The foundation for the private economy to break through

On behalf of the Politburo, General Secretary To Lam has just signed Resolution No. 68-NQ/TW dated May 4, 2025 of the Politburo on private economic development (hereinafter referred to as "Resolution 68"). This is not the first time our Party has mentioned the role of the private economy, but Resolution 68 has marked a turning point in awareness, thinking and action. The private economy, from being officially considered an independent economic sector with the potential to contribute to the country's economic development at the 7th Congress (1991) to the 9th Congress (2001), has developed into an economic sector with a long-term important position in the socialist-oriented market economy. And on May 4, 2025, when Resolution 68 was issued, our Party officially affirmed for the first time: The private economy is "the most important driving force of the national economy".

Car production at Vinfast factory of Vingroup private economic group in Cat Hai, Hai Phong. (Photo: VNA)

Furthermore, the private economy is also guaranteed to “compete equally with other economic sectors in accessing business opportunities and economic resources, especially capital, land, technology, human resources, data and other legitimate resources of the country according to the provisions of law”... That means the private economy is now placed on par with the state economy, the collective economy, and plays a core role in building an independent, autonomous and deeply integrated economy. When the private economy is recognized as the central driving force, protected in its freedom of business, supported in innovation and integration, every entrepreneur and every citizen can believe that their success is the success of the country.

Along with enhancing its role, Resolution 68 has set inspiring goals for the private economic sector such as striving to have 2 million enterprises operating in the economy by 2030 from the current level of more than 940,000 enterprises; contributing about 55-58% of GDP from the current level of about 50%; about 35-40% of total state budget revenue from the current level of about 30%; creating jobs for about 84-85% of the total workforce from the current level of about 82%. In particular, Resolution 68 sets the goal of having at least 20 large private enterprises participating in the global value chain by 2030 and developing to 3 million enterprises by 2045, clearly demonstrating the aspiration to bring the Vietnamese private economy to the open sea, deeply integrating into the regional and global economy.

To achieve this ambitious goal, Resolution 68 has addressed the root of the problem, which is institutional reform, such as cutting at least 30% of administrative procedure processing time, at least 30% of legal compliance costs, at least 30% of business conditions by 2025, and continuing to cut sharply in the following years. Strive to have Vietnam's investment and business environment among the top 3 ASEAN countries and the top 30 countries in the world by 2028. The Resolution also requires minimizing intervention and eliminating administrative barriers, shifting from "pre-inspection" to "post-inspection"; from the mindset of "asking - giving", "if you can't manage, then ban" to the mindset of serving..., unleashing social resources, promoting innovation and enhancing national competitiveness.

Notably, Resolution 68 identifies economic criminalization as only the last resort, not criminalizing civil disputes, prioritizing measures to overcome economic consequences first and taking that as an important basis for considering further handling measures. This is considered an effective and civilized approach, a change that redesigns the relationship between the state and the private sector, the state from controlling to creating, the private economy from being heavily prejudiced to being trusted. This is an intangible asset, but extremely important and necessary for the private economy to develop strongly and sustainably. Because businesses need capital, but trust is still more important and Resolution 68 is the foundation for that trust.

In addition, when identifying “entrepreneurs as soldiers on the economic front”, Resolution 68 not only honors the role of entrepreneurs in economic development startups, but also places on their shoulders a new responsibility to lead and serve society, becoming representatives of the national spirit in the era of global competition. This breakthrough thinking is a strong political commitment to the business community, business households and all people that private economic development is a long-term strategy, not a temporary measure. This is not only a policy innovation but also a shift in leadership thinking. If effectively implemented with a public apparatus that truly shifts from “management” to “service”, Resolution 68 will certainly be a catalyst to bring Vietnam into a new era of development, in which the private economy plays a leading role with a proactive, self-reliant and ambitious spirit, becoming a lever for Vietnam to prosper.

According to News and People Newspaper
https://baotintuc.vn/goc-nhin/nen-tang-giup-kinh-te-tu-nhan-but-pha-20250506142428625.htm

Source: https://thoidai.com.vn/nen-tang-giup-kinh-te-tu-nhan-but-pha-213305.html