Resolution 68: 3 foundations needed for private enterprises to 'mature'

Clear institutions, open credit and transparent mechanisms are three foundations that help private enterprises "mature" and proactively contribute to the economy.

Workers of a private enterprise in Ho Chi Minh City produce equipment for export to the Indian market - Photo: NGOC HIEN

Speaking with Tuoi Tre Online , a representative of the Vietnam Young Entrepreneurs Association shared the recommendations of young entrepreneurs and proposed practical solutions to promote the private economy .

Proposal to eliminate the "different types of policies"

The Politburo's issuance of Resolution No. 68 on private economic development marks a strong shift in thinking and action in the country's modernization. Together with Resolutions No. 57, 59, 66, this is considered the "four pillars" that create a new development environment, where private enterprises are not only recognized for their role but also given confidence to master growth momentum.

According to the Vietnam Young Entrepreneurs Association, private enterprises are still operating in a legal environment that is not really specifically designed for their development characteristics.

Although the Enterprise Law and Investment Law have been amended many times, there are still many overlaps, causing high compliance costs and great legal risks.

From that reality, this association proposed to study and develop a law on private economic development, a framework law that both ensures a fair competitive environment and promotes production and business efficiency.

At the same time, it announced the roadmap for implementing Resolution 68, specifying the concept of "non-criminalization of economic relations", while allowing the business community to monitor progress through annual reports and policy feedback mechanisms.

In addition, the Vietnam Young Entrepreneurs Association proposed to eliminate the situation of "each place has its own style" of policies by ensuring consistency from the central to local levels in law enforcement. At the same time, it suggested sending draft legal documents to businesses in a timely manner through the National Law Portal and associations so that the business community can provide practical comments.

Mr. Dang Hong Anh - Chairman of the Vietnam Young Entrepreneurs Association - said that if the private sector is considered an important driving force, it cannot be managed by scattered laws alone. Enterprises want a legal corridor that is clear enough and trustworthy enough for them to feel secure in long-term investment.

Don't leave the private sector out of the big game.

According to the Vietnam Young Entrepreneurs Association, in national development programs, private enterprises are still left out due to many barriers in criteria, procedures, and selection mechanisms, causing the private sector to only play the role of service provider, not participating in core design or implementation.

The Vietnam Young Entrepreneurs Association proposed that there should be clear policies and transparent criteria so that the private sector is qualified to participate right from the planning and project implementation stages.

At the same time, it is proposed to allow small and medium-sized enterprises to be given priority to participate in bidding for packages under 20 billion VND in localities; strictly prohibit large enterprises from "circumventing the law" by establishing subsidiaries to enjoy this incentive...

Regarding the field of digital transformation, the Vietnam Young Entrepreneurs Association said that this is a key field, statistics show that businesses that successfully apply digital transformation achieve productivity growth of 20-30%.

Therefore, this association recommends that the Government provide free/cheap shared platforms, such as accounting software, CRM, POS for small businesses, and provide technical support to apply simple and effective technology.

A pressing issue in the business community is the slow payment from state agencies and enterprises. Therefore, the association proposes to issue specific payment time regulations and set up a hotline to report and handle violations, helping businesses overcome cash flow difficulties.

Mr. Dang Hong Anh believes that private enterprises have potential, ideas and high flexibility, and always want to participate substantially in national development programs, not in a supporting role, but as an equal partner.

"When the law is transparent, credit is smooth, the private sector has confidence and opportunities, that is when national momentum is truly liberated," Mr. Hong Anh shared.

Small businesses want credit support

According to businesses, access to credit is still a major bottleneck for private enterprises, especially for small businesses that lack collateral or are implementing technology innovation and green transformation projects.

Therefore, the Vietnam Young Entrepreneurs Association proposed that the Government issue specialized credit packages by industry/field, reduce loan interest rates by 1-2%, and grant principal grace period of 1-3 years.

At the same time, the National Credit Guarantee Fund should be expanded, with the participation of the State and commercial banks. In addition, it is necessary to establish an industrial innovation fund with an initial scale of at least VND 20,000 billion to support enterprises in deploying high-tech, environmentally friendly technologies.

In addition, this association also proposed that with the project to develop Vietnamese Ginseng - Ngoc Linh Ginseng, if there is a preferential loan policy, tax exemption for the first 3-5 years and a systematic national brand building, this product can generate billions of USD each year and raise the Vietnamese brand in the international arena.

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Source: https://tuoitre.vn/nghi-quyet-68-can-3-nen-tang-de-doanh-nghiep-tu-nhan-truong-thanh-20250629184202711.htm