Dr. Nguyen Thi Phuong Thao: Vietnam faces a historic opportunity as the private sector drives growth

In an interview with Government Newspaper, Dr. Nguyen Thi Phuong Thao, chairwoman of Sovico Group, said she has long believed that the development of private enterprises is closely linked to the country’s fate and aspirations. She noted that as Vietnam continues to strengthen its position on the global economic map, enterprises are prepared to work alongside the Government in the new term, with sufficient resources, technology, and people, to help create new growth drivers.

Dr. Thao said companies within the Sovico, HDBank, and Vietjet ecosystems actively partner with the Government, reflecting what she described as a shared mindset within Vietnam’s business community. She argued that when the Government establishes institutional frameworks and provides a transparent, stable environment, enterprises will be at the forefront of delivering national development goals. In her view, collaboration between the state and enterprises can form a stronger, unified force that helps Vietnam achieve greater global stature.

Positioning the private sector as a key growth driver

To enable a new phase of growth, Dr. Thao said the Government and the Party should clearly position the private sector as the most important growth driver. She emphasized that unlocking private-sector momentum is central to opening a new growth cycle.

Accelerating infrastructure and connectivity projects

Dr. Thao recommended accelerating the pace of strategic infrastructure projects, particularly transport infrastructure. She highlighted airports, urban rail, and logistics, and called for speeding up flagship national projects including Long Thanh airport, Gia Bình, and international cargo hubs. Her goal is to position Vietnam as a regional and global connectivity node.

Digital transformation and fintech development

Dr. Thao also urged faster digital transformation and the development of fintech platforms. She recommended that the Government support the formation and effective operation of an International Financial Center, connected deeply with international capital markets to attract capital and global financial services.

Stimulating consumption through credit and tax policy

On the domestic front, Dr. Thao said consumption should be stimulated through controlled credit expansion and reasonable tax policies. She argued that when infrastructure is unlocked, finance is connected, and consumption is activated, the economy can gain momentum toward a sustainable future.

Expected impact: a new growth cycle

Dr. Thao said Vietnam is facing a historic opportunity. She linked the opening of a new growth cycle to several conditions: the private sector being unblocked, infrastructure advancing, technology being steered, and Government–enterprise partnership being in place. Under these factors, she said Vietnam can grow faster and more sustainably while continuing to expand its presence on the global economic map.