Vietnam needs strong national enterprises to build and develop the economy and ensure national defense and security.

Party Chief and State President To Lam at the meeting. Source: VNA

During a meeting with entrepreneurs from the Vietnam Association of Small and Medium Enterprises on August 22, General Secretary and State President To Lam reaffirmed that the Party and the State always prioritize the development of the business community.

Lam noted that after 40 years of renovation, Vietnam faces many new opportunities and challenges, but "has never been in such a strong position as it is today."

He reiterated the Politburo's Resolution No. 41, which calls for creating conditions for small and medium enterprises to expand, enhance their competitiveness, increase their production capacity, and expand their businesses based on innovation and the application of science and technology. The Resolution also emphasizes the creation of a favorable, safe, and equitable investment and business environment for enterprises to thrive and contribute.

"No major corporation, whether domestic or international, did not start as a small business. Vietnam needs strong national enterprises to build and develop the economy and ensure national defense and security," said Lam.

Overview of the meeting.

Small and medium-sized enterprises currently make up 98% of all businesses nationwide, contributing around 50% of GDP and 35% of the total annual state budget revenue. These businesses provide jobs and income to more than 50% of the workforce.

He emphasized the need for the Vietnamese business community to adhere to ethical standards and a business culture rooted in national identity while embracing global business practices. Lam also stressed the importance of saying "no" to commercial fraud and the production of counterfeit or substandard goods.

The Vietnam Association of Small and Medium Enterprises should guide its members to comply with the law, uphold progressive business standards, and fulfill their tax and financial obligations, he added.

Looking ahead, Lam stressed that the fight against corruption and negative practices will continue with renewed vigor, with no room for exceptions. He expressed hope that the business community will "actively participate and respond with responsibility and intelligence."

The Party Chief and representatives of the business community.

Data from the Ministry of Planning and Investment shows that in the first half of the year, nearly 120,000 businesses were newly established or resumed operations, while over 110,000 exited the market. This suggests that many businesses have effectively seized opportunities to break through, though some face difficulties, reduced orders due to competition, and increasingly stringent demands from partners.

In the face of global challenges, Lam hopes and believes that small and medium enterprises will proactively innovate, restructure, enhance competitiveness, invest in technology, and capitalize on opportunities from the Fourth Industrial Revolution and various free trade agreements (FTAs). This will contribute to building a stronger and more resilient nation.