Resolution 68: A historical turning point, a key driving force for the private economy

Resolution 68 is a policy document and a strong message about the change in thinking and commitment of the Party and State to the development of the private economy. (Photo: Vietnam+)

Resolution 68 of the Politburo on private economic development is considered an important turning point, creating the premise for qualitative changes in this economic sector.

To better understand the breakthroughs and expectations brought by the Resolution, delegate Phan Duc Hieu (Thai Binh Delegation) had an interview with a reporter from VietnamPlus Electronic Newspaper on the sidelines of the 9th Session of the 15th National Assembly.

Three great ideas stand out

- Sir, Resolution 68 is considered a turning point in the development of the private economy. So, in your opinion, what are the most important breakthroughs of this Resolution compared to previous policies and guidelines?

Delegate Phan Duc Hieu: Resolution 68 marks a major turning point in the development of the private economy, similar to previous important milestones. In 1986-1990, the private economy was recognized and in 1999-2000, the Enterprise Law was born. In previous times, the important milestone was to create an explosion in quantity. However, Resolution 68 is expected to create a qualitative change in the private economic sector, to truly become the most important driving force for socio-economic development.

The draft Law on Science, Technology and Innovation (amended) is expected to create a "launching pad" for the private economic sector, promoting sustainable economic growth.

The highlight of the Resolution lies in three major ideas, which are to reduce hassles, focus on cutting administrative procedures, creating favorable conditions for businesses to enter and operate in the market; Increase the level of protection with the assurance of legitimate rights of businesses, creating peace of mind for investors and businessmen; Unleash all resources by creating conditions for businesses to access capital, technology and other resources to serve production and business activities.

Delegate Phan Duc Hieu emphasized that the Resolution focuses on specific solutions to perfect the legal system by removing institutional barriers, creating an equal, transparent and competitive business environment. (Photo: Vietnam+)

- Resolution 68 sets the goal of "the private economic sector being the most important driving force" of the economy. Could you please share what specific solutions the Resolution has proposed to realize this goal?

Delegate Phan Duc Hieu: Resolution 68 is a policy document that conveys a strong message about the change in thinking and commitment of the Party and State to the development of the private economy. Specifically, the Resolution affirms that the private economic sector is the most important driving force in socio-economic development and requires the elimination of all prejudices and barriers against this sector. The thinking on building and implementing policies and institutions for the private economic sector is clearly expressed in Resolution 68.

To realize this goal, the Resolution focuses on specific solutions such as perfecting the legal system by removing institutional barriers, creating an equal, transparent and competitive business environment. Ensuring freedom of business by creating favorable conditions for businesses to operate freely within the legal framework. Promoting innovation through policies to encourage businesses to invest in research and development, applying new technologies to production and business. In particular, improving competitiveness, through policies to support businesses to improve their management capacity, product quality and international integration. Another important solution is to strengthen linkages by creating conditions for private enterprises to link with other economic sectors, participating in the global value chain.

Must be enforced vigorously

- In your opinion, what solutions are needed to ensure effectiveness and consistency in the implementation of the Resolution?

Delegate Phan Duc Hieu: The key factor for Resolution 68 to be effective is its determination and strength in implementation.

Specifically, the Resolution emphasizes the need to cut out all hassles, change the mindset of State management from pre-inspection to post-inspection, and enhance transparency and accountability of State management agencies. However, close coordination between ministries, branches, and localities in the process of implementing the Resolution is essential to ensure effectiveness and consistency.

Therefore, I think the Government needs to soon issue detailed guidance documents, concretizing the provisions of the Resolution and at the same time strengthen inspection and supervision of implementation at all levels and sectors.

Illustration photo. (Source: Vietnam+)

- Resolution 68 requires amending the Penal Code to avoid criminalizing economic relations. In your opinion, what does this mean for the business community and investment environment in Vietnam?

Delegate Phan Duc Hieu: In reality, it is easy to enter the market but businesses still have to bear institutional and business risks, which will affect their psychology and reduce creativity (not daring to innovate). Businesses cannot avoid mistakes and need to be given the opportunity to correct and do it again, this is to create a business environment. Therefore, I think some very new points of this Resolution are aimed at increasing protection for businesses.

The amendment of the Penal Code to separate administrative, civil, economic and criminal violations is of great significance to the business community. This helps create a safe, transparent and stable business environment, encouraging businesses to boldly invest, innovate and expand production and business. The clear separation of types of violations also helps protect the legitimate rights of businesses, avoiding the criminalization of economic relations, which negatively affects production and business activities and the investment environment.

Thank you, sir./.

(Vietnam+)

Source: https://www.vietnamplus.vn/nghi-quyet-68-buoc-ngoat-lich-su-dong-luc-then-chot-kinh-te-tu-nhan-post1037095.vnp