With nearly one million businesses and around five million business households, the private sector contributes approximately 51% of the country's Gross Domestic Product (GDP) and over 30% to the State budget. However, most small and medium-sized enterprises (SMEs) face significant barriers in scaling up and enhancing their competitiveness.

Vietnam’s early engagement in the Indo-Pacific Economic Framework for Prosperity (IPEF) highlights its proactive stance as one of the first countries to join the discussions initiated by the US in May 2022. However, the new mechanism and its relevance to Vietnam are yet to be widely known by the Vietnamese public.