Prime Minister Pham Minh Chinh has tasked Truong Gia Binh, chairman of FPT, and Don Lam, CEO of VinaCapital, along with other members of the Private Economic Development Research Board (Board IV), to research and establish a private sector development fund. This directive follows a recent meeting between the prime minister and Board IV.

Board IV is expected to report back to the prime minister on the fund's establishment in August. The government has pledged its support in the fund's development and operation to ensure its effectiveness and alignment with strategic objectives.

According to Pham Thi Ngoc Thuy, director of Board IV, the fund's creation addresses the current reliance of businesses on short-term financing and the difficulties they face in securing bank loans due to challenges in demonstrating their capabilities.

The investment fund model, with its focus on nurturing business growth and a "risk-taking" ethos, aligns with Resolution 68's objective of promoting the private sector.

In addition, the prime minister has requested Board IV to collaborate with the Ministry of Finance to organize the annual "Vietnam Private Economic Overview" program, tentatively scheduled for October. Board IV anticipates the event will embody the spirit of "public-private co-creation" and hopes it will become a "national economic forum."

Board IV has also been tasked with identifying and showcasing successful business models and best practices to promote innovation and wider adoption.

In May, the Politburo issued Resolution 68, recognizing the private sector as a key driver of the national economy. To implement this resolution, the prime minister has called for accelerated growth and breakthroughs in the private sector. Furthermore, he emphasized the need to strengthen measures to address institutional bottlenecks and mobilize societal resources.

Thuy Truong