Urgently remove barriers and promote private economic momentum

On the morning of May 26, the scientific workshop “Private economy is the most important driving force of the economy”, organized by the Vietnam Association of Private Entrepreneurs, attracted the participation of many experts, managers and businesses. The presentations at the workshop focused on clarifying the opportunities, potentials and challenges of the private economy in its mission as the most important driving force of the economy, as well as the institutionalization of Resolution 68/NQ-TW into practice.

"Order cannon" for private economy

Speaking at the conference, Associate Professor Dr. Nguyen Trong Dieu, Chairman of the Vietnam Association of Private Entrepreneurs, commented: “On May 4, 2025, General Secretary To Lam signed and issued Resolution No. 68-NQ/TW of the Politburo on private economic development.” He emphasized that this is a Resolution of great importance, opening a historical turning point to promote the breakthrough of the private economy. Resolution 68 is considered a “command cannon”, for the first time the private economy is given the responsibility of being “the most important driving force of the economy”.

Associate Professor, Dr. Nguyen Trong Dieu, Chairman of the Vietnam Association of Private Entrepreneurs, delivered the opening speech at the workshop. (Photo: Business and Marketing Magazine)

According to Ms. Nguyen Thi Nga, Permanent Vice President of the Vietnam Association of Private Entrepreneurs and Chairwoman of BRG Group , Resolution 68 has looked directly at the reality of the private economic sector. “We feel like we are living, working and contributing in the historic moment of the second Doi Moi period,” Ms. Nga said.

In fact, FDI capital accounts for 2/3 of Vietnam's export turnover. However, the activities of FDI enterprises in Vietnam are currently focused on the processing and assembly stages with low added value, prioritizing the exploitation of cheap labor resources rather than expanding and developing core business activities in Vietnam. On the contrary, the domestic private sector still has abundant potential and a lot of room for development, from large enterprises to small and medium-sized enterprises.

Ms. Nguyen Thi Nga commented: "Resolution 68, along with other timely Resolutions in recent times such as Resolution No. 57 on breakthroughs in science and technology development, innovation and national digital transformation; Resolution No. 59 on "International integration in the new situation"; Resolution No. 66 on innovation in law-making and enforcement to meet the requirements of national development in the new era, has brought great motivation, inspiration and confidence to business people in the common cause of business development, contributing to national development and fulfilling social responsibilities".

"Unleash" businesses

Speaking at the workshop, Associate Professor Dr. Tran Dinh Thien, former Director of the Vietnam Economic Institute, member of the Prime Minister's Policy Advisory Council, said: "We have a 40-year history of the journey of the orthodox private economy. The history of formation is quite long, and only now has the role of the private economy been affirmed. So it took us quite a long time, but the new Resolution 68 has not only affirmed but will shape the mission of entrepreneurs."

According to Mr. Tran Dinh Thien, the "golden hoop" for private enterprises has been removed and this must be done thoroughly. State-owned enterprises can lead or accompany the private economy; especially, there needs to be different development policies for this sector compared to before.

Delegates and economic experts at the Conference took a souvenir photo. (Photo: Business and Marketing Magazine)

Mr. Dau Anh Tuan, Deputy General Secretary and Head of the Legal Department of the Vietnam Federation of Commerce and Industry (VCCI), raised the urgent issue of shortening procedures to get capital into the economy as quickly as possible.

He said that a land use project must go through at least 15 procedures, forcing businesses to "ask for help". A survey showed that 74% of businesses had to delay or cancel investment plans due to problems with land administration procedures. Mr. Dau Anh Tuan suggested reforming the process, requiring stronger action from the National Assembly and the Government.

Sharing the same view, Dr. Phan Duc Hieu, Standing Member of the National Assembly's Economic Committee, acknowledged that implementing the Resolution requires efforts from the Government and parallel efforts from businesses.

“Previously, complicated procedures were a shield protecting businesses from competition. Therefore, when procedural reforms become simpler, young and capable investors will enter the market, and competition will become fiercer,” said Dr. Phan Duc Hieu.

Source: https://thoidai.com.vn/khan-truong-thao-go-rao-can-phat-huy-dong-luc-kinh-te-tu-nhan-213813.html