Resolution No. 68-NQ/TW dated May 4, 2025 of the Politburo on "Private Economic Development" (Resolution 68) was issued, continuing to mark a historic milestone, not only affirming its role but also giving full confidence, opening up unprecedented opportunities for the private economy to rise to become the most important driving force of the Vietnamese economy in general and Quang Ninh province in particular.
Open up new opportunities
On May 4, 2025, General Secretary To Lam signed Resolution No. 68-NQ/TW of the Politburo on private economic development. The goals, tasks, and solutions set forth in the resolution will create leverage to help the private economic sector develop, becoming the most important driving force of the national economy.
The Resolution stated that after nearly 40 years of renovation, our country's private economy has gradually developed in both quantity and quality, becoming one of the important driving forces of the socialist-oriented market economy. The private economic sector currently has more than 940 thousand enterprises and more than 5 million business households in operation, contributing about 50% of GDP, more than 30% of total state budget revenue and employing about 82% of the total workforce; is an important force promoting innovation, improving labor productivity, increasing national competitiveness, contributing to hunger eradication, poverty reduction, and stabilizing social life. Many private enterprises have grown strongly, affirmed their brands and reached out to regional and world markets.
Resolution No. 68 sets an important goal: By 2030, Vietnam will have about 2 million operating enterprises, of which at least 20 large private enterprises will participate in the global value chain, the private sector will contribute 55-58% of GDP, accounting for about 84-85% of the total number of workers in the economy.
In line with the spirit and objectives of Resolution No. 68, on the morning of May 17, at the 9th Session, the 15th National Assembly passed Resolution No. 198/2025/QH15 on specific mechanisms and policies to develop the private economy with a series of preferential policies specified in Resolution No. 198/2025/QH15. The Resolution consists of 7 chapters and 17 articles, taking effect from May 17, 2025. In particular, many outstanding contents are highly appreciated by the business community and experts, such as: Only inspecting and examining enterprises a maximum of once a year; prioritizing post-inspection instead of pre-inspection; exempting corporate income tax for start-ups in the first 2 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...
It can be seen that in less than two weeks, the National Assembly and the Government have issued resolutions and action plans to institutionalize and synchronously implement Resolution 68 to create a favorable, transparent, and equal business environment for private enterprises to develop. Prime Minister Pham Minh Chinh also emphasized that "the business world is a battlefield", calling for motivation and inspiration for entrepreneurs, while at the same time mobilizing the entire population to compete to get rich legally, building a dynamic and creative economy.
As for Quang Ninh province, with many potentials and advantages in industry, tourism services as well as synchronous infrastructure, the province is facing a great opportunity to promote the role of the private economy in local economic development. To date, the province has nearly 12,000 registered enterprises, most of which are small and medium-sized private enterprises, contributing positively to GRDP growth of nearly 11% in the first quarter of 2025. The dynamism of the private sector has contributed to diversifying industries, increasing product value and creating jobs for local workers. The timely issuance of Resolution 68 will continue to be an important driving force to strengthen the private economic force to have conditions to develop and contribute positively to the province's economy in the coming period.
According to Mr. Luu Cong Thanh, Chairman of the Quang Ninh Province Young Entrepreneurs Association, “The content that makes businesses happiest in Resolution 68 is the tax exemption for small and medium enterprises in the first 3 years. This is a very practical policy, helping businesses feel more secure in the start-up phase, devoting resources to strengthening internal strength before moving to a more stable development stage.”
To let the Resolution "take root" soon
Over the years, Quang Ninh has always committed to accompanying businesses, creating an open and favorable investment and business environment with the spirit: "The success of businesses and investors is also the success of Quang Ninh". The province always listens and supports businesses in removing difficulties and obstacles, with the goal of creating strong, sustainable businesses, building development ecosystems in each field. The business community has also been proactively turning difficulties into opportunities, restructuring production models, promoting investment in the application of science and technology, developing green economy, digital economy, and circular economy.
In the coming time, to make good use of the opportunities from Resolution 68, the province is continuing to promote administrative procedure reform, reduce unnecessary business conditions, strongly shift to a post-audit mechanism, and at the same time improve the effectiveness of state management. Because according to Resolution 68, instead of closely monitoring before businesses operate (pre-audit), the Resolution emphasizes a post-audit mechanism - creating trust, empowering autonomy, and at the same time requiring businesses to be transparent and self-responsible. Mr. Pham Quang Tung, Director of Thanh Tung Van Don Company Limited, commented: “The shift from pre-audit to post-audit is a very notable new point, helping businesses to be more decisive and proactive. Previously, many decisions on project implementation still depended on relationships, but now it is required to be transparent, clearly responsible, helping the business environment to be healthier.
At the same time, the province also needs to pay attention to promoting digital transformation in management and production and business activities. This is also an urgent requirement to help businesses improve their competitiveness and quickly adapt to fluctuations in the domestic and international markets. In addition, the province needs to prioritize supporting small and medium enterprises, micro enterprises and business households to transform into formal enterprises, thereby improving the quality and scale of the private economic sector. According to Mr. Le Van Sang, Director of Thien Long Electrical Appliance Development Company Limited, in the first 3 years, any start-up business needs to focus 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 enterprises in the first years of establishment helps newly established businesses reduce the financial burden. Businesses can be more confident, not having to worry much about tax obligations during the start-up phase, but focusing resources on building a solid business.
Developing high-quality human resources and training skills suitable for the requirements of digital transformation and innovation are also key factors for businesses to develop sustainably, contributing to building a green, creative and sustainable economy.
In particular, an important highlight in Resolution 68 is the policy of assigning work and placing orders to enterprises instead of just bidding as before. This opens up opportunities for private enterprises to be more proactive in participating in projects and socio-economic development programs of the province and the country. Prime Minister Pham Minh Chinh also emphasized that enterprises must "do what they promise, do what they commit to, and have specific, measurable results when they do it", and at the same time requested that state agencies must accompany and support enterprises in a practical way, not being perfectionist or hasty, but learning from experience as they go.
In order for Resolution 68 to quickly come into effect, Party committees and local authorities in the province need to clearly define responsibilities and assign specific tasks in the spirit of “6 clear”: clear people, clear work, clear responsibilities, clear authority, clear time and clear results. Synchronous coordination between departments, branches and localities is a decisive factor to create consistency in policies and actions, avoiding the situation of “localities doing well, ministries and branches doing slowly” or vice versa.
Along with that, the province needs to continue organizing dialogue forums between the government and businesses, creating a quick feedback channel, promptly removing difficulties and obstacles in production and business activities. Building Ho Chi Minh Communist Youth Union organizations and developing the Party in the private enterprise sector also contributes to enhancing the role and responsibility of entrepreneurs in socio-economic development.
In the context of increasingly deep international economic integration, the development of the private economy not only helps the province improve its competitiveness and attract investment but also contributes to creating jobs, improving people's lives, and promoting sustainable socio-economic development. This is also an important premise for Quang Ninh to successfully implement socio-economic development goals in the coming period, aiming to build the province into a green, creative and sustainable economic center of the region and the whole country.
It can be affirmed that Resolution 68 has opened up a golden opportunity for the Vietnamese private economy in general and Quang Ninh province in particular to develop strongly and sustainably. The synchronous and drastic implementation of the Resolution's tasks and solutions will help the private economy become the central driving force, contributing to building the country to develop rapidly and sustainably in the new era.
Source: https://baoquangninh.vn/ky-nguyen-vang-cho-kinh-te-tu-nhan-3361178.html
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