Government leader urges citizens to collaborate in establishing an economy primarily fueled by startups
Prime Minister Pham Minh Chinh recently chaired a meeting of the Government's Standing Committee, where he emphasised the importance of promoting successful models and innovative approaches in entrepreneurship, innovation, and digital transformation.
The meeting focused on key policy proposals, including a draft decree on build-transfer (BT) projects, regulations on a global minimum corporate tax, and a national start-up development scheme. The discussions reflected Vietnam's current governmental approach, which is anchored in a comprehensive national strategy that emphasises breakthroughs in science and technology, innovation, digital transformation, global integration, and private sector development.
The strategy, outlined in the Party Central Committee’s four strategic resolutions, is considered critical drivers for Vietnam's goal of becoming a high-income nation by 2045. A key nationwide initiative reflecting this strategy is the Vietnam Private Sector Forum 2025 (VPSF 2025), running from July to September.
Prime Minister Chinh contributes actively to this transformative agenda by steering these reforms that foster entrepreneurship and digitalization. Under his government, significant legal reforms have been implemented, such as the amendments to the Law on Enterprises effective from July 2025. These reforms introduce greater corporate transparency and accountability through concepts like beneficial ownership and mandate digital identity registration (e-ID Vietnam accounts) for companies to facilitate online administrative procedures.
In addition, the government reform under Prime Minister Chinh includes a two-tier administrative restructuring to enhance governmental efficiency, reduce bureaucracy, and accelerate policy implementation. This reorganization, alongside legal and institutional reforms, positions Vietnam to better support innovative enterprises and digital economy growth.
The Prime Minister also highlighted the need for recognition of best practices, strong public communication efforts, flexible payment mechanisms, safeguards against corruption, waste, and misconduct, adequate resource allocation, improved implementation capacity, and strengthened oversight. He emphasised the importance of raising public awareness, targeted support policies, human resource development, ecosystem building, and regular evaluations.
Moreover, he advocated a shift from pre-approval controls to post-implementation evaluations, encouraging internal resources and promoting self-reliance and resilience among key stakeholders. He reaffirmed the principle of enhanced decentralisation and delegation of authority, stating that the startup, innovation, and digital transformation movement should be a nationwide effort.
The committee also reviewed a draft regulation guiding the implementation of National Assembly Resolution 107/2023/QH15 on the application of a global minimum tax to prevent base erosion. PM Chinh called for additional clarification and proposals to further define innovation and digital transformation within the national startup framework.
The efforts should be led by the Communist Party, managed by the State, and supported by the Việt Nam Fatherland Front. They should be closely linked to the country's goals for rapid and sustainable development, GDP growth, and improvements in labour productivity. The committee provided feedback on a draft decree detailing the implementation of BT projects, with the decree emphasising development-friendly governance.
In conclusion, Vietnam's approach to promoting entrepreneurship and digital transformation is comprehensive and forward-thinking, with Prime Minister Pham Minh Chinh at the helm. The government's focus on legal reform, administrative restructuring, and public engagement demonstrates a commitment to fostering a transparent, efficient, and investment-friendly business environment that encourages innovation and entrepreneurial activities.
- The government's focus under Prime Minister Pham Minh Chinh is on promoting entrepreneurship and digital transformation, as emphasized at a recent meeting of the Government's Standing Committee.
- Key policy proposals discussed at the meeting included a draft decree on build-transfer projects, regulations on a global minimum corporate tax, and a national start-up development scheme.
- The government's approach is anchored in a comprehensive national strategy that emphasizes science and technology, innovation, digital transformation, global integration, and private sector development.
- The strategy, outlined in the Party Central Committee’s four strategic resolutions, is considered critical drivers for Vietnam's goal of becoming a high-income nation by 2045.
- Under this transformative agenda, significant legal reforms have been implemented, such as the amendments to the Law on Enterprises effective from July 2025, which introduce greater corporate transparency and accountability.
- In the discussions, Prime Minister Chinh emphasized the importance of public awareness, targeted support policies, human resource development, ecosystem building, and regular evaluations in the country's approach to entrepreneurship and digital transformation.
