On April 17, 2025, the "Diễn đàn Doanh nghiệp 2025: Trợ lực cho doanh nghiệp vượt thách thức nâng cao năng lực cạnh tranh" forum was organized by Tạp chí Diễn đàn Doanh nghiệp, focusing on the challenges and opportunities facing Vietnamese businesses amid global economic fluctuations. Hoàng Quang Phòng, the Deputy Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), opened the forum by highlighting the current global economic landscape, which is fraught with risks such as geopolitical tensions, trade wars, and rising inflation. He noted that these factors threaten global growth and could disrupt trade flows, which are crucial for Vietnam's economy.
According to statistics from the General Statistics Office, Vietnam's economy grew by 6.93% in the first quarter of 2025, with over 72,900 businesses registered to operate, marking an 18.6% increase from the previous year. However, despite this growth, a VCCI survey revealed that only 32% of businesses plan to expand their production and operations in the next two years. Phòng emphasized that while nearly one million businesses operate in Vietnam, 98% of them are micro, small, and medium-sized enterprises (SMEs), with only about 2% classified as large enterprises. This indicates a significant challenge in scaling operations and enhancing competitiveness.
To stimulate growth in 2025, Phòng stressed the need for reforms in the economic system, improvements in the business environment, and robust support for businesses. He noted that although the U.S. government announced a 90-day suspension before implementing reciprocal tariffs on countries, including Vietnam, the challenges for export-oriented industries remain significant. He called for urgent measures to help businesses access new markets, boost exports, and enhance domestic consumption.
Trần Thị Hồng Minh, the Director of the Institute for Policy and Strategy Research, spoke at the forum about the increasing importance of business linkages in navigating the complex global market. She pointed out that forming strategic partnerships is essential for diversifying markets, mitigating risks, and enhancing competitiveness. Minh noted that while there are various forms of business cooperation, including horizontal and vertical linkages, Vietnamese businesses still lack a systematic approach to forming these connections.
Despite the presence of some large Vietnamese enterprises competing internationally, Minh highlighted that most businesses in Vietnam are small and operate independently, which limits their ability to participate in global supply chains. A study indicated that only about 300 domestic enterprises are involved in the supply chains of multinational corporations, with many providing low-value goods and services. Furthermore, over 97% of surveyed businesses reported no export-related activities, and 99% do not engage in processing or manufacturing for foreign markets.
Minh also pointed out that a significant portion of SMEs lacks the necessary financial capacity and technological capabilities to thrive. Approximately 90% of these enterprises are small, with capital below 10 billion VND, and many struggle to access credit due to inadequate collateral and complex loan appraisal processes. Consequently, the operational quality of these businesses remains low, further hindering their growth potential.
To address these challenges, the Vietnamese government has implemented several policies aimed at supporting SMEs. The Law on Support for SMEs establishes a legal framework for state support, particularly in facilitating access to credit. The Fund for Development of SMEs (SMEDF), established in 2013, aims to provide favorable lending conditions for SMEs. In March 2025, the Prime Minister issued directives focusing on enhancing SMEs' access to finance, emphasizing the need for simplified loan processes and tax incentives.
As of the end of 2024, credit debt for private enterprises reached approximately 6.91 million billion VND, accounting for about 44% of the total credit debt in the economy. Credit debt specifically for SMEs was about 2.74 million billion VND, indicating a 10.7% increase from the previous year. However, the ability of SMEs to secure loans remains constrained by low collateral values and stringent lending criteria.
The government has recognized the need for a comprehensive approach to support SMEs, including streamlining business registration processes and improving access to financial resources. The State Bank of Vietnam is actively implementing credit programs to support businesses, with a focus on maintaining stable interest rates and enhancing the overall economic environment.
Furthermore, the government is advocating for the development of large Vietnamese private enterprises that can lead and connect smaller businesses within strategic sectors. This includes sectors such as semiconductors, advanced electronics, artificial intelligence, and green technology. By fostering these industries, Vietnam aims to enhance its position in the global supply and value chains.
In conclusion, the "Diễn đàn Doanh nghiệp 2025" highlighted the pressing need for Vietnamese businesses to adapt to an evolving global landscape. With ongoing support from the government and a focus on strengthening business linkages, there is potential for Vietnamese enterprises to overcome current challenges and enhance their competitive edge in the international market.
