Journey to realize aspiration 68

VTV.vn - The private business community is facing a great opportunity to join the State in creating a new growth model.

Telling numbers about the private economy and Vietnamese entrepreneurs

Today marks five months since the National Assembly issued Resolution 68 - an important decision to unify institutions, reduce input costs and create maximum convenience for private enterprises and Vietnamese businessmen.

Over the past 5 months, the latest figures released in early October have revealed a new picture: the private sector is accelerating strongly, not only recovering but also breaking through, contributing more than half of the country's GDP, leading the labor market and attracting new investment capital. Resolution 68 is one of the important factors turning will into practical results.

The private economic sector currently contributes more than 50% of Vietnam's GDP. The latest statistics up to the end of September from the General Statistics Office and VCCI show that the "cake" that the private sector is holding is up to more than 240 billion USD - a huge resource and the most important growth engine of the country, just need to be activated properly, at the right time.

Dr. Tran Dinh Thien - Former Director of the Vietnam Economic Institute said: “We cannot separate the State from the private sector here. I am very pleased with the way the issue is raised, whether the government and the private sector co-create development. The private sector must proactively raise issues. Raising issues means demanding a roadmap to liberate oneself and "demanding" the State, demanding the government to meet the requirements. Not for the benefit of one's own sector, but to carry out the mission of being the most important growth driver".

The private sector creates the majority of jobs in the country, currently providing jobs for more than 85% of the social workforce. It is a source of income, a pillar of social security and the budget. The average registered capital per enterprise increased by 15%, the rate of resumption of operations exceeded 62%. The breakthrough number of newly established enterprises and those returning to the market reached more than 231,000, showing that confidence is reviving and spreading throughout the economy.

Ms. Trinh Thi Ngan - Head of the Advisory Board of the Association of Small and Medium Enterprises, Hanoi City shared; “Resolution 68 is like a breath of fresh air blowing into a vast, open space. The business community is looking forward to a comprehensive innovation in all fields, especially in terms of institutions”.

But the picture is not all bright. The report of the Private Economic Development Research Board at the end of September 2025 recorded that Vietnam's labor productivity increased sharply by tens of percent, but labor costs per unit of product also reached about 14%. In addition, administrative procedures still have many bottlenecks. More than half of the contents of the Investment Registration Certificate (IRC) overlap with business registration. Industrial land rental prices are high, creating pressure to increase production costs. Enterprises are hoping that when Resolution 68 is more deeply absorbed into reality, the confidence and efforts of entrepreneurs and private enterprises will continue to become a driving force for the national economy.

Talking about the barriers and challenges for the private economy, Ms. Pham Thi Ngoc Thuy - Director of the Office of Private Economic Development Research (Department IV) commented: “We see two aspects that need to be dissected. The first aspect is the administrative procedure process in terms of quantity as well as the requirements that continuously arise. We are trying to promote reform, however, new requirements are continuous and unclear, secondly, the quantity is still so large that businesses in all industries and fields are confused. Another factor that businesses also reflect in the process of interacting with representatives of State agencies, since Resolution 68 and after the Resolutions of the Politburo, there have been visible changes. But there are still many departments that are afraid of responsibility, so resolving and urging work quickly is also something that private businesses want to change”.

According to Ms. Thuy, the barriers mentioned above are not new issues, and have been discussed for many years when discussing the business environment and reform. These are systemic stories.

“Recently, businesses also admitted that state agencies have also struggled with the story of mergers of ministries, branches, provinces, and two-level governments... The amount of work that state agencies have to handle at the same time in the recent past is huge. Along with that are projects running throughout the story of administrative procedure reform. However, each effort of ministries and local branches seems to be fragmented, lacking connectivity and connection to be able to combine the efforts of many parties and the results of many parties, lacking connectivity in data and related factors. The second problem, in the current large context, there are factors that have not yet been defined as legal regulations. There are many objective and subjective factors that create such significant barriers,” Ms. Thuy added.

The private business community is facing a great opportunity to join the State in creating a new growth model.

New momentum for public-private partnership from Resolution 68

Five months since Resolution 68 was issued to promote the private economic sector to become an important driving force of the economy, many support policies have gradually come into life. The private business community is facing a great opportunity to join the State in creating a new growth model.

One of the areas with the strongest breakthroughs from the Politburo's pillar resolutions is the digital economy - where private enterprises are leading many new trends.

Vietnam's digital economic picture is opening up wide room for growth, with the digital finance sector alone forecast to reach 70 billion USD per year in the near future.

