Prime Minister Pham Minh Chinh noted that since the rollout of Resolution 68, alongside supporting resolutions from the National Assembly (NA) and Government, there has been a marked change in understanding the private sector’s critical position and role in Vietnam’s socialist-oriented market economy.
Resolution No. 68-NQ/TW, issued by the Politburo on May 4 this year on the development of the private economic sector, sets the goal of generating two million operating enterprises by 2030, equivalent to 20 enterprises per 1,000 people, and at least 20 large businesses participating in global value chains.
Vietnam already enjoys political stability and steady economic growth, giving it comparative advantages as it seeks to rise higher in the current climate of global trade competition. If the country successfully implements its reform agenda and delivers on the four resolutions, it will stand to reap significant benefits in the coming years.
Only by fully mobilising private resources to address national challenges can the sector fulfil its role. Above all placing trust in the private economic sector is the most crucial element throughout the reform process, said Professor Vu Minh Khuong.
Authorities are now looking ahead to revising the Law on Tax Administration to ensure fair, convenient and transparent tax policies for all business models, especially household businesses.
Since the 1990s, Vietnam’s private sector has made notable gains, contributing over 30% of State revenues and spawning domestic firms with global and regional reach.
Known as the “four pillars for Vietnam’s ascend”, the Pobiburo's Resolutions 57, 59, 66, and 68 focus on cultivating a robust national entrepreneurial spirit, unlocking resources for innovation across society, and accelerating the development of digital economy, knowledge-based economy, green economy, and circular economy, propelling Vietnam forward rapidly and firmly on the path of modernisation and international integration.
Vietnam is taking drastic steps to mobilise green capital being a cornerstone in its economic development strategy for the long term, especially in private and agriculture sectors.
Vietnam's stock market is poised to capitalise on significant opportunities brought by Resolution 68, which opens a new growth horizon for the private sector. To fully leverage these advantages, experts emphasise that businesses must proactively enhance corporate governance and foster innovation.
Support in digital transformation will help to reduce input costs, improve management capacity, and ensure legal compliance for small and household businesses.
The Government has issued Resolution No. 138 to implement the Politburo’s Resolution No. 68, aiming to foster private sector development.
Addressing a national conference in Hanoi on May 18 on the dissemination and implementation of Resolutions 66 and 68, the leader called for joint efforts to drive Vietnam into a new era — one of development, prosperity, and strength.
Beyond regulatory reform, Resolution 68 provides support policies for access to land, capital, and high-quality human resources, while also promoting digital transformation, innovation, sustainable development, and global value chain integration.
With its breakthrough solutions, Resolution 68 is expected to unlock the potential and creativity of the private sector economy, contributing to the country’s sustainable development.
