However, the private economy is facing many difficulties, from institutional barriers, unfavorable business environment to limitations in access to capital and technology. Although contributing more than 42-45% of GDP, this sector has not yet developed to its full potential due to complicated administrative procedures, high informal costs and limited access to credit.

At a recent working session with the Central Policy and Strategy Committee, General Secretary To Lam gave guidelines to promote the development of the private economy in Vietnam. This included removing institutional bottlenecks, improving the investment and business environment, and removing barriers to business development. The General Secretary emphasized the view that "people and businesses are allowed to do what is not prohibited by law", in order to create an open, transparent, safe and low-cost business environment.

To create development opportunities for the private economic sector, Prime Minister Pham Minh Chinh also signed a decision to establish a Steering Committee to develop a private economic development project. In addition, the Government also promotes administrative procedure reform, reduces compliance costs, supports credit and promotes the private sector to participate in high-tech industries, manufacturing and processing industries, areas with strong growth potential.

Despite many challenges, with the strong direction of the Party and the determination of the Government, Vietnam's private economy is facing a promising future. Not only playing an important role in economic growth, this sector is also the core foundation to help Vietnam achieve its double-digit growth target in the coming time, promote innovation and enhance national competitiveness.