Resolution No. 68-NQ/TW issued on May 4, 2025 by the Politburo on private economic development (referred to as Resolution No. 68-NQ/TW) is a very new resolution, demonstrating the Party's high political determination by further promoting the role of the private economy to create a new strategic driving force for national development. The private economy has been identified by Resolution No. 68-NQ/TW as the "most important driving force"; it is assessed to create a new vitality for the private economy.
Breakthrough in thinking
On May 18, in Hanoi, the Politburo and the Secretariat held a national conference to disseminate and implement Resolution No. 68-NQ/TW. At the conference, Prime Minister Pham Minh Chinh emphasized that the private economy has continuously developed, affirming its position as an important driving force of the economy; an effective channel to mobilize social resources for development investment; making an important contribution to promoting economic growth, increasing state budget revenue; creating jobs, income, improving people's lives, ensuring social security; promoting international integration; making an important contribution to the cause of national construction, defense and development. In order to realize the national development goals as set out in the Resolution of the 13th National Party Congress and meet the development requirements in the new era, it is necessary and urgent to innovate thinking, unify awareness and action, and have comprehensive, comprehensive, and breakthrough solutions to further promote the role of the private economy, strengthen confidence, and create new momentum and impetus for national economic development.
Resolution No. 68-NQ/TW sets the goal that by 2030, the private economy will be the most important driving force of the national economy; a pioneer in science and technology development, innovation and digital transformation, contributing to the successful implementation of the goals of Resolution No. 57-NQ/TW dated December 22, 2024 of the Politburo on breakthroughs in science and technology development, innovation and national digital transformation and other policies and guidelines of the Party.
Dr. Tran Van Khai, Vice Chairman of the National Assembly's Committee on Science, Technology and Environment, said that Resolution No. 68-NQ/TW is a breakthrough in thinking, from considering the private sector as an important component of the economy (9th National Party Congress, 2001) to "an important driving force" (according to Resolution 10-NQ/TW in 2017) and now becoming the "most important driving force" of the national economy, a strategic locomotive to promote the economy. The private sector is considered equal and plays an equal role with the State economy and the collective economy in the core role of building an independent, autonomous and deeply integrated economy for the goal of a rich people, a strong country, democracy, fairness and civilization.
Create new vitality
Resolution No. 68-NQ/TW sets a target of 2 million enterprises operating in the economy by 2030; at least 20 large enterprises participating in the global value chain. The average growth rate of the private economy is 10-12%/year; contributing 55-58% of GDP, 35-40% of total state budget revenue, creating jobs for 84-85% of the total workforce. Technological level, capacity, innovation, and digital transformation are among the top 3 countries in ASEAN and the top 5 countries in Asia. By 2045, Vietnam will have at least 3 million private enterprises, contributing over 60% of the national GDP. |
Economic experts assess that the business community is currently facing many problems, such as the incomplete market economy institution; increasing competitive pressure with foreign enterprises; limited financial, technological and human resources capacity; especially the group of small and medium enterprises is facing many difficulties and challenges, especially in the context of fierce competition like today.
According to Mr. Nguyen Thanh Tin, Director of Vu Mon Engineering and Technology Co., Ltd., Chairman of the Thu Dau Mot City Young Entrepreneurs Association, the business community in Binh Duong is currently facing many difficulties, such as: High input costs, while market purchasing power is still weak, causing profit margins to narrow; difficult access to loans, especially for small and medium enterprises due to strict conditions for loans; lack of high-quality human resources, especially in the field of digital transformation and technology; difficulties in expanding the market due to economic fluctuations and policy changes both domestically and internationally. However, businesses are always striving to adapt, restructure and strengthen connections to overcome challenges, towards recovery and sustainable growth.
Mr. Nguyen Thanh Tin emphasized that the issuance of Resolution 68-NQ/TW by the Politburo is a strategic turning point, strongly affirming the role of the private sector as an important driving force for the national economy. For businesses, especially small and medium-sized enterprises, the resolution opens up many development opportunities. Specifically, on the issue of improving the business environment, the resolution proposes solutions to remove institutional barriers, simplify administrative procedures, and help businesses easily access land, capital, and markets. Regarding financial support, the Government encourages the diversification of capital sources for the private sector. Regarding human resource development, the resolution emphasizes improving the quality of human resources, promoting training and skills development for workers in the private sector; promoting innovation; encouraging businesses to invest in research and development, and applying new technologies, contributing to improving productivity and competitiveness.
Dr. Tran Van Khai said that a very important highlight in Resolution No. 68-NQ/TW is that the Party acknowledges and respects the laws of the market, completely eliminating prejudices and barriers to the private economy in the development of the private economy. From there, the State plays a role in creating and supporting, instead of intervening too deeply in administration, letting the market and enterprises decide for themselves within the legal framework. It is this new vitality of Resolution No. 68-NQ/TW that has freed the private economy and enterprises like "a drought meets a shower of rain".
Part 2: Foundation for Binh Duong's economic breakthrough
PHUONG LE
Source: https://baobinhduong.vn/dot-pha-moi-thuc-day-kinh-te-tu-nhan-phat-trien-a347408.html
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