The private sector is receiving a new impetus.

(BDO) Lesson 1: Affirming the role

On May 31st in Hanoi, Prime Minister Pham Minh Chinh chaired a roundtable discussion with businesses to effectively implement Resolution No. 68-NQ/TW of the Politburo on the development of the private economy. Mr. Bui Minh Tri, Vice Chairman of the People's Committee of Binh Duong province, attended the online conference from the Binh Duong branch.

Inspiring the desire for legitimate wealth creation.

Speaking at the seminar, Prime Minister Pham Minh Chinh emphasized: The private economy is continuously developing, affirming its position as an important driving force of the economy; it is an effective channel for mobilizing social resources for investment and development. The Prime Minister stated that if, during the war, the country won thanks to the art of people's warfare, then today, in peacetime, to build a strong and prosperous nation, it is necessary to promote the spirit of "the whole people getting rich," considering economic development as a total mobilization, a widespread mass movement.

In order to institutionalize the policies outlined in Resolution No. 68-NQ/TW of the Politburo, the Government promptly submitted to the National Assembly Resolution No. 198/2025/NQ-QH15 on some special mechanisms and policies for the development of the private economy. Subsequently, the Government issued Resolution No. 138/NQ-CP and Resolution No. 139/NQ-CP on the action plan to implement the resolutions of the Politburo and the National Assembly.

Resolution No. 68-NQ/TW of the Politburo creates a breakthrough for the development of the private economy. In the photo: Production activities at Lam Viet Joint Stock Company (Tan Uyen City). Photo: TIEU MY

The Prime Minister continued to direct the organization of a roundtable discussion with businesses and associations, hoping for effective implementation with the spirit of "thinking deeply and acting big." The Prime Minister stated that the resolutions of the Politburo, the National Assembly, and the Government are very comprehensive and complete. The biggest challenge and aspiration is to implement them effectively, finding the most efficient methods, and maximizing the potential of nearly 1 million businesses and 5 million business households. With each individual and each household contributing, the entire society will have the resources to "change the situation and turn things around," leading the country to rapid and sustainable development.

Resolution No. 68-NQ/TW of the Politburo, issued on May 4, 2025, demonstrates the Party's strong political determination to further promote the role of the private sector to create new strategic momentum for national development. The resolution contains six notable points: reducing the time and cost of administrative procedures; perfecting the legal framework for cryptocurrencies and AI; establishing preferential tax policies for businesses; abolishing the lump-sum tax system for business households by 2026 at the latest; reducing land rent in industrial zones for businesses; and supporting and encouraging credit institutions to reduce interest rates for businesses.

To concretize resolutions and promote private sector economic development, at a seminar, the Vietnam Association of Small and Medium Enterprises (SMEs) proposed a program to reduce and simplify administrative procedures related to production and business activities in 2025 and 2026. This program should set specific targets for cutting unnecessary procedures, ensuring it is independent of administrative boundaries. Government agencies at all levels should focus on supporting SMEs in accessing key resources such as land and business premises; preferential finance and credit; the application of science and technology, innovation and digital transformation; and training and development of high-quality human resources.

Speaking at the seminar, Ms. Mai Kieu Lien, General Director of Vinamilk, said that the resolutions and policies of the Government are very clear. The issue is how to implement them? And during the implementation process, if there are any problems or obstacles, she hopes that the ministries, sectors, levels and the Government will handle and resolve them quickly and provide a certain timeframe to address the difficulties faced by businesses.

According to Associate Professor Tran Dinh Thien, a member of the National Financial and Monetary Policy Advisory Council and former Director of the Vietnam Institute of Economics, despite the numerous favorable conditions created by the State, it must be acknowledged that the Vietnamese private sector is currently facing difficulties, not only institutionally but also with unprecedented challenges. He emphasized the need to focus on addressing issues in the land market, financial market, and real estate market to enable Vietnamese private enterprises to access these resources more easily and effectively.

Associate Professor Tran Dinh Thien also suggested that all levels and sectors pay special attention to the business sector related to innovation and high technology, as this is a decisive competitive front for the nation with the world. Delays in creating an institutional environment for the innovation sector will lead to missed opportunities.

Resolution No. 68-NQ/TW of the Politburo creates a breakthrough for the private economy. In the photo: Production line at Kim Sang Joint Stock Company (Tan Uyên City)

Removing bottlenecks to enable the private sector to thrive.

The seminar was attended by over 1,000 delegates, including leaders from provinces and centrally-governed cities, representatives from businesses, business associations, household businesses, and cooperatives, to listen to contributions and recommendations on policies, tasks, and solutions for developing the private economy in the coming period. This aims to affirm the position and role of the private economy, making a significant contribution to the rapid and sustainable socio-economic development.

Speaking to us on the sidelines of the seminar, Ms. Trinh Thi Hong Chau, President of the Binh Duong Mechanical and Electrical Association, said that to address the difficulties in accessing capital, especially low-interest loans, the association proposed more favorable mechanisms for businesses to access funding. Preferential capital from banks would create favorable conditions for businesses to invest in technology, reducing the technological gap compared to the current FDI sector.

“We hope the Government will continue to pay attention to and direct banks to support businesses. We also hope the Government will focus on directing the implementation of solutions to make the policy of guaranteeing loans for businesses more effective and to develop other segments of the financial market. Only then will credit for small and medium-sized enterprises increase, and preferential credit will reach more businesses,” said Ms. Trinh Thi Hong Chau.

Ms. Phan Le Diem Trang, Vice President of the Binh Duong Textile and Garment Association, also shared that despite the existence of the Enterprise Law and support for small and medium-sized enterprises (SMEs), along with 5 decrees, the actual effectiveness has not been high. The government is directing very decisively. The business community is hoping that with the streamlining of the administrative apparatus and the amendment of laws and issuance of new decrees that the government is implementing in accordance with the Party and State's policy, procedures will certainly be shortened, and programs guiding and supporting businesses will be more effective, especially the non-criminalization of administrative violations, which is a favorable condition for business development.

To be continued

TIEU MY - ANH TUAN

Source: https://baobinhduong.vn/kinh-te-tu-nhan-don-luong-gio-moi-a348055.html