Mr. Le Van Thanh - Deputy General Director of Vikki Digital Bank commented: "Not only businesses in Vietnam but also businesses around the world welcome the openness of the Vietnamese Government. They have contacted, cooperated and exchanged with us in this field."

At the 2025 Private Economic Panorama, businesses and management agencies are looking for ways to solve major problems in each industry, expand growth space and promote public-private cooperation. Many businesses believe that the clear directions from Resolution 68 are helping them gain confidence and new motivation.

Mr. Pham Quoc Long - Deputy General Director of Gemadept Company shared: "There is a legal corridor and encouraging regulations, we are very confident and secure in investing".

However, the speed of implementation between localities is still not really uniform. In many places, businesses said that the implementation of the new policy is still slow, especially in the stages of guidance and information access.

Mr. Tran Anh Tuan - Vice President of Vietnam UAV Network commented: "At the central level, everything is very drastic, but when I go to some localities, I see that the local level still does not feel that heat. Hopefully, in the near future, the Government will have policies to ensure that everyone from top to bottom is equally determined."

The spirit of "co-creation of policies" is spreading among the business community, where businesses are not only beneficiaries, but also partners with the State in finding new development directions.

Ms. Nguyen Thi Hai Binh - General Director of STP Group frankly shared: "We will move towards the story of not waiting for policies but daring to bring our opinions to contribute to the Government, departments, ministries and localities. If we have decided to hand over to businesses, we must believe and businesses are ready to commit for any reason."

Mr. Nguyen Vinh Hau - General Director of Lach Huyen International Deepwater Port Industrial Park and Logistics Joint Stock Company, Hai Phong City, commented: "The special policies of the free trade zone that Hai Phong City was allowed by the National Assembly to pilot really have great incentives, perhaps the best incentives in Vietnam today. In particular, the typical incentives are corporate income tax incentives with a basic tax rate of 15%. Incentives for foreign investors, being allowed to establish businesses without having an investment project, incentives for businesses operating in the zone to apply priority business policies in the customs sector".

Mr. Nguyen Canh Hong - General Director of Eurowindow Company said: "Policy must go hand in hand with the internal strength of each enterprise to achieve growth. How to increase the supporting industry, especially increase the localization rate, to promote the strong development of the domestic supporting industry. We really hope that these policies will come into practice, from all Decrees, instructions, circulars, from documents to reality quickly".

Ms. Tran Thi Vuong - Director of Human Resources Administration, Tinh Loi Garment Company, Hai Phong City shared: “Our biggest problem now is still the lack of labor, not the lack of orders. We always improve our techniques to export the most goods, produce the most goods and export most conveniently. And the State still creates favorable conditions for us in import and export, so it is not a problem”.

Mr. Tran An Tuan - Vice President of Vietnam UAV Network said: "Currently, we have sandboxes, which are safe testing places. In my opinion, we need to expand our research further and allow for larger areas. For example, in the field of low-altitude aviation, we need an airspace of up to 30 km to test long-haul delivery aircraft, but our sandbox is only 1-2 km so we cannot test it."

Ms. Pham Thi Ngoc Thuy - Director of the Office of Private Economic Development Research (Department IV) commented: “We really need to review by topic, the problems of enterprises have about 15 processes belonging to many different parties. If we only try to cut one or two steps, the remaining steps may still be stuck, so we really hope that all reform efforts must be linked and reviewed by real problems. The General Secretary has asked localities and ministries to strongly shift to using results as a measure, not focusing on processes. That is an extremely basic shift. The second factor is the sandbox, new ways of doing things can bring risks. We think that we must go one step further, not just making a statement but also having legal corridors for those who dare to do, dare to take responsibility and new mechanisms”.

In order for Resolution 68 to soon come into practice and be effective, the Government has been continuing to thoroughly instill in ministries, branches and localities the spirit of "thinking deeply, doing big", "all for the people, for businesses", promptly issuing sub-law documents and detailed action plans, establishing a monitoring and progress assessment mechanism using a system of quantitative and transparent indicators...

Also at the conference with the participation of more than 500 Vietnamese private enterprises, Prime Minister Pham Minh Chinh expressed his joy and hope that the community would implement "3 pioneers" to contribute to the implementation of the country's two 100-year strategic goals; linking the development goals of enterprises with the national goals.

Giving the conference the 20 words: "Constructive State - Pioneering Entrepreneurs - Public and Private Partnership - Strong Country - Happy People", Prime Minister Pham Minh Chinh believed that the private business community will successfully carry out the mission "The private economy is the most important driving force of the national economy".

Source: https://vtv.vn/hanh-trinh-hien-thuc-hoa-khat-vong-68-10025101113193888.htm