Removing obstacles to develop private economy

Since the beginning of May 2025, the issue that has received much attention from the public and businesses is the issuance of resolutions by the Politburo, the National Assembly, and the Government on private economic development. In particular, General Secretary To Lam, on behalf of the Politburo, signed Resolution No. 68-NQ/TW on private economic development on May 4, 2025. Then, on May 17, National Assembly Chairman Tran Thanh Man signed Resolution No. 198/2025/QH15 on a number of special mechanisms for the private economy. At the same time, also on May 17, Prime Minister Pham Minh Chinh issued Resolution No. 139/NQ-CP on the Plan to implement Resolution No. 198 of the National Assembly.

Báo Đồng Nai•20/05/2025

Most private enterprises expect that bottlenecks in mechanisms, policies, and difficulties in accessing capital, land, and modern science and technology will be removed. Thus, private enterprises will have many opportunities to strongly develop production and business activities.

Looking back at nearly 40 years of development, Vietnam's private economy has achieved positive results such as: contributing more than 50% of GDP, 30% of state budget revenue, 60% of social development capital, creating jobs for 82-85% of the workforce. Currently, Vietnam has nearly 1 million enterprises but only reaches 10 enterprises/thousand people by 2024, much lower than other countries in the Asian region such as: Korea 140 enterprises/thousand people, Singapore 110 enterprises/thousand people, Thailand 42 enterprises/thousand people, Japan 32 enterprises/thousand people, Malaysia 28 enterprises/thousand people. The increasing rate of Vietnamese private enterprises withdrawing from the market shows that the production and business environment is still very difficult, so private enterprises have not been able to survive. Specifically, from 2020 to now, each year the number of enterprises withdrawing from the market has increased by 14-20%.

The Party and State are paying attention to resolving institutional and policy problems to create a favorable business environment for enterprises to operate effectively. However, in the coming time, enterprises will face other difficulties such as: the world situation continues to be complicated and unpredictable, strategic competition between major countries, conflicts in many places are fierce, world economic growth, trade, global investment slows down, instability, risks increase... In particular, the US plans to impose a reciprocal tax on imported goods from Vietnam of about 46% and the Government is urgently negotiating to reduce tariffs. If the negotiations go smoothly, the US will reduce tariffs on imported goods from Vietnam to 10%, which will be a good opportunity for private enterprises to develop and expand production.

However, many economic experts believe that this is an opportunity for businesses to restructure production, business and markets, avoiding over-reliance on a few markets, which will be at great risk when there are fluctuations.

Uyen Nhi

Source: https://baodongnai.com.vn/kinh-te/202505/go-vuong-de-phat-trien-kinh-te-tu-nhan-5ef67b7/