The whole country takes action to turn Resolution 68 into the vitality of the economy.

The private economy is expected to break through and develop, bringing the country's economy into a new era. (Photo: The Duyet/VNA)

After Resolution 68-NQ/TW on private economic development was issued, a new vitality spread throughout the business community and society. Currently, the private sector has nearly 1 million enterprises, about 5 million business households, contributing about 51% of GDP and more than 40 million jobs.

Resolution 68 sets a target of having 2 million enterprises by 2030, contributing 55-58% of GDP, 35-40% of the budget, and creating 84-85% of jobs.

These ambitious goals require a strong effort from the entire political system - from the central to local levels, from the public to the private sector. It is time for the whole country to act together and turn the resolution into the vitality of the economy!

Clear awareness in the machine

The entire political system must have a unified perception: considering the private economy as the most important driving force of the economy, considering private enterprises and entrepreneurs as "pioneers on the economic front". Developing the private economy quickly, sustainably, effectively and with high quality is both a central and urgent task and a long-term strategic one; it needs to be specified in the country's development strategies and policies; in order to promote all potentials and strengths, liberate all productive forces, activate, mobilize and effectively use all resources, especially resources among the people for socio-economic development, consolidate and strengthen national defense and security, enhance foreign affairs and international integration.

And each agency must be imbued with the spirit of “a creative and serving State,” placing the people and businesses at the center. Officials must stop being afraid of responsibility and be bold in thinking and acting for the common good. When innovative thinking and high determination spread, there will be no room for stagnation to hinder the development of the private economy.

Decisive action from the Central Government

The Government has immediately started implementing the resolution. Just three days after the resolution was issued, Prime Minister Pham Minh Chinh held a Government meeting to plan actions, requesting that the policy be institutionalized into specific laws and policies. The Government is urgently developing an Action Program to implement Resolution 68 with a clear focus.

It is expected that a resolution of the National Assembly will be submitted in the nearest session to remove major obstacles that businesses and people are concerned about.

Ministries and sectors also reformed strongly: The Ministry of Finance proposed to amend many laws and decrees related to enterprises, investment, competition, and to significantly reduce taxes and fees (abolishing business license tax, reducing corporate income tax for small and medium enterprises, exempting tax for 3 years for newly established enterprises, etc.); the Ministry of Science and Technology supported innovation and technology transfer to the private sector.

The goal by 2025 is to cut at least 30% of business regulations, and switch from pre-inspection to post-inspection to shorten the start-up time. In particular, the policy of not criminalizing economic relations is welcomed by the business community, helping them feel secure in "dare to think, dare to do".

Action Plan from Local Authorities

Localities have also quickly joined in. Hanoi has set a target of having 500,000 businesses by 2025, implementing a series of solutions to support startups and reform procedures; Ho Chi Minh City is similar, striving for over 500,000 businesses, cutting 30-40% of the time for processing documents and promoting the model of Working Group 343 to remove difficulties, and the program connecting banks and businesses to support preferential capital.

Many other provinces and cities have proposed their own initiatives: Da Nang plans to exempt 100% of administrative fees in the first year for newly established enterprises; Bac Ninh has established a SME Support Center to provide free consultation and set a target of converting 1,000 more business households into enterprises each year.

The spirit of competition to improve the business environment is spreading strongly. Localities that reform well will break through and rise up, while those that hesitate and are indifferent will lose opportunities and fall behind - lessons from the annual PCI rankings need to be deeply learned.

The proactive role of the business community

Resolution 68 is also a call to arms: “Vietnamese entrepreneurs must be peacetime warriors, dedicated and creative for a strong Vietnam”. The business community needs to turn that call into reality, innovate and rise strongly.

Prime Minister Pham Minh Chinh chaired a meeting with the Policy Advisory Council on Private Economic Development on the afternoon of May 8, 2025. (Photo: Duong Giang/VNA)

The Chairman of VCCI likened the resolution to an unprecedented “inspirational push” for entrepreneurs and businesses. The household business sector (more than 5 million households) has the opportunity to “grow up” into enterprises thanks to support policies; if only 1/5 of these households convert, Vietnam will reach 2 million enterprises by 2030.

