Innovation's significant contribution to the progress of Vietnam's private sector is underscored in the discussion.
In a recent meeting, Deputy Minister Nguyen Duc Tam of the Ministry of Finance and a delegation from the Boston Consulting Group (BCG) discussed strategies to advance private sector growth in Vietnam, with a particular focus on implementing Resolution 68.
BCG, a top global consultancy, has been commended for its practical recommendations in institutional and policy development and its suggestions on sectors where Vietnam has comparative advantages. The firm's inputs have helped the Ministry of Finance in fostering the National Innovation Centre (NIC) and connecting with key partners in science, technology, and innovation.
Arnaud Ginolin, managing director and partner of BCG Vietnam, expressed appreciation for the candid and constructive exchange with Deputy Minister Tam and BCG's proposals to advance private sector growth in Vietnam. The meeting, which also featured representatives from the NIC and leaders from key units under the Ministry of Finance, highlighted the strong partnership between BCG and the Vietnamese government.
The private sector in Vietnam is a driving force for advances across the economy, due to open-door policies, rapid development of legal infrastructure, recognition of foreign direct investment, and a strong private sector. The pharmaceutical sector is advancing through a focus on environmental, social, and governance (ESG) factors and scientific innovation. Within the broader economic vision for Vietnam's private sector, the pharmaceutical industry is undergoing significant transformation to tap into future opportunities.
To effectively implement Resolution 68, it is crucial to have in place a clear and enabling institutional framework to mobilize the collective strength and financial resources of the entire society and the private sector. The strategic measures for implementing Vietnam’s Resolution 68 on private economic development, particularly in collaboration with BCG, focus on a coordinated, multi-faceted approach that aligns government action with private sector empowerment and innovation.
Key strategies include strong government leadership and coordination, institutional and legal reform, targeted enterprise support, data-driven monitoring and public engagement, inclusive and transparent local implementation, and collaboration with BCG. These measures aim to create an enabling environment for private businesses, address financing, land access, skilled labor shortages, and scaling challenges more effectively, and foster a transparent business environment that supports new investments and entrepreneurship.
Deputy Minister Tam expressed appreciation for BCG's support in policy formulation and its assistance to the NIC. Both parties expressed a shared commitment to continued collaboration, frequent engagement, and translating their discussions into tangible initiatives aimed at advancing private sector development and furthering the role of NIC in the near future. The meeting discussed joint efforts to support innovation and implement Resolution 68 on private economic development.
The BCG and NIC have been actively engaged in discussions and furthering efforts to support innovation and startup activities. The effectiveness of Resolution 68 on Vietnam's private pharmaceutical sector hinges on its implementation. With the strategic partnership between BCG and the Vietnamese government, and the commitment to continuous collaboration, Vietnam is well-positioned to achieve its ambitious growth targets.
This year, Vietnam's average per capita income should reach $5,000, total foreign trade could be well over $850 billion, and there is a poverty rate below 5 per cent. The meeting and subsequent collaborative efforts underscore Vietnam's commitment to private sector growth and its potential to become a regional economic powerhouse.
- BCG's practical recommendations in technology, education, and self-development sectors, along with their suggestions on sectors where Vietnam has comparative advantages, have aided the Ministry of Finance in fostering the National Innovation Centre (NIC) and connecting with key partners in science, technology, and innovation.
- A crucial aspect of effectively implementing Resolution 68 is having a clear and enabling institutional framework to mobilize financial resources, and strategic measures include a collaboration with BCG to foster an enabling environment for private businesses, addressing financing and scaling challenges more effectively, and fostering a transparent business environment that supports new investments and entrepreneurship in both business and education-and-self-development sectors.
