After nearly 40 years of renovation, the Vietnamese private economic sector has grown strongly, becoming one of the key driving forces of the socialist-oriented market economy. With more than 940,000 enterprises and over 5 million business households, this sector contributes about 50% of GDP and employs more than 82% of the labor force. However, to reach international standards and truly become a pillar of the economy, a comprehensive, breakthrough and synchronous strategy is needed.
Resolution No. 68-NQ/TW dated May 4, 2025 of the Politburo was issued to realize the goal of developing the private economy, resolving existing problems and maximizing the potential of this sector in the new period.
I. Guiding Viewpoint
- Affirming the leading role: The private economy is the most important driving force in the national economy, together with other economic sectors promoting growth, innovation and international integration.
- Fast and sustainable development: Developing the private sector is not only an urgent task but also a long-term strategic one.
- Changing Perception: Eliminate prejudice, recognize the right role and encourage entrepreneurship and innovation.
- Transparent business environment: Guarantee property rights, freedom of enterprise, fair competition and fair access to resources.
- Business-centric: The Party leads, the State creates and serves; enterprises are the center of economic development.
II. Specific Objectives
By 2030
- The private economy becomes the leading important driving force of the economy.
- 2 million businesses are operating, equivalent to 20 businesses per thousand people.
- Private sector GDP growth reaches 10-12%/year, contributing 55-58% of GDP and 35-40% to the state budget.
- Creating jobs for 84-85% of the workforce, labor productivity increases by 8.5-9.5%/year.
- Technology and innovation level is in the top 3 of ASEAN and top 5 of Asia.
Vision to 2045
- Strive to have 3 million private enterprises, contributing over 60% of GDP.
- The private economy has regional and global competitiveness and proactively participates in the global supply chain.
III. Key Tasks and Solutions
1. Renewing Thinking, Unifying Perception
- Emphasize the central role of private enterprises in the country's development strategy.
- Strengthen communication, arouse entrepreneurial spirit, national spirit and desire to get rich legitimately.
2. Institutional Reform, Legal Improvement
- Eliminate business barriers and the “ask-give” mechanism.
- Building a stable, transparent and easy-to-enforce legal environment.
- Innovating public administration towards service and digitizing procedures.
- Improve laws on bankruptcy, dispute settlement, and improve the effectiveness of economic contracts.
3. Effective Access to Resources
- Land: Make information transparent, simplify land leasing and granting procedures.
- Capital: Create a green credit mechanism, diversify capital sources through guarantee funds and investment funds.
- Human resources: Training business team, STEM skills, foreign languages, management.
4. Promoting Innovation, Digital Transformation and Sustainable Development
- Support businesses to invest in technological innovation, digital transformation, and circular business.
- Encourage the establishment of innovation centers and support startup incubation.
5. Connecting Economic Components
- Promoting linkages between private enterprises - state - FDI.
- Building domestic value chains, supporting industries, promoting exports.
6. Support for Small, Micro and Household Businesses
- Simplify accounting, tax, insurance processes.
- Support digital platform, accounting software, legal advice, management training.
7. Developing a Team of Creative Entrepreneurs
- Nurturing a generation of patriotic, aspirational, ethical and capable entrepreneurs.
- Bringing entrepreneurship into secondary and university education.
- Reward and honor outstanding businessmen who have contributed to the community.
IV. Implementation Organization
- Party Committee of the National Assembly, Government, ministries and branches: Issue incentive mechanisms and policies and develop specific action programs.
- Fatherland Front and mass organizations: Advocacy, monitoring, policy criticism.
- Central Propaganda and Mass Mobilization Department: Disseminate and thoroughly understand the Resolution.
Conclude
Resolution 68-NQ/TW is an important milestone affirming the high political consensus in empowering, trusting and accompanying the private economic sector. This is a strong and clear message sent to the business community and domestic and foreign investors: Vietnam is ready to create an attractive, transparent and equal investment environment - where private enterprises can develop prosperously, sustainably and make worthy contributions to the cause of national development.
