Pham Thi Bich Hue, Vice President of the Vietnam Young Entrepreneurs Association (VYEA), announced the relaunch of the Vietnam Private Sector Economic Forum (VPSF) after nearly a decade. Organized by VYEA amidst institutional reforms and a "four-pillar" policy framework, the event emphasizes the private sector as the most important driver of the economy.

Pham Thi Bich Hue, Vice President of the Vietnam Young Entrepreneurs Association, at the event. Photo: VYEA

Pham Thi Bich Hue, Vice President of the Vietnam Young Entrepreneurs Association, at the event. Photo: VYEA

Representing private businesses, Hue, Head of the VPSF 2025 Organizing Committee, affirmed that the private sector doesn't seek privileges or special policies, only a transparent environment. "Entrepreneurs don't need special favors, only faith to make breakthroughs," she said. She believes that when institutions are strong, businesses will thrive. And when trust is fostered, the nation's resilience will surge.

Echoing this view, Professor Tran Dinh Thien, former Director of the Vietnam Institute of Economics, stated that the "role" of the private economy has changed. Regarding policy, this sector doesn't need to "ask for favors" but should put forward policy requirements so they can shoulder the mission of being an economic pillar in this era of growth.

Consulting to ensure policies are practical for businesses and contribute to building institutions is one of the four main themes of this year's VPSF series, held from July to September, with the theme "Unleashing Potential - Building Vietnam's Future". The other themes include value chain autonomy, globalization of Vietnamese values, and enhancing strategic capacity.

Speaking about value chain autonomy, Truong Ly Hoang Phi, Vice President of the Young Business Association of Ho Chi Minh City (YBA), revisited the issue of foreign goods "made in Vietnam," where Vietnamese OEM goods (products manufactured according to partners' requirements and designs) are "hidden" behind international brands. Phi hopes that private businesses can collaborate so that goods are "made by Vietnam," building Vietnamese brands with global reach.

To become a driving force of the economy, Phi also believes that businesses need to enhance their capacity because "old advantages cannot be maintained in a new economy." She added that entrepreneurs in this new era need innovative and adaptive leadership skills, not just leadership or market penetration abilities as before.

Affirming the role of the young generation of entrepreneurs, Professor Thien recognizes that private businesses must "regenerate" and cannot rely on the old generation of entrepreneurs, outdated technology, and management thinking. Today's young entrepreneurs are associated with innovation. Among them, the expert recommends digital and green businesses as important forces that need policy prioritization. The old generation of businesses and entrepreneurs will be forced to transform to adapt.

Thuy Truong