Vietnam's Sole Proprietorships: Challenges and Growth Prospects

Over 6.1 million sole proprietorships are operating in Vietnam, contributing to job creation for approximately 10 million laborers, boosting goods circulation, and making significant contributions to economic growth targets. However, this sector currently faces numerous barriers that need to be addressed promptly for the sustainable development of the private economy. The government has submitted a special mechanism to the National Assembly for handling violations related to state-owned and private economic activities. The Vietnam Private Sector Economic Forum has also organized its first international consultation abroad, promoting Resolution No. 68-NQ/TW as a catalyst for the private economy. There is a call for "substantive liberalization" to enable the private economy to shoulder double-digit growth targets. Local dialogue forums and proactive support measures in provinces like Quang Ngai are also being implemented. Furthermore, the development of self-operating 24/7 businesses powered by AI is being explored, indicating potential for future economic advancement.