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| Many private businesses are investing in the service and real estate sectors in Da Nang city. (Photo: VNA) |
Ottawa (VNA) – The recognition of the private sector as one of the most important drivers of the economy has sent a strong positive signal to businesses and overseas Vietnamese (OVs), according to Vu Thi Thu Hoan, a manager at Citibank Canada under Citigroup.
Speaking to Vietnam News Agency correspondents in Canada on the implementation of the Politburo’s Resolution No. 68-NQ/TW on private sector development, Hoan said the move marks a major shift as the private sector is now placed at the centre of Vietnam’s development strategy.
She noted that OV communities, including those in Canada, have increasingly recognised positive changes in Vietnam’s business environment. Market entry barriers have gradually been removed, while many conditional business sectors have been streamlined, creating more opportunities for small- and medium-sized enterprises (SMEs) and startups.
Hoan also highlighted progress in digital transformation of administrative procedures, saying expanded online public services now allow overseas Vietnamese to complete some procedures remotely, reducing the need to travel back to Vietnam. These reforms have helped boost investor confidence by reduced time and market access costs.
According to her, more and more Vietnamese in Canada are now discussing investment and business cooperation opportunities in their homeland, bringing home not only capital but also expertise and business networks.
Looking ahead, she said the private sector should take on three key roles. First, it should become a leading force in innovation. Drawing from Canada’s experience, Hoan said many breakthroughs originate from private enterprises, from technology startups in Toronto to high-tech agricultural businesses in Ontario. Vietnam already has a young, dynamic and capable engineering workforce and could develop globally competitive technology enterprises if given sufficient resources and favourable conditions.
Second, the private sector could act as a stronger bridge connecting Vietnam with OV networks worldwide. Hoan said the Vietnamese community in Canada offers not only financial resources but also international-standard management expertise, local market knowledge and extensive business connections, which could help domestic enterprises improve governance and integrate more deeply into global supply chains.
Third, the private sector should contribute to creating high-quality jobs. She stressed that Vietnam’s challenge is not simply generating employment but creating jobs that help workers improve skills, raise productivity and participate in higher value-added industries.
From her experience in Canada, Hoan suggested Vietnam continue improving its investment climate, especially policy stability, transparency and predictability. She also proposed developing a more diversified financial ecosystem for SMEs through venture capital funds, SME-focused capital markets and credit guarantee mechanisms.
Regarding administrative reform, she said reforms should go beyond simplifying procedures and instead redesign systems around businesses’ needs.
To better attract OV resources, she suggested simplified procedures for joining domestic investment funds, state-supported business connection platforms, and recognition of international qualifications and professional experience to enable overseas Vietnamese to participate more actively in corporate governance and policy advisory activities./.
