Participants pointed out hurdles and challenges faced by private businesses and proposed solutions to help the sector to develop sustainably.

A survey by the Vietnam Chamber of Commerce and Industry shows that among private businesses in operation, big companies account for less than 2% while medium-sized businesses make up only 2%. The remainder are small or super-small enterprises.

Thus, according to forum attendees, it’s essential to create a favorable business and investment environment with adequate economic institutions and incentives.  

Hoang Quang Phong, VCCI’s Deputy Chairman, underscored the importance of helping household businesses expand their scale and improve their performance, and ensuring the effectiveness of support policies for SMEs.

Phong said: “Management agencies and associations should join efforts to help private businesses develop. But businesses should restructure their own production, focusing on core areas and creating strong products. In that way, private enterprises can prove themselves through product and service quality, gain higher added values, and participate in value chains.”