Speaking at the first Congress of the Vietnam Fatherland Front Committee of Ho Chi Minh City, entrepreneur Mai Huu Tin expressed his optimism about recent positive signals—including new resolutions on private sector development and the Front’s commitment to accompany businesses.
Entrepreneur Mai Hữu Tín
On November 29, at the 1st Congress of the Vietnam Fatherland Front Committee of Ho Chi Minh City (2025–2030 tenure), many delegates contributed ideas toward the city’s progress, including a presentation by entrepreneur Mai Huu Tin.
“I am delighted to see that in this first tenure, the Ho Chi Minh City Fatherland Front has included a program titled ‘The Front Accompanies Enterprises – Strong Businesses for a Fast and Sustainable City’,” Mr Tin said. “Together with my fellow entrepreneurs, we pledge to join hands in building a united, democratic, compassionate and progressive city. This unity and shared purpose is the foundation of all success.”
According to Mr Tin, Vietnam’s demographic dividend—a period when the working-age population (15–64) is at least twice the dependent population (0–14 and 65+)—will last for only about 15 more years.
“After that, our population will age rapidly. With Vietnam currently the 16th most populous country in the world, our national goal should be to enter the top 20 largest economies globally during this demographic window—meaning before 2040,” he said.
“The only path to this goal is through higher labour productivity and shifting our economy toward higher-value industries—by scaling up private enterprises, upgrading technology, and improving the quality of our human capital.”
Tin emphasized that when all pillars of society understand their roles and participate responsibly—listening, monitoring, exchanging views, and giving constructive feedback—Vietnam can confidently accelerate its development and truly become a strong and prosperous nation.
Drawing on ideas from global economic theorists, Tin described a sustainable society as one built on three pillars: the state, the market, and the people.
The State ensures rule of law and order, provides public goods such as infrastructure, basic education and healthcare, regulates when markets fail, protects vulnerable groups, and sets long-term strategic direction.
The Market, represented by enterprises, drives competition, innovation, efficient resource allocation, creativity, investment, productivity growth, and price formation through supply and demand.
The People, represented through bodies such as the Vietnam Fatherland Front, play a crucial role in checking the power of both the state and businesses, demanding transparency and accountability, building social trust, shaping ethical and cultural norms, and strengthening communities, associations, the press, and social media.
Ngô Minh Hải, Secretary of the Ho Chi Minh City Youth Union, chaired the discussion session of Group No. 7 at the Ho Chi Minh City Vietnam Fatherland Front Congress on Nov 29th.
Mr Tin affirmed that only when all three pillars interact in a healthy way can a nation achieve sustainable prosperity, freedom, long-term stability, and renewed vitality.
Reflecting on the past 40 years, he highlighted Doi Moi 1986 as one of Vietnam’s greatest turning points—shifting from a centrally planned economy to a state-regulated market economy, opening the country, embracing integration, and empowering markets and citizens to unleash productivity.
He said Resolution No. 68 of the Politburo on developing the private sector represents another historic milestone. For the first time, the private sector is officially recognized not merely as a component of the economy, but as “one of the most important driving forces of the national economy.”
“In other words, Doi Moi (1986) opened the market and dismantled the subsidy mechanism, while Resolution 68 (2025) elevates the status and legal framework of the private sector within the current model,” Mr Tin said.
He noted that Resolution 68 marks a strategic shift—from simply “encouraging” the private sector to developing a high-quality private sector. The focus is not only on increasing the number of businesses, but on improving productivity, technology, governance, talent attraction, and participation in global value chains—similar to the development trajectories of Japan, South Korea, and Taiwan during their economic take-off.
The resolution also stresses institutional and business environment reforms, including:
- Simplifying regulations and procedures
- Protecting property rights
- Reducing legal risks and enhancing transparency in resource allocation
- Controlling administrative intervention and preventing abuse of power
It affirms the role of entrepreneurs as a key force in national development and calls for mechanisms to nurture a strong Vietnamese business community.
According to Mr Tin, Resolution 68 has the potential to unlock major gains in productivity and innovation. It is one of the most significant economic policy signals of Vietnam for the 2020–2030 decade. A model of a strong state – strong market – strong society requires a dynamic and robust private sector.
If effectively implemented, the resolution could:
- Reduce monopoly and “ask–give” mechanisms
- Increase fairness in resource access
- Strengthen long-term investor confidence
- Attract high-quality international capital thanks to an improved legal framework
Mai Huu Tin is a well-known entrepreneur and a member of the Prime Minister’s Private Sector Development Research Board. He is Chairman of U&I Investment Corporation (headquartered in Thu Dau Mot Ward, Ho Chi Minh City).
He also serves as President of the World Vovinam Federation, was a National Assembly member in the 12th and 13th terms, and holds leadership roles in various business associations in Ho Chi Minh City and across Vietnam.
At the congress, he was elected as a member of the 1st Ho Chi Minh City Fatherland Front Committee (2025–2030 tenure).
BÁ SƠN - QUANG ĐỊNH (Tuổi Trẻ Newspaper)
