DEVELOPING VIETNAM’S PRIVATE SECTOR IN THE TWIN TRANSITION ERA: OPPORTUNITIES, CHALLENGES, AND SOLUTIONS

Abstract

Nearly four decades of economic renovation have marked Vietnam as a resilient and forward-moving nation with an enduring aspiration for development. Within this transformative journey, the private sector has increasingly asserted its vital role in the country’s socio-economic growth. This paper focuses on analyzing the evolution of Vietnam’s private sector in recent years. By synthesizing theoretical foundations and employing qualitative analysis methods, the study identifies key opportunities and challenges faced by private enterprises amid the twin transition-comprising digital transformation and green transformation. Based on these insights, the paper proposes a number of policy recommendations to foster sustainable development of the private sector and enhance its competitiveness in the new context.