Private Sector Growth and Green Transition Process in Vietnam
As the private sector becomes a critical driver of economic growth in Vietnam, legal reforms and green transition steps are coming to the forefront.
Following long-term reforms, the private sector in Vietnam has risen to become the primary driving force of the economy and has assumed a strategic role in line with the 2045 targets. Supported by Resolution No. 68-NQ/TW, businesses in this process are faced with a transparent business environment, technological transformation, and compliance obligations with ESG standards.
The Role of the Private Sector in the Economy
In Vietnam's economy, the private sector has evolved from a supportive element providing employment into a critical driver of double-digit growth and sustainable development. Large-scale structures like AUTOMECH in Bac Ninh constitute concrete examples of this transformation.
Resolution No. 68 and Expectations
Resolution No. 68-NQ/TW on the development of the private economy has reinforced the responsibilities of entrepreneurs in innovation and technology transfer. Experts emphasize the business world's need for a transparent, stable, and predictable legal environment for these goals to be realized.
Transition from Tradition to Technology
Well-established businesses such as Bao Minh Company are making heavy investments in automated machinery while preserving traditional flavors. The use of technology standardizes quality, ensures food safety, and facilitates the expansion of products into international markets.
ESG Standards and Sustainability
Environmental, Social, and Governance standards have become mandatory rules in global competition. Although these investments initially create significant costs for SMEs, they are evaluated as a vital passport to remain in the global supply chain.