The purpose of the article is to summarize the theoretical aspects and substantiation of the developed recommendations of application of the project portfolio of the enterprise as a tool to ensure their competitiveness in the conditions of business risks. Methodology of research. The research is based on general scientific and specific methods: monographic, logical generalizations, causative connection, scientific abstraction. Findings. Increasing competitiveness of domestic enterprises is connected with the development of “Industry 4.0” and the desire to ensure sustainable development, therefore accompanied by a high level of risk. Under such conditions, the key instrument that would ensure increased competitive advantage is the formation of a project portfolio with the integration of the tasks of various projects and the mutually beneficial distribution of resources. In order to meet the challenges of increasing competitiveness in the face of risks, it is proposed to include those that are oriented toward external and internal factors of its provision. At the same time, the involvement of projects in the portfolio should be carried out within the framework of the general tree of “goals-results” with their coordination between the multi-directional projects. The key criteria for the analysis of the projects included in the portfolio are determined external / internal orientation on ensuring the competitiveness of the enterprise, the presence of similar projects from competitors, the results of increasing competitiveness, which the enterprise will receive after the integration of projects into the portfolio. Projects should be implemented on the basis of a consolidated letter of objectives and resources of the portfolio. Practical value. 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