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Speaking at the forum "Pioneering Entrepreneurs - Enabling Government in the New Era", organised by the Vietnam Chamber of Commerce and Industry (VCCI) on October 11, Le Hong Phong, board member and director of Quang Ngai PTSC Petroleum Services Joint Stock Company, highlighted a major contract recently secured by a Vietnamese oil and gas company in Qatar.
The project is valued at approximately $3 billion, marking an important milestone for the company and demonstrating how far Vietnamese businesses can advance after more than a decade of developing capabilities in high-quality technical services.
According to Phong, state-owned enterprises seeking to lead the market and pave the way for other businesses must first develop sufficient scale, expertise and standing.
In line with Resolution 79, he said, state-owned enterprises should concentrate their resources on core sectors of strategic importance to Vietnam's national development.
Large-scale projects also create opportunities for Vietnamese-made products to enter the supply chains of major corporations and business groups, helping domestic companies strengthen their competitiveness.
In the consumer goods sector, Tan Teck Chuan Lester, CEO of Saigon Beer-Alcohol-Beverage Corporation (Sabeco), stressed that Vietnamese businesses cannot rely on price competitiveness alone. They must also ensure their products and brands are relevant to the markets they seek to enter.
For Sabeco, expanding globally is not simply about how many litres of beer the company can export.
What matters more, he said, is whether brands with a distinct Vietnamese identity, such as Bia Saigon and 333, can gain lasting recognition, trust and loyalty among international consumers.
Businesses need a stable and predictable environment
Speaking at the forum, VCCI Chairman Ho Sy Hung emphasised that an enabling government and pioneering entrepreneurs must work together to create a new phase of economic growth.
According to Hung, the state can open up new opportunities for development through better institutions, but it is businesses that must turn those opportunities into investment, production, products, jobs and new economic value.
Conversely, even companies with strong ideas, sufficient capital and ambitious plans will struggle to turn their aspirations into actual projects if the business environment is unstable, administrative procedures are prolonged or resources remain tied up.
"The point where government facilitation and business initiative must meet is in tangible development outcomes," Hung said.
Reflecting on recent changes, the VCCI chairman noted that Vietnam has accelerated policy reforms.
The Politburo has issued a series of important resolutions, while the National Assembly and Government have moved quickly to develop and implement new laws and mechanisms.
The government apparatus has been reorganised, decentralisation and delegation of authority have been strengthened, and numerous administrative procedures have been simplified.
In several localities, investment approval times have been shortened, fast-track processing mechanisms introduced, and border-gate procedures digitalised and reformed to reduce customs clearance times.
These improvements have directly helped businesses lower costs, accelerate capital turnover and become more competitive.
However, Hung cautioned that good policies do not automatically produce good outcomes.
A gap remains between policy formulation and implementation. Businesses operating under the same regulation may encounter very different experiences depending on the locality.
Where authorities implement reforms decisively, companies can benefit quickly. Where implementation is slow, valuable business opportunities may be lost.
"If the previous phase focused heavily on breakthroughs in institutional reform, the next phase must place greater emphasis on breakthroughs in implementation," he said.
According to the VCCI chairman, regulatory changes can themselves impose costs if businesses are not given sufficient time to adapt.
Inconsistencies between two legal documents also generate costs, as do administrative procedures without clear processing deadlines or investment decisions that take too long to approve.
Such shortcomings can cause companies to miss market opportunities.
"What businesses need most is stability, consistency and predictability in the business environment," Hung said.
Administrative reforms and tax relief provide nearly $9.5 billion in business support
Nguyen Xuan Tho, Deputy Director General of the Department of Private Enterprise and Collective Economy Development under the Ministry of Finance, provided an update on administrative reforms and financial support for businesses.
As of August 14, 2026, the ministry had reviewed and simplified 469 administrative procedures governed by laws, decrees and circulars that it was responsible for drafting, issuing or submitting to the relevant authorities.
Of these, 146 procedures were eliminated and 323 were simplified.
Overall, the ministry had reduced or simplified 837 out of 962 administrative procedures, equivalent to 87% of the total.
The reforms cut processing times by a combined 6,744 days, representing a reduction of 54.88%, while compliance costs fell by more than $1.56 billion, or 53.47%.
The number of business conditions eliminated reached 139 out of 363, equivalent to 38.29%.
Alongside administrative reforms, the Ministry of Finance advised on and implemented policies providing tax, fee and charge exemptions, reductions and payment extensions during the first nine months of 2026.
The total value of these measures was approximately $9.48 billion.
Of that amount, tax and fee exemptions and reductions accounted for around $7.17 billion, while payment extensions represented approximately $2.32 billion.
Hong Khanh
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