Prime Minister Pham Minh Chinh has called on businesses to register for major national projects, encouraging them to propose policy mechanisms that will facilitate execution while ensuring transparency, fairness, and the prevention of corruption.

At a meeting on February 10, the Prime Minister and key government officials gathered with representatives from the Vietnam Chamber of Commerce and Industry (VCCI), the Small and Medium Enterprises Association, and 26 major state-owned and private enterprises to discuss strategies for accelerating private sector growth and ensuring sustainable national development.

The event was co-chaired by Permanent Deputy Prime Minister Nguyen Hoa Binh and Deputy Prime Ministers Tran Hong Ha, Le Thanh Long, and Bui Thanh Son.

The government is keen to hear businesses’ feedback on regulatory frameworks, administrative procedures, and economic policies to eliminate barriers and identify opportunities for economic breakthroughs.

Businesses must prepare for ongoing challenges

In his opening remarks, Prime Minister Pham Minh Chinh acknowledged the difficulties of the past years, including the COVID-19 pandemic, global conflicts, and disruptions to supply chains. He also highlighted the devastating impact of Typhoon Yagi, which affected Vietnam’s economy in 2024.

He warned that 2025 will continue to bring new global challenges and urged businesses to stay prepared for unexpected economic fluctuations.

The government remains committed to supporting enterprises, particularly in resolving institutional and regulatory bottlenecks, which he described as both the most significant challenge and the greatest opportunity for reform.

A new policy for 2025 will require all localities, government ministries, and state-owned enterprises to meet specific economic growth targets.

According to the Prime Minister, maintaining moderate growth will not be enough to achieve Vietnam’s long-term economic goals. The Central Committee’s Resolution 123 mandates that GDP must grow by at least 8% in 2025, laying the foundation for double-digit growth in the following years.

Achieving this ambitious target will require active contributions from the business community, particularly large enterprises.

Reforms, incentives, and major national projects

The government is committed to further reducing regulatory obstacles. Ministries and agencies have been directed to review and report administrative hurdles monthly, ensuring that necessary reforms are promptly enacted.

Areas under consideration include tax incentives for automobile manufacturers, VAT exemptions for businesses, reductions in land lease fees, and streamlined licensing procedures for infrastructure and real estate projects.

Several landmark projects are currently in the pipeline, including the North-South high-speed railway, three standard-gauge railway lines connecting Vietnam and China, and plans for nuclear power plants.

The government is also prioritizing breakthroughs in science and technology, innovation, and digital transformation, while exploring new economic frontiers such as underground space, marine resources, and aerospace development.

The Prime Minister emphasized that businesses should actively register for projects where they can contribute, while proposing policy frameworks that will enable effective implementation. However, he made it clear that participation must be free from self-interest, corruption, and unethical practices.

As an example, he cited recent invitations extended to major corporations. Truong Hai Auto Corporation (THACO) has been asked to research and develop railcar manufacturing technologies, with the goal of producing locomotives for high-speed rail.

Hoa Phat Group is exploring the production of railway tracks, while FPT Corporation is focusing on high-quality workforce training and semiconductor chip design.

Hong Khanh