Ha Noi moves decisively to implement resolution on private sector development

Under the direct leadership of the Ha Noi Party Committee, Resolution 68 has been implemented decisively, in a coordinated and creative manner.

Resolution 68 is a landmark document that reflects a profound shift in the Party’s leadership thinking, dismantling barriers and prejudices and officially affirming the private sector as the most important driver of the national economy.

The Ha Noi administration promptly translated the resolution into concrete programmes and practical action plans closely aligned with the capital city’s realities.

The city has clearly identified the private sector as a key pillar for driving economic growth, creating sustainable jobs, increasing budget revenues and mobilising social resources.

According to Ha Noi Vice Chairman Nguyen Xuan Luu, 2025 marked a positive turning point when the city mobilised investment capital worth a total of 226.458 trillion VND (8.7 billion USD), focusing primarily on 13 strategic large-scale projects with strong spill-over effects.

The private sector made an impressive contribution, accounting for 55% of total basic construction output and 54.7% of total social investment capital, clearly demonstrating its pioneering role in leading sustainable growth.

To implement Resolution 68 and the Capital Law, the city issued 13 special mechanisms to effectively remove legal bottlenecks and create a more open and enabling investment environment.

Notably, the implementation of National Assembly Resolution No. 258/2025/QH15 dated December 11, 2025 promptly addressed difficulties faced by two categories of projects with a combined capital of up to 1.7 quadrillion VND (65 billion USD).

At the same time, corporate income tax incentives of three to five years have been applied to high-technology and high value-added projects, encouraging private enterprises to invest more strongly in science and technology and digital transformation.

In administrative reform, Ha Noi revised 3,118 procedures, abolished 821 cumbersome ones, and integrated 103 core administrative procedures across land, construction, justice, agriculture and environmental sectors. Dossier-processing methods have been overhauled, significantly shortening processing times and reducing costs for businesses.

The city has paid particular attention to supporting small and medium-sized enterprises (SMEs) and household businesses - the large and dynamic backbone of the private sector.

A 1.5 trillion VND (57.7 million USD) support package was rolled out in a timely manner. The 90-day programme supporting household businesses in upgrading to enterprises has delivered tangible results. Seed-capital mechanisms from the state budget have been effectively used to leverage private investment, while a credit guarantee fund for SMEs has been established to reduce dependence on collateral.

In parallel, Ha Noi has accelerated progress at the Hoa Lac High-Tech Park and effectively operated the iHanoi mobile app to enhance interaction with and support for businesses, contributing to the development of a modern digital ecosystem and enabling the capital’s private sector to make a strong breakthrough.

These initial results underscore Ha Noi’s strong political determination to translate Resolution 68 into concrete action, turning the Party’s major policy into practical outcomes and creating powerful momentum for the private sector to continue making a commensurate contribution to the capital’s rapid and sustainable development, as well as that of the country.

The private business community in Ha Noi has highly valued Resolution 68 providing a strong impetus, helping to significantly increase the number of newly established enterprises and those resuming business, while reinforcing confidence among the private sector to accelerate growth.

However, businesses continue to face numerous barriers, including complex administrative procedures in certain areas, the persistence of informal costs, and difficulties in accessing production resources, particularly credit and land for SMEs and household businesses.

The competitiveness, technological capability and governance capacity of most domestic private enterprises remain limited, preventing them from effectively participating in higher-value segments of global value chains.

To address these issues, enterprises have proposed that Ha Noi accelerate the comprehensive digitalisation of the one-stop mechanism, strictly control fluctuations in production and business land prices, reduce project licensing times to under 30 days, and eliminate opaque under-the-table fees.

These measures would help cut costs, enhance competitiveness and attract green and digital investment, in line with the spirit of a facilitative state and pioneering enterprises.

At the same time, stronger support is needed to improve access to resources with specific incentives for SMEs in industrial parks and industrial clusters.

This should be accompanied by the establishment of a dedicated preferential credit support fund, the expansion of clean land reserves for production and business at stable long-term prices, and cooperation with universities to train human resources tailored to business needs.

Businesses have also called for the rapid application of a sandbox mechanism in Ha Noi to facilitate access to new technologies, digital and green transformation, contributing to the goal of the private sector accounting for 55-58% of national GDP by 2030.

Do Thi My, a representative of Ha Noi’s private enterprises, emphasised the need to provide market research information, marketing and trade promotion support to help products reach the right customers; to support management tools for tapping local labour; and to consider issuing a handbook for newly established enterprises.

Han Huu Hau, another representative of the capital’s private business community, called for the improvement of mechanisms to protect property and intellectual property rights, ensure fair contract enforcement, and clearly distinguish between administrative and criminal handling of violations to minimise unnecessary legal risks.

He also stressed the importance of strengthening regular public-private dialogue to enable businesses to contribute feedback directly, monitor implementation, and ensure a harmony of interests among the State, enterprises and citizens.

These recommendations reflect a shared sentiment within Ha Noi’s business community: while welcoming the positive momentum generated by Resolution 68, more decisive and concrete action from the city authorities is needed for the private sector to truly become the most important driving force.

Looking ahead to 2026, Ha Noi Vice Chairman Nguyen Xuan Luu said the city will focus on breakthrough solutions, including improving institutions and reforming administrative procedures by coordinating with central authorities to resolve overlapping regulations and promoting decentralisation linked to accountability.

The city will apply parallel processing of procedures for time-sensitive projects and effectively implement the capital’s special mechanisms on land, land pricing and financial obligations.

At the same time, Ha Noi will intensify support for businesses in accessing resources and enhancing internal capacity by launching a risk-sharing venture capital fund for innovative start-ups and supporting industries; allocating public housing and land for centres assisting household businesses in transitioning into enterprises; and implementing the 2026-2030 SME support scheme with a focus on governance, support ecosystems, and finance-market access.

A key priority will be addressing the most significant bottleneck – planning – to accelerate project bidding and unlock land resources, the core factor underpinning the capital’s economic development.

Ha Noi will continue to foster an open and transparent business environment, inspiring the aspiration to rise among the capital’s business community and entrepreneurs, and contributing to the building of a strong and prosperous Viet Nam in line with the spirit of the 13th National Party Congress and the vision to 2045.

Link to the original article