The 14th Congress of the Communist Party of Vietnam and Institutional Breakthroughs in the Development of Vietnam's Private Economic Sector

Abstract

The private sector is increasingly asserting its role as a crucial driver of growth and innovation in Vietnam. However, institutional constraints, business environment limitations, and endogenous capacity constraints are hindering the region from realizing its full potential. Against the backdrop of Vietnam entering a new stage of development with the goal of becoming a developing country with modern industry and upper-middle income by 2030, and a developed country with high income by 2045, the 14th National Congress of the Communist Party of Vietnam (NC14) is expected to create breakthroughs in thinking and institutions for the development of the private economic sector. This article analyzes the role of the private sector in the national development strategy, assesses current institutional limitations, and clarifies breakthrough institutional directions for this sector through the lens of the 14th National Congress. Based on this, the article proposes several policy implications to promote the private sector as the central driving force of rapid and sustainable growth in Vietnam during the period 2026–2035.