Large private corporations must play a leading role: many businesses such as THACO and NovaGroup have planned to expand production, launch large projects to reach out internationally, and join hands to realize the resolution's goals.

Along with that, businesses must improve their technological and human resources capacity and build a sustainable business culture to be worthy of society's trust.

Close supervision, strict sanctions

There must be close supervision and strict sanctions for the resolution to be effectively implemented. The Party, the National Assembly, and People's Councils at all levels must include the content of supporting the private economy in the supervision program; the Fatherland Front, VCCI, and associations must actively supervise and promptly reflect on difficulties at the grassroots level.

The press acts as the “eyes and ears of the people” – good places set an example, bad places are publicly criticized to create pressure for change; the government publicly ranks reforms, clearly assigns rewards and punishments to encourage healthy competition.

Officials who harass businesses must be severely punished, while those who dare to innovate for the common good should be rewarded. In particular, results need to be evaluated using specific indicators (after one year, how many procedures have been cut, how many businesses have increased, etc.), and if they have not been achieved, policies must be drastically adjusted.

Vivid practice

Practice has shown many initial positive changes. In Da Nang, immediately after the resolution was issued, the city’s leaders held a dialogue with more than 200 businesses about the investment environment and requested departments and branches to resolve each petition within a month.

Workers grow seedlings at a nursery of a business in Bac Giang. (Photo: Danh Lam/VNA)

This open dialogue was welcomed by businesses, as they clearly saw the government moving from talking to doing, accompanying them in solving difficulties. In Bac Ninh, thanks to the mechanism of connecting procedures in the spirit of Resolution 68, a medium-sized enterprise shortened the time to apply for land to build a factory from nearly a year to three months; the Department of Industry and Trade also connected this enterprise to become a tier 2 supplier for Samsung.

The story shows that when the government acts decisively and stands side by side with businesses, domestic enterprises can rise up to participate in the global supply chain.

Many large-small linkage models have also been formed: THACO cooperates with many small businesses to form an automobile-agriculture-logistics cluster in the Central region, supporting technology transfer, human resource training and product consumption; Vina T&T Group (a leading fruit exporter) cooperates with farmers and cooperatives in Ben Tre and Tien Giang to expand GlobalGAP-standard raw material areas for export.

The CEO of Vina T&T said that the local government has supported simplifying the procedures for granting planting area certification and actively promoting trade, helping businesses confidently expand their investment.

Such synergies between large and small businesses, between businesses and governments are the nucleus for the private sector to make a breakthrough.

At the same time, VCCI and industry associations quickly organized workshops and discussions to disseminate the resolution and collect members' opinions to make recommendations to the Government in the process of building an action program...

The above examples, though modest, show that the spirit of “national action” is gradually emerging. It is important to maintain and replicate these successful models, creating a chain effect that encourages other places to follow suit.

Resolute implementation and practical action are the “keys” to change. Each revised legal document, each administrative procedure cut, each new business established – all are measures of whether we have truly transformed.

When the apparatus operates smoothly and synchronously; the whole society is united and proactively involved, we will turn the aspirations in the resolution into new "vitality" for the economy, bringing true prosperity to the country and prosperity to every family; towards a strong and prosperous Vietnam. The road ahead is still full of challenges, but with new determination, "The whole country acts together" is not just a slogan, but becomes a daily working motto everywhere, at every level, in every sector.

• References: (1) VTV.vn - "Resolution 68: Removing bottlenecks, creating momentum for the private economy", May 6, 2025; (2) Government Portal - Full text of Resolution No. 68-NQ/TW on private economic development, May 4, 2025; (3) Government E-newspaper - "Adding one million enterprises: Great potential from 5 million business households", April 11, 2025; (4) VnExpress - "Why do more than 5.2 million business households 'refuse to grow'?", March 31, 2025; (4) Dan Viet Newspaper - "Resolution 68 on the private economy: Untying private enterprises from the fear of economic 'wrongful convictions'", 2025.
• (Vietnam+)

Source: https://www.vietnamplus.vn/ca-nuoc-cung-hanh-dong-bien-nghi-quyet-68-thanh-suc-song-cua-nen-kinh-te-post1038958.vnp