Vietnam now has over 1 million active businesses.
Eight months after Resolution 68 was issued, according to the General Statistics Office, the number of new and returning businesses has grown strongly, averaging 25,100 units per month. To date, the country has over 1 million businesses operating in the economy . As we write this article, the tax authorities are racing to support individual and household businesses in completing the final steps to abolish lump-sum tax, creating momentum for household businesses to grow into enterprises. The goal is that by 2030, Vietnam will have 2 million businesses operating in the economy, with 20 businesses per 1,000 people and at least 20 large businesses participating in global value chains.
Mr. Dang Van Thanh, Chairman of Thanh Thanh Cong Group (TTC), commented that Resolution 68 is both strategic and encouraging, motivating private businesses to strive even harder in the coming period. "With a spirit of innovation and revolutionary policies like this, private businesses like ours truly see this as a good opportunity to rebuild our development strategies in line with state support," Mr. Thanh said enthusiastically.
Meanwhile, Mr. Le Hoang Chau, Chairman of HoREA, believes that the Resolution on the Development of the Private Economy helps to alleviate three fears of private enterprises. These are: fear of facing a "maze" of cumbersome, complex, and lengthy administrative procedures; fear of overlapping and repeated inspections and audits; and fear of encountering criminal legal issues during business operations. "Resolution 68 has resolved these three fears of private enterprises. From there, it opens a new era and a wide-open space for the development of the private economy, becoming the main driving force of the national economy in the new era," Mr. Chau emphasized.
Many businesses plan to expand in 2025.
PHOTO: D.NT
Highly appreciating the results achieved by Resolution 68 in a short period of time, Mr. Tran Viet Anh, Vice Chairman of the Ho Chi Minh City Business Association (HUBA), analyzed: The history of Vietnam's economy has proven that the role of the private economy has always left a special mark. Even before the Private Enterprise Law and the Company Law (1990), the private economy had quietly developed in many different forms such as household businesses and small production facilities. Thanks to reforms, the wave of startups in the 1990s created a fairly large force of businesses, and today many businesses have become "leading companies" with their scale increasing many times over. At present, Resolution 68 has further strengthened the confidence of the business community.
"Behind the new wave of investment lies confidence, pride, and an unprecedentedly open policy environment. Large private corporations have proactively asserted their role and capabilities through large-scale investment plans. Resolution 68 is a crucial policy lever, opening up a sustainable transformation phase for Vietnamese businesses in the new era. We expect institutional reforms to be more vigorous, decisive, and synchronized in the coming year," Mr. Tran Viet Anh emphasized.
Reforms must be commensurate with the aspirations of the new era.
According to Dr. Nguyen Minh Thao, from the Department of Enterprise Development and Business Environment - Institute of Economic and Financial Strategy and Policy, it is difficult to propose new solutions at present because all the important macroeconomic solutions have already been issued. The remaining issue is how to implement and realize these resolutions to create the most favorable business environment for the economy to thrive.
Many business owners aspire to become wealthy and grow stronger following a series of policies encouraging the development of the private economy.
PHOTO: NGUYEN NGA
For example, the requirement to abolish at least 30% of conditional business sectors has led to widespread cuts. However, concrete implementation at the departmental level has been quite slow.
"Simply shifting from pre-approval to post-approval in state management of conditional business sectors would significantly reduce the workload of management agencies in 2026. However, in reality, regulations related to business conditions are scattered across too many specialized documents; while the infrastructure is not yet synchronized or interconnected. Furthermore, the first-ever large-scale implementation of a two-tiered government model has not yet met the requirements of new governance in terms of mindset and awareness among officials and civil servants. The coordination process between different levels and sectors is still in the adjustment phase, so it is not yet unified and stable… Therefore, given the expectation of a breakthrough in the private sector in the first year of the new era, we hope that these existing bottlenecks will be removed, and the reform breakthroughs will be more substantive," Dr. Thao stated frankly.
The number of young people starting businesses is increasing.
PHOTO: NHAT THINH
Economist Dr. Vo Tri Thanh, Director of the Institute for Brand and Competition Strategy Research, also emphasized: Once the private sector is identified as a key driving force, all mechanisms and policies naturally need to be adjusted to suit this role. "This is truly a very strong and committed reform; it is both a challenge and a top priority for the new year 2026," Dr. Vo Tri Thanh stressed, adding that the difficulties and challenges facing the private sector are systemic and have existed for a long time. "Therefore, when the resolution identifies the private sector as an irreplaceable pillar in the journey to realize the aspiration of national strength by 2045, reforms for this new era must be commensurate. Besides requiring a strong and transparent policy foundation from the State, in my opinion, another crucial factor is a qualitative change within private enterprises. They must embrace innovation, digital transformation, build modern management capabilities, and proactively participate in global supply chains. They shouldn't wait for policy changes; they themselves must change and transform first," expert Vo Tri Thanh advised.
Source: https://thanhnien.vn/khoi-day-khat-vong-lam-giau-185260202170337943.htm
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