Vietnam’s Private Sector: The New Engine of Economic Growth
In a groundbreaking move, Vietnam’s Politburo has recognized the private economy as the primary driver of the national economy. Resolution 68-NQ/TW, issued on May 4, 2025, marks a significant shift in the country’s economic strategy, positioning the private sector alongside the public and collective economies as a key player in fostering growth, innovation, and international integration.
Recognition and Empowerment of Entrepreneurs
The resolution not only acknowledges the private sector’s contributions to GDP and job creation but also empowers entrepreneurs as “soldiers of the economy.” Entrepreneurs are now seen as the main force behind economic creation, encouraged to participate in policy criticism and development strategies. This recognition underscores the importance of fostering an entrepreneurial mindset and ethical business practices to drive sustainable growth.
The Role of Business Ethics in the New Era
As Vietnam steps into this new economic era, business ethics have become more critical than ever. Transparency, social responsibility, and community trust are now essential criteria for success. Financial fraud, environmental destruction, and consumer rights violations not only harm individual companies but also undermine social confidence and the broader economy. Drawing from ancient wisdom, such as “Confidence is more precious than gold,” Vietnamese businesses must embrace ethical values to thrive.
Setting Standards for Corporate Culture
In July 2021, the Vietnamese Association for the Development of Corporate Culture (VNABC) announced a set of criteria emphasizing ethical business practices. These standards include prohibitions against smuggling, tax fraud, and the production of counterfeit and toxic products. Companies must adhere to these standards to be considered for evaluation in sustainable leadership, business culture, and social responsibility. The construction of a robust business ethics framework is essential for Vietnamese companies to gain public trust and compete internationally.
Lessons from Global Leaders
Vietnam can draw valuable lessons from developed economies like Japan, Germany, and the United States. Companies such as Microsoft, Apple, and Google invest heavily in social responsibility and community development. These global leaders demonstrate that ethical practices and corporate culture are pillars of long-term success. Vietnamese businesses must emulate these examples to build strong, ethical foundations and enhance their brand image both domestically and internationally.
The Path Forward
While many small and medium-sized enterprises in Vietnam still prioritize short-term profits over ethical practices, the resolution calls for urgent action. Training programs for entrepreneurship and business ethics must be introduced in educational institutions to cultivate a new generation of responsible business leaders. By fostering an entrepreneurial mindset rooted in social responsibility and ethical practices, Vietnam can achieve sustainable economic growth and become a respected player on the global stage.
As Vietnam embarks on this transformative journey, the importance of business ethics and corporate culture cannot be overstated. By setting high standards and embracing ethical values, Vietnamese companies can not only gain public trust but also position themselves for international success. The future of Vietnam’s economy lies in the hands of its entrepreneurs, and the path forward is clear: prioritize ethics, foster innovation, and build a sustainable, integrated economy.
Stay tuned to archyde.com for more breaking news and insights on the latest developments in Vietnam’s economy and beyond. Join the conversation and share your thoughts on the role of business ethics in driving sustainable growth.
