Creating new impetus for private sector economy

The event affirmed the Government’s commitment to listening to opinions and policy proposals for private sector development and reiterated the strong determination of the Party and the State to elevate the role of this economic sector.

This is considered a major driving force and significant encouragement for the business community, contributing to rapid and sustainable socio-economic development, helping to bring Viet Nam closer to becoming a strong and prosperous nation.

Accompanying the Development of the Private Sector for Rapid and Sustainable National Growth

A historic turning point

Speaking with us on the sidelines of the dialogue, Chairman of the Viet Nam Chamber of Commerce and Industry (VCCI) Pham Tan Cong expressed unprecedented excitement and joy within the business community upon the issuance of Resolution No. 68-NQ/TW. “This is a historic turning point, a moment of strong momentum when the Party has affirmed the crucial role of the private sector in national development. The Party has shifted from merely removing obstacles and responding to situations to actively creating a long-term development environment, opening a new era for the private sector economy. Businesses are especially impressed by the practical and specific policies in the resolution, such as exemption from business licence fees and corporate income tax for the first three years for new enterprises, reducing inspection frequency to once a year, and implementing online inspections. Perhaps this is the first time a Party resolution has presented such concrete and practical policies for businesses,” said Cong.

According to Mr Cong, these measures not only support small and medium-sized enterprises but also facilitate conditions for innovative startups. Another notable aspect of the resolution is its human-centred approach, shifting from a “management to control” mindset to “management to serve”, treating businesses as partners in recovery and development.

Notably, the resolution also addresses complex and sensitive issues such as the non-criminalisation of economic relations. As a result, the Vietnamese business community shares a consensus that Resolution No. 68-NQ/TW not only delivers immediate benefits but also lays a solid foundation for the long-term, stable, and safe development of the private economy.

Resolution No. 68-NQ/TW reflects unprecedented breakthroughs in perceptions and thinking about private sector development. Within just 12 days, the Government swiftly issued Resolutions No. 138/NQ-CP and 139/NQ-CP; and the National Assembly passed Resolution No. 198/2025/QH15, with clearly defined requirements, tasks, and timelines for building, finalising, and implementing policies to institutionalise Resolution No. 68-NQ/TW. This marks an unprecedented move, demonstrating the Party and State’s determination and synchrony in supporting and developing the private sector economy.

Chairman of the Viet Nam Association of Small and Medium Enterprises (Vinasme) Nguyen Van Than

Chairman Nguyen Van Than affirmed that Resolution No. 68-NQ/TW showcases unprecedented breakthroughs in perspectives and thinking on the development of the private sector.

Within only 12 days, the Government quickly issued Resolutions No. 138/NQ-CP and 139/NQ-CP, and the National Assembly adopted Resolution No. 198/2025/QH15 with clearly assigned tasks, deadlines, and policy implementation mechanisms to institutionalise Resolution No. 68-NQ/TW. This demonstrates the Party and State’s extraordinary commitment and coordinated effort to support and develop the private sector economy.

Chairman of the Board of Directors of Hop Luc Joint Stock Corporation Nguyen Van De shared that “Resolution No. 68-NQ/TW acts like a guiding torch, creating new momentum and confidence for private businesses to pursue national development goals. The directions and guiding views outlined in the resolution are expected to remove barriers and provide more favourable and safer conditions for business, investment, and development.”

It is clear that since the issuance of Resolution No. 68-NQ/TW, the business community has placed high expectations on a real “revolution” in institutional and policy reform, aiming to create a fairer and more favourable business environment for the private sector to make greater contributions to the national economy. However, many also note that while the “foundation” has been laid, the key task is to translate these critical resolutions into practical and feasible mechanisms and policies.

Specifically, Mr De proposed that to accelerate the development of private hospitals and better serve the community, the State must quickly bridge the gap between central directives and local implementation. This includes addressing bottlenecks in the mindset of implementing officials, particularly at the local level. Land allocation for businesses must be made easier, as currently, land for medical use requires bidding and auctioning processes, which often cause complications for local authorities.

Swiftly translating policies into practice

Chairman of the Viet Nam Association of Construction Contractors (VACC) Nguyen Quoc Hiep noted that the transition from awareness to concrete action requires the involvement of all levels of government. Resolution No. 68-NQ/TW stipulates that enterprises should only be subject to one inspection per year, if necessary.

However, unless it is specified which agency is responsible for coordinating inspections, overlapping inspections may still occur, consuming substantial time for businesses, particularly in areas such as taxation, land management, construction, and fire prevention and fighting.

Businesses seen as service recipients rather than subjects of control is something the business community highly appreciates. However, implementation still requires a fundamental change in the mindset and attitude of public officials.

Mr Hiep recommended that local governments organise biannual meetings with businesses in each sector to collect feedback on administrative procedures that need improvement, thereby enhancing governance and administration efficiency.

Chairman of the Viet Nam Seed Trade Association Tran Manh Bao also pointed out that access to land-related policies for seed research and development still faces many obstacles, with prolonged procedures and no dedicated legal framework for enterprises using land for research, trials, breeding, and production.

This has prevented many businesses from expanding their operations, as land is the most crucial foundation in agricultural production and the key determinant of a project’s success. Additionally, while there are policies in place to access financial resources, preferential loans, and tax mechanisms, many barriers remain in practice, making it difficult for businesses to benefit.

The resolutions from the Politburo, the Government, and the National Assembly are comprehensive and coherent, offering a “new breeze” for the private sector economy. However, the critical issue now lies in how effectively these are implemented, with a mindset of “thinking big, doing thoroughly”, and awakening the spirit and full potential of nearly 1 million businesses and 5 million business households in Viet Nam.

There is an urgent need to promptly review, reduce, and genuinely simplify inappropriate business conditions and administrative procedures that remain bureaucratic, vague, and burdensome for businesses.

Chairman of VCCI Pham Tan Cong

Chairman Pham Tan Cong thus recommended a swift review and genuine simplification of business conditions and administrative procedures that are no longer appropriate and remain formalistic, ambiguous, and obstructive to enterprises.

The Government should assign enterprise development and private investment attraction as top priorities for all levels of administration, making support for private sector growth a core criterion for evaluating the performance of ministries, agencies, and local authorities.

Alongside this, the business community must also proactively transform itself, seize the opportunities presented by these resolutions, build long-term visions, effectively leverage internal resources, and continuously innovate business models and foster innovation.

Only when the State and enterprises work hand in hand, and institutions and reality progress in sync, can Resolution No. 68-NQ/TW truly come to life, spread widely, and create strong momentum for the private sector to take off and go further, contributing to building a self-reliant, independent Viet Nam with successful global integration. This is the “golden key” to unlocking sustainable development for Viet Nam’s economy in the new era of strength and prosperity.

Link to the original article