As Vietnam enters a new era of development—one that demands the effective mobilization and utilization of resources to drive rapid and sustainable growth—the private sector is increasingly playing a vital role in generating, supplementing, and connecting social capital. This article analyzes the development of the private sector in Vietnam, clarifying its function in mobilizing dispersed capital, expanding production capacity, contributing to state budget revenues, and bridging domestic and foreign investment. Building on this, the article proposes several strategic directions to further harness the private sector’s capacity to contribute social capital. These include refining institutional frameworks, diversifying capital-mobilization channels, fostering innovation, strengthening investment linkages, and enhancing the efficiency of capital use. In doing so, the article underscores that the development of the private sector should not merely focus on increasing the scale of available resources, but also on improving the quality and effectiveness of its contributions toward the nation’s development goals in this new era.