A client experiences VR technology at a tech centre in HCM City. — VNA/VNS Photo

HÀ NỘI — A government-run regulatory sandbox could bring a major shift in management thinking, which would allow tech companies to test new business models, within a flexible legal framework and learn from practical experience before scaling up implementation, agree businesses and entrepreneurs.

Co-founder of one of the early unicorns in Việt Nam, Nguyễn Bá Diệp, Momo's Vice Chairman, said institutional reform is the fastest, most effective, and least costly way to support such businesses.

He stressed that translating resolutions into real actions requires strong State and enterprise participation. With the right policies, the private sector can make breakthroughs and become a solid pillar of the national economy.

“If that is achieved, the sandbox will be a symbolic policy and a true launchpad for breakthrough business models. If the sandbox is implemented swiftly and synchronously, with real-world feedback taken into account, it will become a powerful driver for Việt Nam’s start-up ecosystem,” Diệp said.

He said that the Government’s move to introduce a regulatory sandbox, a special legal framework for innovative enterprises, marks a significant advancement in regulatory thinking.

It allows tech businesses to experiment within a flexible legal environment, drawing lessons before broader deployment. What businesses hope for, however, is not just the existence of a sandbox, but its consistent implementation across the whole system, from central to local levels, from regulators to enforcement bodies.

The Investment Director of Nam Long Group, Nguyễn Thanh Hương, expressed the real estate sector’s hope for a transparent, competitive business environment. She called for equitable access to land resources, which are crucial for developers of housing and urban areas, and for institutionalisation in land development policies.

The Vice Chairman of the Hồ Chí Minh City Business Association, Đinh Hồng Kỳ, said institutional reform must guarantee and effectively protect private enterprises’ rights, including property rights, freedom to conduct business, equal competition and contract performance.

It is essential to create a level playing field, reduce interference, eliminate administrative barriers and the outdated 'ask–give' mindset, where what cannot be controlled is banned. He also emphasised the need to distinguish between criminal, administrative and civil liability, and corporate and individual responsibility in law violations.

“The two per cent interest rate support scheme for small, innovative and ESG-focused businesses is urgent. However, in practice, implementation has faced many obstacles, both from banks and businesses,” Phát said. He pointed out that previous support packages were hindered by complex procedures and post-audit pressure, which made both banks and enterprises hesitant to participate.

Phát added that the interest rate support is insufficient and must be complemented with broader reforms, including administrative simplification, digitalisation of credit approval, and more detailed development of green credit frameworks. He also noted that private banks offered preferential and green capital packages, with abundant domestic resources ready to support businesses once bottlenecks are removed.

Nguyễn Đình Tùng, CEO of T&T Vina, highlighted ongoing challenges in the agricultural sector, where 'if it can’t be managed, it’s banned' remains a common mentality, stifling innovation and investment.

Tùng cited the durian industry as an example.

Farmers require substantial capital, but harvests only begin after one or two years, making it difficult to use on-land assets as loan collateral. He proposed that the Government officially recognise and allow agricultural assets formed on land to be used as collateral, instead of limiting credit access to land use right certificates.

Dr Nguyễn Xuân Thành, a lecturer at Fulbright University Vietnam, said that in recent years, sustained high economic growth in Việt Nam has largely been driven by domestic private enterprises, whether large corporations or small and medium-sized businesses.

This private-led growth demands an efficient market economy with a highly competitive business environment. Under this framework, the government builds institutions to regulate and address market failures. — VNS