Vietnamese deputy Prime Minister visits Shenzhen for insights

Vietnamese Deputy Prime Minister Nguyen Chi Dung (2nd L) receives a set of books as a gift from Tao Yitao (2nd R), director of the China Center for Special Economic Zone Research at Shenzhen University, following a discussion with scholars and business representatives at the center today. Photos by Zhang Yu

Vietnamese Deputy Prime Minister Nguyen Chi Dung expressed Vietnam's strong desire to learn from the development strategies of Shenzhen, particularly in bolstering the private sector and developing its special economic zone, during his visit to the city on March 18.

While visiting the China Center for Special Economic Zone Research at Shenzhen University, Dung engaged in in-depth discussions with scholars and business representatives. Tao Yitao, the director of the center, highlighted Shenzhen's successful approach to developing the special economic zone and noted that Dung's visit underscores the deepening cooperation between Shenzhen University and Vietnam.

"Vietnam is currently in the exploratory stage regarding the construction of special economic zones. I hope that Chinese friends, especially those from Shenzhen, will share your successful experiences with Vietnam," Dung stated, emphasizing Vietnam's eagerness to adopt successful models from Shenzhen.

The deputy prime minister was particularly interested in understanding how Shenzhen fosters its high-tech industry, supports private businesses, and creates an environment conducive to entrepreneurship and talent acquisition. 

These aspects are crucial for Vietnam's own economic development, as the country aims to integrate reforms, promote private enterprises, and develop new economic models, Dung said.

Vietnamese Deputy Prime Minister Nguyen Chi Dung (C) and his delegation attentively listen to an introduction during their visit to AI software company SenseTime.

Vietnam has set an ambitious goal of being among the world's top 30 to 35 largest economies by 2030. As part of this vision, Dung and his delegation also visited the Shenzhen Bay Eco-Technology Park and Shenzhen Capital Group to gain insights into the city's private economy, the cultivation of strategic emerging industries, and venture capital investments.

Dung was interested in understanding how Shenzhen's government and research institutions have worked hand-in-hand to promote technological development, foster the growth of business entities, and facilitate a harmonious relationship between the government and enterprises.

The importance of the private economy to Vietnam's future prosperity was a recurring theme in Dung's discussions with government and business representatives in Shenzhen. 

The deputy prime minister's visit comes on the heels of the General Secretary of the Communist Party of Vietnam Central Committee To Lam's call for the private sector to strive for a 70% contribution to the national GDP by 2030. 

Vietnamese Deputy Prime Minister Nguyen Chi Dung (C) delivers a speech during his visit to Shenzhen Capital Group.

Lam's vision emphasizes the importance of private sector as a lever for prosperity and underscores the need for businesses to become more competitive and technologically advanced on the global stage.

Statistics show that the number of private enterprises in Shenzhen reached 2.623 million in 2024, accounting for about 97% of the total number of businesses.

In terms of the city's economy, the private economy contributed about 40% of fixed-assets investment, 50% of GDP, 60% of foreign trade, 70% of tax revenue, and 80% of technological innovation.