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Private economy is the most important driving force - The correct and creative viewpoint of our Party

On May 4, 2025, the Politburo issued Resolution No. 68-NQ/TW on "Developing the private economy", which stated: "In a socialist-oriented market economy, the private economy is the most important driving force of the national economy". This is an important shift in the Party's perception of the position and role of the private economy in the socialist-oriented market economy in our country. However, on social networks, hostile forces and political opportunists spread the rumor that: "The Communist Party of Vietnam considers the private economy the most important driving force, which is a manifestation of deviation from socialism". This is a distorted viewpoint, aimed at shaking, causing skepticism, wavering, and loss of confidence of a number of cadres, party members, and the masses in the Party and the State. The Party's viewpoint: "The private economy is the most important driving force of the national economy" is completely correct, creative, and based on profound theoretical and practical foundations.

Báo Quân đội Nhân dânBáo Quân đội Nhân dân05/08/2025

On theoretical basis

Our Party has creatively applied the Marxist-Leninist viewpoint on the characteristics and tasks of the transitional period; on the path and measures to reform the old production relations (PR), and build new socialist PR into the reality of Vietnam. Regarding the tasks of the transitional period, the classics of Marxism-Leninism have pointed out that one of the basic tasks of the transitional period is to abolish the regime of private capitalist ownership of the means of production (PS), not to abolish private ownership in general; to build a regime of public ownership of the means of production, but that work must be carried out on the basis of compliance with objective laws.

Regarding the path and measures to abolish private ownership and build public ownership of the means of production, it must be carried out gradually, step by step, and over a long period of time, on the basis of respecting the law of production relations that must be consistent with the nature and level of development of the means of production. Answering the question of whether it is possible to abolish private ownership immediately? C. Marx and F. Engels affirmed: “No, it is impossible, just as it is impossible to increase the existing means of production immediately to the level necessary to build a public economy ... it will only be possible to reform the present society gradually, and only when a mass of means of production necessary for that reform has been created, then can the private ownership regime be abolished”[2, p.469].

Thus, according to the Marxist-Leninist viewpoint, each socio-economic form corresponds to a system of production relations, in which the ownership of means of production plays a decisive role. In capitalist society, the private economy is the dominant form, associated with the private ownership of means of production, promoting competition, capital accumulation, technological innovation, but at the same time also producing inequality, exploitation and economic crisis.

During the transition period to socialism, the existence of diverse forms of ownership and economic sectors is inevitable; it plays an objective role in developing the productive forces, solving employment, mobilizing and effectively using resources, increasing labor productivity, contributing to economic and social growth and development.

The growth of the domestic private sector is one of the most important achievements of the renovation process. Photo: Government Newspaper

Practical basis  

Implementing the innovation policy, first of all, the innovation of economic thinking, our Party increasingly correctly perceives the role and position of the private economy.

In the operation of the socialist-oriented market economic model, the private economy is recognized as an important component, contributing to economic growth, job creation, capital and social resource mobilization, promoting innovation, and improving the competitiveness of the economy.

The ultimate goal of the Communist Party of Vietnam is to successfully build socialism and advance to communism. Under the leadership of the Party, any economic development, including the development of the private economy, must serve this goal.

Socialist production relations increasingly assert their position and firmly maintain their dominant role in society. Therefore, the development of the private economy is always within the framework of law and socialist orientation, and cannot be spontaneous or freely compete in the style of "big fish swallowing small fish" to gain dominance, as well as overwhelm other economic sectors. Because the goal of our regime is to build a fair, democratic, and civilized society, in which the interests of the majority of people are put first. The private economy must comply with the law and be subject to the management and supervision of the State; if it goes against the interests of the nation, people, and community, it will be punished by law.

The private economy develops, Vietnam does not deviate from socialism, but the goals of socialism are increasingly better realized.

Implementing the Party's guidelines and policies, after nearly 40 years of renovation, the private economy has gradually developed in both quantity and quality. To date, the country has more than 940,000 enterprises and over 5 million business households; the private economy contributes about 50% of GDP, more than 30% of total state budget revenue and 82% of total labor force...

The state economy has truly created the foundation for the private economy to become one of the important driving forces of the socialist-oriented market economy. On the contrary, the development of the private economy does not overshadow the leading role of the state economy, but creates a relationship of mutual support, complementarity, and interaction.

The state economy has increasingly demonstrated its role in leading, guiding, and supporting the development of the private economy. The private economy cannot be separated from the state economy, but develops more favorably when there is a stable environment and infrastructure invested and supported by the state. For example: EVN has kept electricity prices stable for many years, supporting production and business costs for the whole society, especially small and medium-sized private enterprises; the North-South expressway project is largely invested by the state, helping to reduce logistics costs, thereby effectively supporting private enterprises; industrial parks and high-tech zones planned by the state create conditions for private enterprises to make secondary investments; through the Vietnam Development Bank and the Credit Guarantee Fund, the state supports small and medium-sized private enterprises to access capital; the state invests in vocational education and creative startups to help provide human resources and innovation platforms for the private economy; Private enterprises can participate in bidding packages to supply the state economy, especially in the fields of basic construction, public services, material supply, etc.

When the private economy encounters difficulties or deviates from its development direction, the state economy will be the tool to intervene, orient, lead and stabilize. Therefore, no matter how fast the private economy develops, how large its scale is, or how strong its resources are, the state economy will still maintain its leading role.

Reality also proves that when the private economy develops, Vietnam does not deviate from socialism, but the goals of socialism are increasingly better realized. Our country's economy always maintains a high growth rate; the material and spiritual life of the people is improved; national defense and security are strengthened; Vietnam's prestige in the international arena is enhanced. The above achievements are evidence to refute the wrong and distorted viewpoint that: "The Communist Party of Vietnam considers the private economy the most important driving force, which is a manifestation of deviation from socialism".

The viewpoint that “The private economy is the most important driving force of the national economy” is a continuation of our Party’s correct thinking and perception of the position and role of the private economy. Developing the private economy is a means to exploit social resources to the maximum and effectively for national development. Identifying the private economy as the “most important driving force” does not mean to underestimate, downplay, or deny the leading role of the state economy, the leadership role of the Party, and the management of the State in the socialist-oriented market economy. With its mettle, intelligence, experience, and tradition, our Party and State are fully capable of orienting the economy toward socialism, developing it for the goal of “A rich people, a strong country, a democratic, equitable, and civilized society”.

Colonel, Associate Professor, Dr. NGUYEN TRONG XUAN; Lieutenant Colonel, Dr. PHUNG QUANG PHAT (Faculty of Marxist-Leninist Political Economy, Academy of Politics)


References

1. VILenin Complete Works, Volume 39, (1919), National Political Publishing House Truth, Hanoi, 2005, pp.309 - 310.

2. C.Marx and F.Engels Complete Works, Volume 4, (1847), National Political Publishing House Truth, Hanoi, 1995, pp.468, 469.

3. VILenin Complete Works, Volume 44, (1921), National Political Publishing House Truth, Hanoi, 2005, p.189.

4. Nguyen Phu Trong (2021), Hanoi.

    Source: https://www.qdnd.vn/cuoc-thi-bao-chi-bao-ve-nen-tang-tu-tuong-cua-dang-trong-tinh-hinh-moi/kinh-te-tu-nhan-la-mot-dong-luc-quan-trong-nhat-quan-diem-dung-dan-sang-tao-cua-dang-ta-839265


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