Vietnam’s startup momentum strengthens under new policy push

Trinh Thi Huong, deputy director general of the Agency for Private Enterprises and Collective Economy Development

Speaking at the ministry’s third-quarter press conference on October 3, Trinh Thi Huong, deputy director general of the Agency for Private Enterprises and Collective Economy Development, said the startup wave continues to rise, driven by recent policy moves including Politburo Resolution No.68-NQ/TW and National Assembly Resolution No.198/2015/QH, both aimed at fostering private sector growth.

Huong noted that in the first nine months, more than 231,000 new and returning businesses were recorded – up over 26 per cent on-year and 1.3 times higher than those exiting the market. Additional registered capital by active enterprises exceeded VND3.3 quadrillion ($132 billion), rising more than 186 per cent on-year.

"This is a very positive signal," she said. "When existing businesses increase their capital, it shows growing confidence in the market."

The over 231,000 businesses joining or rejoining the market represent a strong entrepreneurial wave, especially after the adoption of Resolution 68 of the Politburo and Resolution 198, both aimed at boosting private sector development.

"Since the issuance of Resolution 68, an average of 18,600 new businesses have been registered each month. In June alone, more than 24,000 businesses registered for establishment, a 44.7 per cent increase compared to the average of the first five months of the year, and 1.5 times higher than the monthly average during 2021-2024," Huong said.

However, she acknowledged that domestic firms still face many difficulties and limitations, particularly due to unpredictable global geopolitical and economic fluctuations, which continue to impact business operations.

To address this, the government and the MoF, in collaboration with ministries, agencies, localities, organisations, and associations, are actively implementing supportive policies under the spirit of Resolutions 68 and 198.

"To date, all 34 provinces and cities, and 21 ministries and agencies have approved and issued implementation plans. Many solutions have already been finalised," noted Huong.

The MoF is focusing on two major groups of solutions to support business development, like improving the business and investment environment by streamlining administrative procedures, reducing compliance costs, and removing regulatory impediments. They are bridging capacity gaps by enhancing enterprise capabilities in governance, taxation, and accounting.

Additionally, Huong added that the MoF is currently developing two key support initiatives: The '1,000 Pioneer Enterprises Development Programme', and the 'Training Programme for 10,000 CEOs' aimed at capacity building for business leaders.

Deputy Minister of Finance Nguyen Duc Chi also voiced optimism about the outlook for business activity, saying, "The ongoing implementation of Resolution 68 and related action plans would continue to offer practical and targeted support, especially for the private sector to grow in line with national development goals."

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