Unleashing internal resources for private economic development

This not only opens up a breakthrough legal corridor for the private sector but also marks a profound shift in national governance thinking: from “management” to “creation”, from “control” to “accompanying”.

The Resolution consists of 7 chapters and 17 articles, effective from May 17, 2025. In particular, many outstanding contents are highly appreciated by the business community and experts such as: inspecting and examining enterprises only once a year; prioritizing post-inspection instead of pre-inspection; exempting corporate income tax for start-ups in the first two years and reducing 50% in the next 4 years; reducing land rent by 30% for innovative enterprises; supporting 2% interest rate for "green" and circular projects; handling violations in the direction of prioritizing civil and administrative measures over criminal ones.

The National Assembly passed a Resolution on specific mechanisms and policies to develop the private economy . Photo: quochoi.vn

Notably, this resolution is not only aimed at a certain group of enterprises but applies to all types of enterprises, business households and individual businesses - demonstrating the spirit of fairness and non-discrimination between economic sectors in accordance with the spirit of Article 51 of the Constitution.

The private economy currently contributes more than 50% of the gross domestic product (GDP), 56% of total social investment; creates more than 80% of jobs... and has become the core force of the socialist-oriented market economy. The National Assembly's approval of this special resolution is a step to concretize the spirit of Resolution No. 68-NQ/TW of the Politburo , and at the same time strongly affirms: the private sector is no longer a "supplementary part", but the "most important driving force" of the national economy.

Affirming this, National Assembly Chairman Tran Thanh Man emphasized: “We need to change our mindset, the State creates and serves instead of controlling”. This is not only a political message but also a strategic direction, requiring the entire administrative system to move to accompany businesses, instead of placing barriers.

Processing macadamia products at Damaca Nguyen Phuong Joint Stock Company (Krong Nang district). Photo: Nguyen Gia

Welcoming the resolution with great confidence in the positive changes that the policy will bring, the Dak Lak business community has high expectations for a more transparent and favorable business environment in the coming time.

Mr. Nguyen Dai Duong, Chief of Office of Buon Ma Thuot City Business Association, Director of Vien Dien Tu Trading and Service Company Limited, assessed: The new and breakthrough points in the Resolution on special mechanisms for private economic development recently passed by the National Assembly have demonstrated a strong spirit of innovation in the management and development of the private economy. The proposed major policy groups are all aimed at removing bottlenecks that have lasted for many years, especially in access to land, credit, tax, administrative procedure reform and the legal environment.

Specifically, preferential land policies will help businesses, especially small and medium-sized enterprises, have the opportunity to stabilize production premises and make long-term investments. Credit and tax policies, if implemented fairly and effectively, will reduce financial pressure, promote technological innovation and expand production scale for businesses. In particular, reducing overlapping inspections and increasing post-inspection instead of pre-inspection will help businesses operate with peace of mind, innovate and increase their ability to contribute to the national economy.

According to Mr. Nguyen Dai Duong, this is a valuable opportunity for private enterprises to break through and affirm their pioneering role in the country's development. However, good policies need to be accepted by a responsible and aspiring business community. To be worthy of the attention and favorable mechanisms from the State, enterprises need to proactively improve their management capacity, apply digital technology, and be transparent in operations and finance. Conduct business with integrity, comply with the law, and keep their reputation with partners and customers. In addition, the business community also needs to unite and share production and business experiences to create collective strength, thereby enhancing the position of the private economy in the national economy.

Honey processing at A Ma Thuot Trading and Service Company Limited (Ea H'leo district) . Photo: Nguyen Gia

As a start-up enterprise in the agricultural processing sector, Mr. Do Van Linh, Director of Nam Ban Me Production and Trading Company Limited (in Ea Kuang Commune, Krong Pac District) said that the initial stage is the time of survival for enterprises, especially for start-ups. In the first 3 years, start-ups need to focus their financial resources on investing in machinery, equipment and promoting products to reach customers. Therefore, the policy of exempting and reducing corporate income tax, business license tax, and personal income tax for small and medium-sized enterprises in the first years of establishment is a great thing to help newly established enterprises reduce their financial burden. This is not only a guideline but also a strong source of inspiration for private enterprises to develop.

From the perspective of a newly established enterprise, Mr. Do Van Linh hopes that the policy will soon be put into practice, helping his enterprise to access preferential loans, invest in upgrading machinery, and expand production scale to better serve consumers. However, for the resolution to be effective, it is necessary to promote digitalization and cut down on administrative procedures. Only when digitalization and automation are thoroughly implemented, and cumbersome procedures are eliminated, will favorable conditions be created for enterprises.

It can be said that with preferential mechanisms and policies along with inspection and examination reforms, it will be an important fulcrum for private enterprises to make a breakthrough. Along with that, when the institution has been expanded, the business community must also improve itself. Social responsibility, business ethics, financial transparency, digital technology application... are no longer options but mandatory requirements in the new era to build a private economic sector that develops, complies with the law, has aspirations, and has a common responsibility for a strong, creative and prosperous Vietnam.

Source: https://baodaklak.vn/tin-noi-bat/202505/khoi-noi-luc-cho-kinh-te-tu-nhan-phat-trien-4881624/