Leveraging the private sector to achieve breakthroughs.

Resolution No. 68-NQ/TW (Resolution No. 68) on the development of the private economy is attracting attention from the business community due to its many groundbreaking contents, which change the mindset and perception of the role and position of the private economy.

Speakers exchange views at the Business Roundtable Program.

According to Mr. Tran Van Tuoi, Deputy Director of the Department of Finance, Resolution No. 68 has addressed many concerns of businesses; demonstrating the strong commitment of the Party and Government to administrative procedure reform. Resolution No. 68 was issued in conjunction with previous groundbreaking resolutions such as: Resolution No. 57-NQ/TW, dated December 22, 2024, of the Politburo on breakthroughs in the development of science, technology, innovation and national digital transformation; Resolution No. 59-NQ/TW, dated January 24, 2025, of the Politburo on international integration in the new situation; and Resolution No. 66-NQ/TW on reforming the work of drafting and implementing laws to meet the requirements of national development in the new era. These resolutions help the business community have more confidence and aspirations for future development.

Netviet TV General Director Nguyen Van Hau likened private enterprises to a "compressed spring" because they are hesitant to develop and invest due to institutional obstacles. Resolution No. 68 will create momentum for businesses by addressing the bottlenecks that they previously had to solve themselves; the support policies on capital, credit, taxes, etc., outlined in Resolution No. 68 are like a "new source of oxygen" for small and medium-sized enterprises. Many provisions demonstrate the State's commitment to creating opportunities for business development.

Mr. Vo Quan Huy, Director of Huy Long An Co., Ltd., said that during his many years of operation in the agricultural sector, his company faced many difficulties, but the three most common were access to land, capital, and administrative procedures. “Resolution No. 68 is very special, making the spirit of serving the Fatherland in the business community even higher. Truly, every entrepreneur's heart is directed towards the country, wanting to serve,” Mr. Vo Quan Huy expressed. He hopes that in 2026, the Central Government and Tay Ninh province will have better action programs to help the private sector achieve breakthroughs.

Speaking as a representative of innovative startups, young entrepreneur Dang Khanh Duy - General Director of Tan Nhien Co., Ltd., expressed his delight that small and medium-sized enterprises (SMEs) and startups are recognized as the focus of economic development. According to him, with the support of the government, in addition to the economic value created, businesses also generate cultural value, especially the pride of bringing Vietnamese products to the global market.

Furthermore, Resolution No. 68, considered a "revolution" in thinking regarding private enterprises, advocates for the elimination of the "request-and-grant" mechanism and the "if you can't manage it, ban it" mentality. Instead of viewing enterprises as objects of management as before, they are now considered partners for joint creation and development.

Mr. Tran Van Tuoi informed: "The province has completed the comprehensive assessment program of the private sector in the overall national context. The province has developed an action plan with important contents: Raising awareness from both sides, businesses and state agencies, to correctly understand and translate the contents of Resolution No. 68 into reality; promoting administrative procedure reform, shortening the time for resolving administrative procedures for businesses, helping businesses easily access resources; focusing on investing in transportation infrastructure, logistics, digital technology infrastructure, etc. All of this aims to create the most favorable conditions for businesses to confidently produce. In addition, the province has issued a Plan to implement Resolution No. 57 on the development of science, technology, innovation and digital transformation of the nation with a very large resource to support businesses when they have creative ideas and startups."

General Secretary To Lam emphasized that promoting the development of the private sector must be considered a central task at present, and that the development of the private sector is a lever for a prosperous Vietnam. Therefore, it is expected that Resolution No. 68 will create a breakthrough for the private sector with a very clear message and viewpoint from the Government: "Public and private sectors working together to build the nation."

The country has over 940,000 enterprises and more than 5 million business households in operation, contributing nearly 50% of GDP and over 30% of total state budget revenue. Approximately 82% of the total workforce is employed in private enterprises. The private sector has the ability to optimize resources effectively with a high return on investment. The average labor productivity growth rate in this sector is 6-8% per year.

The province currently has nearly 32,000 registered businesses with a total capital of over 917,000 billion VND; and more than 92,000 business households. Of these, the private sector accounts for over 60% of the economic scale, contributing 24.2% of the province's state budget revenue; and employing over 77% of the province's workforce.

Yen Mai

Source: https://baolongan.vn/don-bay-dua-kinh-te-tu-nhan-but-pha-a204426.html