Mr. Thien said that the average lifespan of many domestic businesses is just 4-5 years, which cannot contribute much to the national economy and might become a waste of resources. This means the business environment in Vietnam is not truly open, and there are still various barriers.
Former Chairman of the Central Institute for Economic Management Nguyen Dinh Cung said that the short lifespan of many domestic companies is because of the public awareness about the private business sector. Besides, the State still focuses mostly on the management aspect, and thus introducing several overlapping regulations, creating confusion among private businesses.
Minister of Planning and Investment Nguyen Chi Dung said that even though the private business sector has had many important contributions to the socio-economic growth of Vietnam, it is rather weak as to quantity and quality, which does not match its potential. In the upcoming time, the global geopolitical and economic context is still complicated, creating both opportunities and challenges.
In order for this sector to be healthier, the State should continue to provide a more favorable environment with transparency, safety. There must be a fair mechanism among businesses as to access the land and natural resources, capital sources. Businesses should receive sufficient support to approach potential markets, to carry out the digital transformation process.
Meanwhile, private enterprises should actively take advantage of even the smallest chance and devise suitable measures to adapt to changes and fluctuations in the future, to keep abreast of new trading trends, to switch to green sustainable business models, to improve the value of their own brands, and to promote business ethics, corporate culture.
