, pride and heroism in the struggle for national liberation and national reunification as well as rapid and sustainable development in times of peace.

"In principle, institutions are open, infrastructure is smooth, governance is smart, and business development is facilitated. The Government, central and local agencies talk less but do more, do whatever is said, do whatever is committed, never say no, never blame to difficulty to not do, create specific products in every effort and achieve measurable outcomes," he emphasized.

Along with that, Prime Minister Chinh urged enterprises and entrepreneurs to embrace five pioneering actions.

First, pioneering in promoting three strategic breakthrough spheres (institutions, infrastructure and human resources), especially the breakthrough in the socialist-oriented market economic institution.

Second, pioneering in developing science and technology, applying achievements of the 4th industrial revolution, innovating and renewing traditional growth drivers.

Third, pioneering in contributions to stabilizing the macro economy, controlling inflation, prioritizing growth and ensuring major balances of the economy in the current context

Fourth, pioneering in building modern corporate governance to help enhance the country's smart governance capacity with a clean, honest government for the people.

Fifth, pioneering in consolidating and strengthening the strength of national solidarity, ensuring good social security, not sacrificing progress, fairness and social security to pursue pure economic growth, leaving no one behind, contributing to rapid, sustainable, inclusive and comprehensive development.

"With the spirit of 'harmonizing benefits, sharing risks' among the State, enterprises and people, let us 'Listen and understand', 'share vision and action', 'work together, win together and develop together', 'enjoy joy, happiness and pride together'," said the Prime Minister.

He expressed his hope and confidence that Vietnamese entrepreneurs and enterprises will continually showcase their leadership in driving socioeconomic development for the benefit of the nation and its people, contributing to the country’s strength and prosperity, as emphasized in the resolution of the 13th National Party Congress.

Bich Hanh (Vietnam Business Forum)