Vietnam ponders private economic development fund, proposes new business environment index

The Government of Vietnam is taking significant strides to boost the private sector and foster sustainable growth. In a recent working session, chaired by Prime Minister Phạm Minh Chính, the Private Economic Development Research Board (Board IV) was tasked with several key initiatives.

One of the most notable proposals is the establishment of a private economic development fund. This fund is intended to provide much-needed resources for businesses, identify bottlenecks, and address challenges facing firms. Board IV, comprising members such as Trương Gia Bình, Don Lam, and others, has been assigned to design this fund.

The Government is also preparing plans to commemorate Việt Nam Entrepreneurs' Day on October 13. In this context, Board IV has been tasked by the Prime Minister to work closely with the Ministry of Finance to refine the 'Panorama of Việt Nam's Private Economy' initiative. This programme will have clear annual themes and objectives, and it will use appropriate organisational tools to mobilize resources effectively.

Moreover, the Ministry of Finance has been instructed to develop an index to measure the implementation of Resolution No. 68-NQ/TW and assess the growth of enterprises and household businesses. A report on this index is expected this month.

In addition to these initiatives, the Government is also focusing on training enterprises in Environmental, Social, and Governance (ESG) and Environmental, Social, and Labour (ESL) standards. The Ministry of Finance has been asked to review proposals on this matter.

The Government Office has issued Notice No. 436/TB-VPCP dated August 22, 2025, outlining these initiatives. The Prime Minister has urged Board IV and economic experts to advise the Government on mobilizing collective strength, encouraging investment, and production activities.

The Government's push for stronger, more efficient, and sustainable development is evident in these initiatives. A report on the private economic development fund is expected within this month, shedding light on the specifics of these plans.

While the specific proposer of the idea to establish a fund for private economic development is not explicitly named in the search results, a similar initiative has been proposed by the Federal Ministry of Finance in Germany. This implies that government initiatives in this area are gaining traction globally.

Board IV has also been directed to identify and showcase exemplary businesses and production models, ensuring fair, transparent, and impactful recognition. This will not only provide a model for other businesses to follow but also highlight the successes of Vietnam's private sector.

In conclusion, these initiatives are a testament to the Government's commitment to fostering a conducive business environment and supporting the growth of the private sector in Vietnam. The coming months will undoubtedly bring more developments in this area.