Dialogue highlights role of innovation in advancing Vietnam’s private economy

The discussion spotlighted joint efforts to support innovation, implement Resolution 68 on private economic development, and explore transformative strategies to unlock the sector’s full potential.

The meeting also featured representatives from National Innovation Centre (NIC), as well as leaders from key units under the Ministry of Finance, including the Department of Private Enterprise and Collective Economy Development and the SME Development Fund.

During the session on August 13 in Hanoi, Tam and the BCG delegation reviewed the progress of joint initiatives between BCG and the Vietnamese government, with a particular focus on collaborative efforts involving the Ministry of Finance.

Deputy Ministry of Finance Nguyen Duc Tam giving remarks at the meeting

The parties also exchanged views on BCG’s latest perspectives regarding innovation, private sector development, and areas of potential cooperation.

Deputy Minister Tam expressed his appreciation to BCG for its support in policy formulation and its assistance to the NIC in its advisory role to the government, contributing to NIC’s current position and influence.

He highly commended BCG’s close collaboration with the Ministry of Planning and Investment in the past and with the Ministry of Finance (MoF) more recently, acknowledging BCG’s practical recommendations in institutional and policy development, as well as its suggestions on sectors where Vietnam holds comparative advantages.

“These inputs have helped the MoF in fostering the NIC and connecting with key partners in science, technology, and innovation,” said Tam.

He noted that the BCG and NIC have, through various international projects, actively engaged in discussions and furthered efforts to support innovation and startup activities, yielding promising outcomes.

Touching on private sector development, Tam emphasised that the Politburo has recently issued several groundbreaking resolutions, including Resolution No. 68-NQ/TW on promoting private sector development, which outlines transformative and substantive policies.

“To effectively implement Resolution 68, it is crucial to have in place a clear and enabling institutional framework to mobilise the collective strength and financial resources of the entire society and the private sector,” he stated.

Tam also thanked BCG for its insights and recommendations on fostering the private sector and expressed the MoF’s desire to receive further strategic policy advice, technical support, and consulting expertise help concretise key solutions under Resolution 68.

The meeting overview

In response, Arnaud Ginolin, managing director and partner of BCG Vietnam, expressed his appreciation for the candid and constructive exchange with Deputy Minister Tam on the partnership between BCG and NIC, and on BCG’s proposals to advance private sector growth in Vietnam.

“Resolution 68 represents a pivotal policy milestone that can reshape the business environment for private enterprises in Vietnam. International experience shows that bold, transformative programmes, such as establishing national champion enterprises and supporting SMEs and startups, are essential,” Ginolin said.

The BCG executive recommended that Vietnam closely monitor the implementation of Resolution 68, align impactful programmes with the action plan, and establish a digital monitoring system with clearly defined key performance indicators to track progress.

Both parties expressed a shared commitment to continued collaboration, frequent engagement, and translating their discussions into tangible initiatives aimed at advancing private sector development and furthering the role of NIC in the near future.

Boston Consulting Group is a top global consultancy that provides strategic and transformational solutions to organisations and governments worldwide. Through various international projects, NIC and BCG have built a strong partnership, working together on startup and innovation activities that are already showing positive results.

Private sector is driving force for advances across economy Thanks to open-door policies crafted from the 1980s and beyond, rapid development of legal infrastructure, recognition of the value of foreign direct investment, and the importance of a strong private sector, Vietnam has made tremendous progress to a point where, this year, Vietnam’s average per capita income should reach $5,000, total foreign trade could be well over $850 billion, and there is a poverty rate below 5 per cent.

Resolution effectiveness on private pharma in Vietnam hinges on implementation Within the broader economic vision for Vietnam’s private sector, the pharmaceutical industry, an inherently sensitive and vital realm directly tied to public health and medical security, is undergoing significant transformation to tap into future opportunities.

Vietnam’s pharma sector advancing with focus on ESG and innovation Vietnam’s pharmaceutical sector is advancing through a combination of scientific innovation, regulatory responsibility, and efforts to build a sustainable healthcare system.