Robust domestic enterprises drive sustainable global integration initiatives

Vietnam must restructure its institutions, bolster domestic enterprises, and enhance nationwide execution capacity to achieve sustainable economic growth by 2045. This ambitious goal represents a potent symbol of the nation's determination and aspirations for its future generations. With only 19 years left, there is ample time for small businesses to evolve and urban centers to restructure comprehensively. However, missed opportunities can hinder Vietnam's progress in the competitive global development race.

Assoc Prof Ngo Tri Long from the Vietnam Financial Consulting Association warns that economic stagnation poses a significant threat. To avoid falling into sluggish growth, a nation must boost labor productivity, master high-value-added segments, and maintain strong domestic enterprises. Vietnam boasts advantages such as a growing consumer market, strategic supply chain positioning, and a stable macroeconomic environment.

However, these advantages are most effective when placed on a transparent, efficient institutional foundation.

Lawyer Nguyen Hong Chung, Chairman of Terra Vietnam Group, highlights the critical role of comprehensive regulatory frameworks. Institutions act as crucial soft infrastructure, playing a decisive role in long-term, sustainable development alongside physical infrastructure like expressways. For the business community, a clear legal system is vital to mitigate operational risks and associated costs, enabling faster economic decisions.

A dynamic, highly professional civil service can alleviate bureaucratic burdens on enterprises, stimulating creativity.

Dr. Nguyen Dinh Cung, former President of the Central Institute for Economic Management, stresses that legal frameworks must anticipate future macroeconomic trends. Revamping legislative mindsets is essential to create a runway for new economic models and empower businesses to innovate confidently. Robust domestic enterprises serve as the epicenter for boosting labor productivity and forging effective linkages with scientific research systems to master applied knowledge and technological advancements.

Lawyer Nguyen Hong Chung notes that local firms face stringent demands regarding corporate governance. The 2045 milestone is about more than just manufacturing products; it questions the development of indigenous technologies and businesses' ability to command regional supply chains. Overcoming current hurdles is essential to lay a solid foundation for 2030 targets and advance toward becoming a developed, high-income nation.

Execution capacity is the definitive prerequisite for turning guidelines into tangible results. The gap between latent potential and actual development lies in the capacity to transform ideas into reality. The 2045 target is not just a rigid milestone regarding GDP growth; it measures developmental quality. Aspirations must translate into action, with core questions revolving around who executes, how they execute, and by what criteria results are measured.

Execution capacity comes from both the state apparatus and the culture of responsibility, with high-tech sectors like AI offering massive advancement opportunities if supported by a strong research ecosystem and effective university-enterprise synergies.