Associate Prof Thien, former director of the Vietnam Institute of Economics, said that international experience shows that to become an economic power, there must be large corporations capable of competing, especially powerful private economic groups.

Such enterprises must have enough competitive capacity both in the domestic and the global market, and take a leading role in value chains.

Tien spoke at the seminar “40 Years of Doi Moi (renovation): The Leading Role of Economic Groups” held on April 13 in Hanoi.

At the seminar, Dau Anh Tuan, Deputy Secretary General and Head of the Legal Department at VCCI, reflected on the challenging journey of the private economic sector. It has taken nearly 40 years of reforms for the sector to gain a position commensurate with its role.

In 2002, the private sector was first officially recognized as a component of the economy. Over the next 15 years, its status evolved from an “indispensable part” to “an important driver” of the economy. In 2025, Resolution 68 formally recognized it as one of the most important drivers, a pioneering force in promoting growth, creating jobs, improving productivity, national competitiveness, industrialization, and modernization.

Although a generation of entrepreneurs has emerged, building careers from empty hands and showing good resilience during the pandemic, the private sector still shows many paradoxes.

“Enterprises are numerous but not yet strong; dynamic but not yet deep; contributing greatly but holding a modest position in the global value chain,” Tuan said.

Sharing a real-life story, Le Khac Hiep, Vice Chair of Vingroup, said that previously, Vingroup had expanded into many fields such as real estate, tourism, education, healthcare and retail. However, they believed that if they only focused on these fields, it would be difficult to integrate internationally.

Therefore, the group chose a breakthrough field: the automobile industry. Reality shows that for a nation to develop, it needs to develop industry, and the auto industry plays a vital role.

Looking back at history, most developed nations have a strong automobile industry, which leads many other sectors such as mechanics, rubber, and many related fields. Currently, cars have become technological products, and hold a role in driving development.

Speaking about “miraculous” development pace, Hiep emphasized that the key factor is the determination of leadership. He cited the National Exhibition Center project in Co Loa (Hanoi), as an example. 

It needed only 10 months to be completed, whereas similar projects abroad may take three to four years. With strong determination and maximum effort, businesses can achieve what seems impossible.

Meanwhile, Nguyen Duy Hung, board member of Tan Hiep Phat, said that at this stage, businesses primarily need freedom from constraints and a stable environment to grow.

Enterprises want regulatory agencies to not only consider them as subjects of management but also to remove difficulties.

“Strengthening dialogue and listening, especially with large enterprises, will help solve obstacles effectively,” Hung proposed.

Powerful private corporations 

Phan Duc Hieu, National Assembly Delegate and Member of the National Assembly’s Economic and Financial Committee, said that, looking toward the future, the leading role of economic groups in Vietnam is immense.

“It is time for large economic groups to reach out abroad and expand markets instead of just competing domestically. Some enterprises like Vingroup, Vinamilk, Xuan Thien Group, and Viettel have begun to follow this direction. New policies are needed soon to promote Vietnamese enterprises to conquer the international market,” he said.

When reaching out to the global market, it is necessary to promote the roles and advantages of large economic groups, because enterprises cannot go far without this leadership. The lesson learned is that issued policies must be accompanied by specific mechanisms to ensure feasibility.

Dr Tien said practical experience shows that to create an “economic miracle,” there needs to be a developmental state that manages effectively, and private economic groups strong enough to serve as pillars.

He urged the creation of business support policies. “For a long time, we have often provided scattered support, like “scattering grain for sparrows,” so the results only created “sparrows.” It is necessary to switch to a different way: supporting based on leading corporations—wherever a chain is weak, focus support on that bottleneck.

Nguyen Le