“Any business leader would desire to enrich themselves and the society”

I&B: Recently, the issue of promoting Vietnam’s economic private sector has been thoroughly discussed in the fifth plenary meeting of the 12th Communist Party of Vietnam (CPV) Central Committee, followed by a resolution. What do you think about the timing and importance of prioritizing the private sector nowadays?

Mr. Trinh Tien Dung: In my opinion, except for some center-point sections such as energy and national security that should be prioritized for state-owned corporations, for all other sections, more enterprises being privatized leads to more robust growth of the economy. When private enterprises encounter challenges and withstand pressure, their staff will have more chances to increase their creativity and dynamism.

Most of business leaders nowadays belong to F1 generation, but they have acquired some necessary qualifications in the modern era. Some business people grew up in state-owned enterprises, while others taught themselves or sought for education in foreign countries. However, all of them have the common desire to enrich themselves and our country. The open and determined attitude of Party, State and Prime Minister, followed by resolutions and important decisions, has directly fueled the development of the economic private sector.

To turn the private sector into the leading motor of the national economy, private enterprises should be properly oriented and their legal benefits and rights have to be protected. Additionally, supportive policies should be implemented for enterprises to define their leading role.

The private sector creates numerous jobs and economic ties, hence improving the national image and generating material prosperity. However, in retrospect, enterprises in Vietnam lack many things: experience, capital, technology advancement, skilled labor force, etc.. But I believe, with appropriate recognition and attention from Party, State, and especially Prime Minister, private enterprises would thrive and greatly contributed to the competitive edge of the national economy.

I&B: What do you think about the differences between start-ups in Doi Moi period and ones in integration period?

Mr. Trinh Tien Dung: In my opinion, all of them have the common desire to enrich themselves and our country by their own career and fuel the national economy.

The differences are young generations nowadays are better prepared with various experiences from predecessors and up-to-date knowledge through technology advancement.

Moreover, nowadays access to bank loans becomes easier, the market is more severely competitive but more transparent. Our country has grabbed many chances to integrate into the global economy and train educated workforce.

However, the desire to earn money may become so strong that some business leaders turn anxious. Sometimes, they have to pay by failures or even bankruptcy due to the lack of “capital”. “Capital”, I mean, is not only money but also knowledge, business relationships to cooperate, experiences, and credibility.

Therefore, every year, hundreds of enterprises are established, and hundreds more disappear. The Government should keep an eye on this situation, help direct them into the right path to success and equip them with useful knowledge on the long journey of running an enterprise.

I&B: What do you think that should be done immediately to support the private sector?

Mr. Trinh Tien Dung: The Government should establish an organization to represent local authorities and amplify the voice to protect local corporations as well as companies that invest in foreign countries. Besides, more seats in the National Assembly should be given to business people, who belong to the private sector, so that ideas of boosting the national economy could be heard more clearly.

Thank you very much.