Prime Minister Chinh urges innovation as Vietnam eyes three million enterprises by 2045
The Hanoi conference marked 80 years of enterprises accompanying the nation, reaffirming their role as a backbone of Vietnam’s development and future prosperity.
THE HANOI TIMES — Vietnam aims to expand its business community to two million enterprises by 2030 and three million by 2045. Prime Minister Pham Minh Chinh announced on August 30, calling on state-owned, private, and foreign-invested firms to drive innovation and sustainable growth.
Prime Minister Pham Minh Chinh chaired a conference on August 30th with leaders of 60 state-owned corporations, 141 private firms, and 50 foreign-invested enterprises. Photos: Nhat Bac/VGP
Chinh was speaking at a conference with the business community under the theme “80 years of enterprises accompanying the nation", with the participation of representatives from 60 state-owned corporations and groups, 141 private enterprises and 50 foreign-invested enterprises (FDI).
To achieve these goals, Chinh outlined three core messages to guide the business community.
First, he praised enterprises for their historic role in Vietnam’s development in the past 80 years, with their contributions from supporting wartime efforts to driving peacetime prosperity.
Second, he reaffirmed the government’s commitment to fostering a transparent and business-friendly environment, including streamlined regulations and robust infrastructure.
Third, he urged businesses to further unite and innovate, aligning with national priorities for green, digital and circular economies.
“We envision transparent institutions, seamless infrastructure, and innovative entrepreneurs,” Chinh stressed, linking past achievements to future aspirations.
Building on this vision, Deputy Minister of Finance Nguyen Duc Tam highlighted Vietnam’s stellar economic performance in 2025, which underpins the ambitious targets.
The country achieved 7.52% GDP growth in the first half of the year, the highest in nearly two decades, cementing Vietnam’s position as a top performer in ASEAN and globally.
“Our state budget revenue surpassed 80% of the annual target in just seven months, with exports reaching US$ 262.4 billion and a trade surplus of $10.2 billion,” said Tam, attributing success to government support, including substantial tax relief for businesses.
This economic momentum has sparked an entrepreneurial surge, further strengthening Vietnam’s growth trajectory. In the first eight months of 2025, nearly 128,200 new enterprises and 73,855 household businesses were established, while 80,800 firms resumed operations.
“This unprecedented wave of entrepreneurship signals growing confidence in our economic prospects,” said Tam.
Government senior officials and the representatives of business community at the conference.
He said that the rebound of industrial production, together with US$24.1 billion in registered foreign investment and US$13.6 billion in disbursed capital, highlights Vietnam’s attractiveness as a global investment hub and sets the stage for the Prime Minister’s call for innovation.
Le Manh Hung, Chairman of Petrovietnam, highlighted the group’s $599 billion in cumulative revenue and $142 billion in state budget contributions.
He stressed that Petrovietnam is shifting toward a national energy-industrial model. “Under the Party’s leadership, we aim to rank among the world’s top 500 enterprises by 2030,” said Hung.
Viettel, another state-owned giant, showcased its dual-purpose innovations.
Chairman Lieutenant General Tao Duc Thang said the group has built a complete 5G ecosystem, exported high-tech products, and funded social initiatives such as housing for low-income families.
"Viettel has contributed US$413.6 million to poverty reduction programs, underscoring our commitment to both economic growth and social development," said Thang.
Foreign investors also expressed strong confidence in Vietnam’s trajectory. Bruno Jaspaert, CEO of DEEP C Industrial Zones, which attracted $8 billion in FDI, stated with the government’s leadership, Vietnam is poised to become a regional economic powerhouse.
Jaspaert pledged support for Vietnam’s 2050 carbon-neutral goal through technology transfers, reinforcing the sustainable development focus championed by Prime Minister Chinh.
However, challenges remain, particularly for small and medium-sized enterprises limited by scale and technology. To address this, Prime Minister Pham Minh Chinh urged faster reforms, including simplified administrative processes and enhanced digital and green infrastructure.
“We must shift from control to service-oriented governance,” he said, advocating public-private partnerships to boost competitiveness and achieve the goal of enterprises driving over half of GDP by 2030 and beyond by 2045.
Representatives of the business community.
Held in Hanoi on August 30 under the theme “80 years of enterprises accompanying the nation,” the conference highlighted that businesses have been not only the backbone of Vietnam’s past achievements but also a driving force for its future prosperity.
As the nation marks 80 years of independence and recalls President Ho Chi Minh’s call for a prosperous business community, the event reaffirmed the enduring state–business partnership in strengthening Vietnam’s global standing.
