Corporations contribute to building modern industrial country

At a recent meeting, Prime Minister Pham Minh Chinh expressed confidence in and pride in the growth of Vietnam’s business community, particularly large enterprises. He reiterated the government's commitment to supporting and protecting the legal rights and interests of businesses, pledging not to criminalise economic and civil activities, to abolish unnecessary sublicenses, and eliminate harassment and other issues that increase costs for enterprises.

PM Pham Minh Chinh chairing the meeting

"Enterprises must operate according to the law, contribute effectively to the building and improvement of institutions—especially socialist-oriented market economy institutions—and manage and promote their development," the prime minister emphasised. He urged businesses to enhance the application of technology and innovation, create more jobs, and strengthen global value chains, production chains, and supply chains to build corporate and national brands.

The prime minister also highlighted the need for enterprises to lead the way in developing infrastructure, particularly digital and transport infrastructure, responding to climate change, training high-quality human resources, enhancing governance capacity, and improving the investment environment for the growth of both businesses and the country.

In 2023, the private sector contributed about 46 per cent of GDP, generated 30 per cent of state budget revenue, and employed 85 per cent of the workforce. Large enterprises play a crucial role in driving the economy forward, making significant contributions in areas such as growth, employment, exports, tax revenue, and added value. By the end of the year, the total assets of large private enterprises were expected to reach $70 billion. Mobilising these assets, along with technology, knowledge, management skills, and high-quality human resources, will provide a substantial resource for the economy, contributing to its autonomy.

Dang Minh Truong, chairman of Sun Group

Dang Minh Truong, chairman of Sun Group, called for the institutionalisation of a process for electing strategic investors by assigning major socio-economic development projects to capable private enterprises. He noted that it can take up to two or three years to complete bidding or auction procedures for a project, adding, "With some large projects that drive the country’s socio-economic development, only a few enterprises have the capability to handle them."

Sun Group also recommended adopting a free trade model in potential tourism areas such as Phu Quoc to spur breakthrough development, citing successful examples like Hainan Island in China and Jeju Island in South Korea. While Phu Quoc is already renowned, Truong said, its communication and promotion efforts are lacking. Under a special free economic zone model, Phu Quoc could become an even stronger tourist and resort destination.

"Regarding foreign tourism, Sun Group proposes that ministries and agencies expand the list of unilateral visa exemptions, pilot short-term visa waivers for tourists from large and high-spending markets, and issue long-term, multiple-entry visas for visitors from India, China, the United States, and Europe," Truong suggested.

Do Quang Hien, chairman of T&T Group

Do Quang Hien, chairman of T&T Group, highlighted the group's collaboration with major Singaporean partners to develop a smart, high-tech logistics project in Vinh Phuc, contributing to the China-Vietnam-ASEAN value chain corridor. The project is training 500 employees in high-tech logistics and is committed to training, technology transfer, and management for Vietnamese workers over the next decade.

"In addition to renewable energy projects with a capacity exceeding 1,000MW, T&T has partnered with South Korea's SK Group to produce green hydrogen and recover carbon emissions," Hien said. The group is also collaborating with Danish and Japanese corporations to invest in a renewable energy industrial complex in Vietnam, catering to both domestic consumption and exports to Asia and beyond.

T&T Group is also involved in the Bao Loc-Lien Khuong Expressway project in Lam Dong province and is working with India’s Ramky Group to establish a high-tech pharmaceutical industrial park. The group is also investing in an airport in Quang Tri, scheduled for inauguration in 2026. "We hope for the support of relevant agencies to develop an aviation industrial complex and airport urban area there," Hien noted.

Hien proposed a mechanism for assigning major projects to enterprises capable of handling high technology, modern management, and strong finances, while ensuring national security, legal compliance, training human resources, and transferring technology and management. If these enterprises seek to transfer or raise capital, they must obtain the consent of their Vietnamese partners— a condition T&T applies in its partnerships with foreign firms.

Le Van Kiem, chairman of KN Holdings

Le Van Kiem, chairman of KN Holdings, stressed the importance of sustainable development, prioritising the development of industrial park infrastructure and renewable energy. With a long-term vision, KN Holdings aims to build modern, next-generation industrial centres, enabling Vietnam to master technology and develop vocational training centres, innovation hubs, and technology transfer platforms.

"We anticipate that with government support, an increasing number of high-tech products branded ‘Made in Vietnam’ will reach international markets," Kiem said. He called for the government to facilitate the development of new-generation industrial parks on a regional scale, streamline administrative procedures, and implement policies that encourage bold investment in order to attract multinational strategic investors in high-tech fields such as semiconductors and AI. This, he said, would help draw in satellite businesses and enable Vietnam to participate more deeply in the global supply chain, thereby enhancing the country's competitiveness on the international stage.

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