Vietnam Pushes Entrepreneurship With 2030 Goal

Vietnam aims to have 10,000 entrepreneurial and innovative enterprises nationwide by 2030. The government intends to assist businesses in managing capital rights and fund transfers to improve export capabilities, particularly in the digital and software sectors. The strategy includes tax reductions for businesses and new tax models. In April, total goods and services sales reached an estimated 2,546 trillion VND, an 11.1% increase year-on-year. The strategy involves tax exemptions for corporate income tax, investment fund management companies, intermediaries, and insurance companies. The strategy aims to facilitate international cooperation and the development of products that meet international standards for European, Japanese, and American markets. Officials noted that current testing requirements for exports often lead to wasted time and costs for domestic enterprises. Vietnam's Deputy Prime Minister Ho Quoc Anh stated that the country has achieved initial results in fostering entrepreneurship, aiming to support 10,000 businesses and engage 5 million members. The government has introduced the '86 Plan' to protect and support startups, said the need for businesses to create value and solve societal problems. Challenges identified include fear of failure, insufficient understanding of the market, and a lack of mentorship, with a call for central and local leaders to actively participate in developing the innovation and entrepreneurship ecosystem. Vice Chairman Huong stated that the trend of entrepreneurship is occurring, with initial results achieved. Success requires autonomy and a clear purpose for innovation, ensuring products and business models bring genuine benefits.