Business leaders honoured with Thánh Gióng Cup. — VNA/VNS Photo Lê Đông

HÀ NỘI — Deputy Prime Minister Phạm Gia Túc urged more efforts to turn support for businesses into concrete results while calling for faster resolutions of bottlenecks and further reforms to improve the investment climate.

He was speaking at a ceremony honouring 100 outstanding Vietnamese entrepreneurs in Hà Nội on October 11, ahead of Vietnamese Entrepreneurs’ Day on October 13.

“Listening to businesses must be followed by a responsibility to resolve their problems as soon as possible," the deputy PM said.

"Once a commitment is made, it must be pursued to the end and measured by concrete results.”

Deputy PM Túc praised the business community for its contributions to economic growth, job creation, state revenues and living standards, describing enterprises as a key driving force of the economy.

Việt Nam has nearly 1.1 million active enterprises, which contribute more than 60 per cent of gross domestic product (GDP), about 55 per cent of total state budget revenue and provide jobs for around 17.6 million workers, he said.

He cited figures that the economy grew 9.01 per cent in the first nine months of 2026, with third-quarter growth reaching 9.95 per cent year-on-year, while industrial production rose about 12.3 per cent. Total trade reached nearly US$888 billion during the period, and nearly 224,000 businesses were newly established or resumed operations.

Despite the progress, Việt Nam’s business sector has yet to realise its full potential, he said, pointing to a limited number of large domestic companies, uneven competitiveness, weak links between local firms and foreign-invested enterprises and limited participation in global value chains.

Access to capital, land, infrastructure, technology and skilled workers also remained major constraints, he added.

The Deputy PM urged efforts by ministries, agencies and local authorities to be enhanced to resolve problems hitting businesses with measurable incomes, decisive action and clear accountability.

Regulatory obstacles should be addressed at their root, rather than requiring businesses to repeatedly raise the same concerns, he said.

The Government must create the most favourable environment possible which is transparent, fair and secure so businesses can invest, operate, innovate and grow with confidence, the Deputy PM Túc.

He also called for better access to capital, land, technology, data and skilled labour, alongside stronger links among state-owned, private and foreign-invested companies to create more value in Việt Nam.

Businesses urged to move up value chains

Deputy PM Phạm Gia Túc speaking at the ceremony honouring 100 outstanding Vietnamese entrepreneurs. — VNA/VNS Photo Lê Đông

Deputy PM Túc said science and technology, innovation, digitalisation, green transformation and international integration must become key drivers of productivity and competitiveness as Việt Nam pursues its goal of sustained double-digit economic growth.

Domestic companies should move beyond relying on low costs and labour advantages to develop stronger management capabilities, build brands, master technologies and capture higher-value segments of regional and global supply chains, he said.

Small businesses should have opportunities to expand, medium-sized firms should be able to grow into larger enterprises, and major companies should develop the capacity to lead supply chains, he stressed.

The Deputy PM urged entrepreneurs to set more ambitious goals, invest in modern management and human resources, uphold the law and ethical business practices, protect the environment and take greater responsibility for workers and communities.

Business success should be measured not only by revenue, profit and assets, but also by jobs created, workers' development and contributions to society, he said.

The government has identified the private sector, state-owned enterprises and foreign-invested businesses as important components of economic development through a series of Party resolutions, including Resolution 68 on private sector development.

Deputy PM Túc said the government’s reform efforts would only be effective if they translated into tangible improvements in business operations.

Việt Nam aims to become a developed, high-income country by 2045 and stronger domestic businesses would be essential to achieving that goal, he said.

The event, organised by the Vietnam Chamber of Commerce and Industry (VCCI), also featured the prestigious “Outstanding Vietnamese Entrepreneur – Thánh Gióng Cup'.

VCCI Chairman Hồ Sỹ Hùng said more than 260 nominations had been submitted by ministries, local authorities and business associations nationwide for the 2026 awards.

The businesses led by the honourees generated combined revenue of about VNĐ1.34 quadrillion (roughly $60 billion) in 2025, pre-tax profit of nearly VNĐ248 trillion and state budget contributions of around VNĐ97 trillion. They employed approximately 273,000 workers. — VNS