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Vietnam and China Discussed Private Sector Growth Policies

Officials focused on strengthening cooperation to boost private enterprise and national economic development.

Updated on Sept. 21, 2026 in Economic Indicators

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Vietnam and China have launched a new cooperation channel to align private sector growth policies, targeting long-term economic expansion through revised national legislation. AI Illustration. Upload story photo >

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Vietnamese and Chinese officials recently convened to discuss policies aimed at fostering private sector growth. The countries also agreed to establish a closer cooperation channel between their respective social and finance departments.

Why it matters

The Vietnamese government aims to institutionalize new policies to create a more open business environment as it seeks to hit ambitious growth targets by 2030. These efforts are designed to solidify the private sector as the primary driver of the nation's economic success.

The private sector currently contributes over 50 per cent of Vietnam's GDP and employs more than 82 per cent of the total workforce. By 2030, officials target increasing the sector's GDP contribution to 55-58 per cent.

The players

Department of Private Enterprise and Collective Economy Development

This government body manages legal frameworks and state policies governing the private business sector in Vietnam.

National Assembly of Vietnam

This is the highest representative body and the only organization with the power to draft and amend national legislation in Vietnam.

The details

Government representatives and the Department of Private Enterprise and Collective Economy Development are currently revising national legislation to support private sector expansion. Resolution No.68-NQ/TW serves as the foundation for these efforts, formally identifying the private economy as a vital engine for Vietnam's long-term prosperity.

Timeline

  1. As of the end of August 2026, Vietnam had over one million active businesses.

  2. China will host the APEC Economic Leaders' Meeting in November 2026.

  3. Vietnam is implementing development plans for its finance sector between 2026 and 2030.

  4. The target year for meeting national private sector enterprise and revenue goals is 2030.

Macro View

These policy discussions follow the strategic roadmap established by Resolution No.68-NQ/TW, marking a continuation of Vietnam's multi-year pivot toward a private-led economic model. This trajectory mirrors broader regional transitions in Southeast Asia as nations move away from purely state-dominated industrial policies.

Small business owners and private sector employees in Vietnam may see improved regulatory support and a more streamlined investment environment as new laws are implemented. For international investors, these revisions signal a potential increase in market access and stability in key regions like Bac Giang and Bac Ninh.

The takeaway

Vietnam's focus on doubling its number of active private enterprises suggests a long-term commitment to economic modernization through market-oriented reforms. Businesses operating in the region should monitor upcoming legislative revisions for changes to state management and investment compliance.

Further reading

Learn more about global economic trends in the Economic Indicators section.

Source note: This article includes information reported by Vietnam Investment Review - VIR.

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Do you believe government policies to increase private sector business growth improve the national economy?