Hanoi (VNA) - The recent issuance of Resolution 68-NQ/TW by the Politburo marks a strategic turning point for Vietnam’s private sector, elevating it from a marginal player to a key pillar of national growth.
Once regarded merely as a “supplementary force,” the private sector has now been recognised as a vital driver of the national economy, reflected in the Constitution and key Party documents. Resolution 68 affirms the private sector as a core engine of growth, innovation, digital transformation and technological advancement.
The shift represents more than just a policy change, it signals a fundamental rethinking of the role of private enterprise. From family-run shops to leading corporations, Vietnam’s private businesses have shown resilience and dynamism.
The resolution serves as a “runway” for the sector to accelerate, with support from the entire political system and public trust.
The evolution in mindset dates back to Resolution 10-NQ/TW in 1988, which initiated Vietnam’s reform era, followed by the Company Law in 1990 that formally recognised private businesses. The Enterprise Law in 2000, a merger of the company law and the private enterprise law, consolidated legal frameworks, introducing the principle of “freedom to do business in all areas not prohibited by law.”
A significant milestone came with Resolution 10-NQ/TW in 2017, when the Party first defined the private sector as an important economic driver. Specifically, the Resolution sets out clear objectives, tasks, and solutions to develop the private sector in a comprehensive and sustainable manner. On that basis, it emphasises the creation of a fair business environment with healthy competition among all economic sectors, thereby opening up greater development opportunities for the private sector.
This perspective was reaffirmed at the 13th National Party Congress in 2021, which set a target for the private sector to contribute 55% of GDP by 2025. The congress also emphasised the need to improve institutional frameworks and foster a more enabling business environment to further boost the growth of the private sector.
Dr Nguyen Dinh Cung, former Director of the Central Institute for Economic Management, underlined that over the past three decades, the business community across all economic sectors has grown steadily in both size and quality, gradually becoming a central force of the national economy.
Despite these advances, challenges remain. Dr Cung, noted the limited linkages between private, state-owned and foreign-invested enterprises, calling for stronger integration across sectors.
The latest resolution aims to address these issues directly.
According to Tran Luu Quang, Secretary of the Party Central Committee and head of its Commission for Policies and Strategies, facilitating private sector growth requires practical and synchronised measures. One of the most crucial points is the need to establish a fair and equal legal environment for access to resources and investment and business opportunities, for all enterprises, including those in the private sector.
These include legal reforms on public procurement, fairer access to major projects, and mechanisms to support long-term capital, especially in strategic industries like high-tech, semiconductors and infrastructure.
Unlike previous reforms, Resolution 68 places greater emphasis on protecting businesses by reducing inspections and avoiding the criminalisation of civil and economic violations. It also stresses the mobilisation of resources and fostering innovation across the private sector.
As Vietnam moves forward, Resolution 68 serves as a major catalyst, injecting fresh momentum into the growth of the private sector, thus fully unlocking the sector’s potential./.
