Private economy: A pioneering driver for agricultural development

Great opportunity from historic decision

On May 4, 2025, on behalf of the Politburo, Party General Secretary To Lam signed and issued Resolution No.68-NQ/TW on the development of the private economy. The resolution clearly affirms that the private sector is "one of the most important driving forces of the national economy" and a "pioneering force," while also emphasising the need to "inspire confidence, ignite national aspirations, and create new momentum and a fresh spirit to boost the private economy."

Following this, on May 17, 2025, the National Assembly passed Resolution No.198/2025/QH15, establishing several special mechanisms and policies for the private sector. Shortly thereafter, the government also issued Resolution No. 139/NQ-CP to implement the planned policies.

These groundbreaking decisions are expected to unlock vast potential and usher in a "golden era" for Viet Nam’s private sector, especially in agriculture, one of the three main pillars of the national economy.

As a business leader in the agricultural sector, Nguyen Thi Hang, General Director of Bo De Seafood Group, said that the Politburo’s Resolution No.68-NQ/TW marks a highly significant milestone, clearly affirming the central role of the private sector, including agriculture.

“For us, this is not just a strategic resolution, but also a great source of motivation, empowering innovative and practical agricultural production models closely linked to farmers,” Hang shared.

Bo De Group is the first enterprise in the industry to successfully complete a national-level research project on the organic shrimp-rice value chain in the Mekong Delta. This model not only increases farmers’ incomes but also opens a sustainable path for clean, organic agriculture with high competitiveness in international markets.

According to Hang, Resolution No.68 creates a new policy corridor and fresh momentum for private enterprises to invest more in science, technology, digital transformation, and innovative production models. These are essential conditions for the group to realise its goal of generating value between 100 million VND to 1 billion VND per hectare per year.

“Resolution No.68 is like a new breeze, instilling confidence in the private business community. With the state’s support and grassroots determination, I believe this will be a catalyst for a new era of development in Vietnamese agriculture,” Hang emphasised.

Resolution No.68 is like a new breeze, instilling confidence in the private business community.

Nguyen Thi Hang, General Director of Bo De Seafood Group

With over 50 years dedicated to the agricultural industry, Labour Hero Pham Thi Huan, Chairwoman of the Board of Directors of Ba Huan Co., Ltd., believes that Resolution No. 68-NQ/TW opens great opportunities, but notes that immediate action is key. Agricultural enterprises are in urgent need of practical policies that allow them to expand scale, upgrade technology, and pursue sustainable development.

“If support mechanisms are implemented promptly, domestic enterprises will be better positioned to overcome challenges and make positive contributions to the economy. I am confident that, with the state’s support, agricultural enterprises will achieve strong development in the near future,” Pham Thi Huan shared.

Implementation orientation and issues in need of being addressed

From an expert perspective, agricultural specialist Nguyen Lan Hung affirmed that Resolution No.68-NQ/TW holds significant importance for farmers, as it opens a new direction for transforming production models to increase income, aiming for each hectare of cultivated land to generate a minimum value of 100 million VND.

“Instead of rice, many localities have boldly shifted to cultivating lemongrass, macadamia, pepper, or farming oysters and seaweed, which yield much higher economic returns. In Son La and Dien Bien, former sugarcane and cassava areas have now been replaced with macadamia, bringing superior income,” Hung shared.

According to him, the breakthrough of Resolution No.68 lies in establishing a framework for farmers to access knowledge, apply scientific and technical advances, boldly embark on entrepreneurship, establish enterprises, and proactively determine production methods suited to their regional conditions. This also presents an opportunity for scientists to accompany farmers in realising the goal of building a modern, sustainable agriculture.

Assessing the timeliness of Resolution No.68, Ho Xuan Hung, Chairman of the Viet Nam General Association of Agriculture and Rural Development and former Deputy Minister of Agriculture and Rural Development, believes it was issued at the right time, reflecting the strong determination of the Party and state to promote private sector development as a key driver of the economy, including in agriculture. However, for the resolution to be put into practice, Hung stressed the need to clearly recognise the specific challenges faced by the agricultural sector.

“This is a sector vulnerable to natural disasters, epidemics, and market fluctuations. Meanwhile, agricultural insurance has attracted only about 9% of farmers and businesses, which makes it difficult to draw large-scale investment into agriculture,” he expressed.

Additionally, the chairman pointed out that one of the major bottlenecks remains land use, particularly issues surrounding land accumulation and concentration, as well as unresolved regulations on land limits. Moreover, the integration of scientific and technological advances into agriculture still faces numerous obstacles. The rural youth, which is expected to be the vanguard of transformation, often lacks the necessary resources to start businesses in this field.

“For science and technology to take root in agriculture, it is crucial to provide hands-on guidance and deliver practical and specific technology transfer to farmers,” Hung emphasised.

Commending the coordinated efforts from the Politburo, National Assembly, and the government, Hung noted that this is the first time Viet Nam has had a “policy quartet” that is comprehensive and synchronised, forming a favourable policy framework for the private sector, including agribusinesses.

He proposed two priority solutions to bring Resolution No.68 into life including regulatory bodies’ prompt removal of institutional barriers, and large enterprises taking the lead in supporting small household economic units, which still dominate but remain hesitant to transform into businesses.

Furthermore, it is essential to accelerate the application of science and technology — in which enterprises play a bridging role — helping farmers gain access and apply innovations effectively in production. This is a foundational factor in realising the vision of a modern, efficient, and sustainable agriculture.