Vietnam’s goal of reaching 2 million active businesses by 2030 will require major reforms to strengthen the private sector and improve business conditions across the country.
The target was set under Resolution 68 on private sector development. To achieve it, Vietnam must add around 200,000 net active enterprises every year during the next five years.
Experts say the challenge goes beyond creating new businesses. The country must also help companies become stronger, more productive, and more competitive.
According to economic researchers, Vietnam did not record annual net business growth above 100,000 enterprises in any year between 2016 and 2025. This means the new target represents a significant increase in the pace of business development.
Vietnam had slightly more than 1 million active enterprises at the beginning of 2026. While business creation has accelerated in recent years, most firms remain small and face difficulties expanding their operations.
Statistics show that about 70 percent of businesses have registered capital below VNĐ10 billion. More than 81 percent employ fewer than 10 workers. Average profit margins remained low at around 2.2 percent in 2024.
Experts say these figures highlight the need to improve the quality and resilience of enterprises rather than focusing only on increasing numbers.
Several barriers continue to limit business growth. These include institutional bottlenecks, restricted access to finance, limited market opportunities, and weak innovation capacity.
Economists have called for policies tailored to different stages of business development. Micro enterprises need support to formalize operations, while small and medium-sized enterprises require better access to funding, technology, and markets.
Larger companies should be encouraged to lead supply chains, invest in research and development, and create stronger links with smaller firms.
A major part of the reform agenda involves improving access to financial resources. Experts believe Vietnam needs to develop broader capital markets and create more channels for medium-term and long-term funding.
This would reduce heavy dependence on traditional bank lending and provide businesses with more financing options.
Tax policies can also play a role by encouraging investment in innovation, digital transformation, science, technology, and workforce development.
Access to finance remains one of the biggest obstacles for small and medium-sized enterprises.
Government data shows that SMEs account for nearly 98 percent of operating businesses. However, they receive only about 20 percent of total outstanding bank credit.
Despite support programs, around 70 percent of SMEs still struggle to secure loans. One of the main reasons is the lack of collateral required by lenders.
Business representatives say many firms have strong customer demand and active orders but cannot expand because they fail to meet lending requirements.
Experts note that traditional lending models focus heavily on physical assets and financial statements. As a result, many small businesses and household enterprises find it difficult to obtain formal credit.
Financial specialists argue that Vietnam should diversify funding sources rather than relying mainly on banks.
Development-oriented financial institutions could play a larger role through specialized lending programs for SMEs. Experts also recommend improving credit guarantee systems to make them more effective and accessible.
Another proposal involves expanding microfinance services. Vietnam currently has only a small number of licensed microfinance institutions despite having millions of household businesses.
The Ministry of Finance is also considering reforms to improve SME financing. Proposed changes would encourage lenders to assess businesses using cash flow data, supply chain information, and business performance instead of relying mainly on collateral.
Supporters believe this approach could significantly expand access to credit for smaller firms.
Business associations say modern investors increasingly evaluate factors such as customer data, management quality, cash flow, compliance standards, and growth potential when making funding decisions.
As a result, businesses are being encouraged to strengthen their data systems and improve transparency.
Experts also emphasize the need for a coordinated support ecosystem. This includes transparent regulations, effective policy implementation, professional support services, and businesses capable of using available resources effectively.
Many specialists believe support programs should be tailored to different business categories, including startups, household businesses transitioning into companies, small enterprises, innovative firms, and green businesses.
Officials stress that private enterprises are not seeking special treatment. Instead, they want a transparent and fair business environment where all companies can compete on equal terms.
The success of the Vietnam Enterprise Growth strategy will depend on effective implementation of existing policies, stronger financial systems, and reforms that help businesses grow at every stage. If these changes are achieved, the goal of 2 million active enterprises by 2030 could become a major milestone in building a stronger and more resilient economy.
