Tran Van Mong

Thu Dau Mot University

DOI : https://doi.org/10.58806/ijsshmr.2026.v5i3n05

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ABSTRACT

In the context of Vietnam's goal of becoming an upper-middle-income country by 2030 and a high-income country by 2045, the private sector is identified as a crucial driving force of the economy. However, the actual effectiveness of policies to develop the private sector still has certain limitations. This article applies a multi-tiered analytical framework based on the new institutional theory (North, 1990), the policy implementation theory (Mazmanian, 1972), and the enterprise absorption capacity theory (Cohen, 1990) to identify three groups of factors affecting policy effectiveness: (i) foundational institutions; (ii) policy implementation and public governance; and (iii) the absorption capacity of the private sector. Based on statistical data analysis and reports from the World Bank, OECD, and PCI, this study shows that Vietnam's private sector development policy is strategically sound and has created a more favorable business environment. However, its effectiveness in transforming into productivity growth and competitiveness remains at a moderate level due to a lack of synergy between institutional design, implementation quality, and enterprise internal capacity. This article proposes systemic solutions to improve policy effectiveness in the coming period.

KEYWORDS:

private sector, policy effectiveness, institutions, policy implementation, public governance, absorption capacity.

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Cite this Article:Mong , T. V. (2026). Factors Affecting the Effectiveness of Private Economic Development Policies in Vietnam Today. INTERNATIONAL JOURNAL OF SOCIAL SCIENCE HUMANITY & MANAGEMENT RESEARCHS, 5(3), 466-471. https://doi.org/10.58806/ijsshmr.2026.v5i3n05

VOlUME 05 ISSUE 03 March 2026