Resolution 68: The goal of 2 million businesses is completely feasible

(Chinhphu.vn) - According to Deputy Minister of Finance Nguyen Duc Tam, the birth of Resolution No. 68 is considered a breakthrough in thinking and planning economic development policies in the new situation with the goal of creating momentum for the private economy to develop strongly. Although Resolution 68 has only been in effect for a short time, it has created many positive effects and spillovers.

Deputy Minister of Finance Nguyen Duc Tam. Photo: VGP/Minh Ngoc.

Confidence in starting a business is strongly aroused

Dear Deputy Minister, Resolution No. 68 of the Politburo is considered a turning point in development thinking. After nearly half a year of implementation, how do you assess the impact of Resolution No. 68 on the business community ?

Deputy Minister Nguyen Duc Tam: Resolution No. 68 sets a very big target for the strong rise of the private economy . Accordingly, by 2030, Vietnam strives to have 2 million enterprises operating in the economy, 20 enterprises operating/1,000 people. At least 20 large enterprises participate in the global value chain. The average growth rate of the private economy is about 10-12% per year; the contribution of the private economy to GDP is about 55-58%; creating jobs for about 84-85% of the total workforce. By 2045, strives to have at least 3 million enterprises operating in the economy; contributing about over 60% of GDP. The private economy has high competitiveness in the region and internationally.

To achieve this goal, the Resolution focuses on improving the investment and business environment, simplifying administrative procedures, minimizing compliance costs and increasing support for the private sector to develop strongly, making important contributions to GDP and the economy.

It can be affirmed that the issuance of Resolution No. 68 has created a new vitality, arousing the spirit of entrepreneurship and strengthening business confidence. Since May 2025, when the Politburo issued Resolution No. 68, an average of more than 18,500 new enterprises have been established each month, an increase of 43% compared to the average of the first 4 months of 2025.

In the first 10 months of 2025, the whole country had 255.8 thousand newly registered enterprises and returned to operation, an increase of 26.5% over the same period in 2024, 34% higher than the number of enterprises withdrawing from the market; the total capital of enterprises in the private economic sector added to the economy is estimated at nearly 5.2 million billion VND, an increase of 98.2% over the same period in 2024. Accumulated to the end of October 31, 2025, the whole country had over 1 million enterprises operating in the economy.

In addition, the number of enterprises returning to operation from May 2025 to September 2025 reached an average of more than 12,000 enterprises/month, with a cumulative total of nearly 93,000 enterprises returning to operation in the first 10 months of 2025, an increase of more than 40% over the same period in 2024. Thus, the average number of enterprises entering and re-entering the market grew strongly after Resolution No. 68 was issued, reaching nearly 32,000 enterprises/month, an increase of more than 28.4% compared to the average of the first 4 months of 2025 (24,900 enterprises/month).

The business environment has improved significantly. This is clearly shown through the positive assessment of the business community. A survey by the Private Economic Development Research Board (Board IV) showed that more than 46% of businesses "expect/very expect" the effectiveness of Resolution No. 68, achieving the highest average score among business confidence indicators.

In particular, to achieve the target of 2 million enterprises by 2030, the Ministry of Finance is continuing to proactively coordinate with agencies to perfect institutions and create a favorable, transparent and equal business environment.

Barriers to market entry and compliance costs will be removed through substantial reductions in administrative procedures (AP) and reform of business conditions (BC). By the end of October 2025, the Prime Minister had approved a plan to cut 348 APs, simplify 1,703 APs, and cut 2,041 BCs under the management of 14/14 ministries and agencies; at the same time, ministries and agencies have proactively revised according to their authority or submitted to competent authorities to issue legal documents (VBQPPL) to implement the reduction of 172 APs, simplify 718 APs, and cut 222 BCs.

Thus, according to the plan to reduce and simplify administrative procedures approved by competent authorities, it is expected that the total number of administrative procedures related to production and business activities to be reduced and simplified is 2,941, accounting for 60.2% and 2,263 business conditions in conditional business lines and occupations are reduced, accounting for 31%; at the same time, it is expected that the total time to reduce and handle administrative procedures is 13,182 days and the cost of reducing compliance with administrative procedures will reach more than 34.2 trillion VND/year (nearly 29%).

In the first 10 months of 2025, the whole country had 255.8 thousand newly registered enterprises and returned to operation, an increase of 26.5% over the same period in 2024, 34% higher than the number of enterprises withdrawing from the market.

Eliminate the "fear of conversion" mentality of business households

To achieve the target of 2 million enterprises by 2030, the household business sector is considered an important potential. In your opinion, what is the key factor to encourage them to convert to the enterprise model?

Deputy Minister Nguyen Duc Tam: Currently, the country has about 5.2 million business households, this is an area with great potential to achieve the goal of business development. If only a small part of them boldly convert to the business model, the goal of 2 million businesses is completely feasible.

However, in reality, many business households are still hesitant to convert. In my opinion, there are three main reasons. First, the legal compliance costs between business households and enterprises are still quite large. Second, business households do not fully understand the legal regulations on enterprises and are not familiar with accounting management, so they are hesitant to convert. Third, business households were previously subject to lump-sum taxes, and the accounting books, invoices, and documents regime was much simpler than that of enterprises.

To remove these barriers, Resolution No. 68 has put forward an important policy that from 2026, the lump-sum tax will be abolished, moving towards transparency in household business activities, while at the same time creating incentives to encourage them to convert. When becoming enterprises, they will enjoy many preferential and supportive policies such as preferential access to credit, land, training, technology and tax incentives in the spirit of Resolution No. 198.

The Ministry of Finance has completed the draft Decree guiding Resolution No. 198, submitted it to the Government for consideration and approval, and expects that after this Decree is issued, policies to support newly established enterprises and support business households to convert to enterprises will have a positive impact on the transformation process of business households.

The Ministry of Finance is focusing on promoting digital transformation in the fields of tax, customs, and treasury, moving towards 100% online public services at level 4.

Dear Deputy Minister, what specific steps has the Ministry of Finance taken to support business households to confidently convert to enterprises?

Deputy Minister Nguyen Duc Tam: To support household businesses in transforming into enterprises, the Ministry of Finance focuses on two main groups of solutions: perfecting the legal and policy framework and implementing practical support measures.

The Ministry of Finance is urgently studying amendments to the Law on Tax Administration and the Law on Personal Income Tax, aiming at a new management model - simple, transparent, easy-to-implement declaration; simplifying books, invoices, and documents, ensuring that business households are not under too much pressure when converting, studying and developing a Law on Individual Business to minimize the gap in management organization and financial accounting regime between business households and enterprises.

In addition, the Ministry is also submitting to the Government a Decree guiding Resolution No. 198, with practical support: providing free accounting software, short-term training courses, supporting online business registration, and shortening conversion time.

For synchronous implementation, the Ministry of Finance is actively upgrading technical infrastructure to implement the policy of abolishing lump-sum tax for business households from January 1, 2026. At the same time, strengthening digital transformation in tax management, such as: Applying electronic invoices generated from cash registers to help collect correctly and fully, while reducing time and costs for business households; Providing free electronic tax declaration and payment systems, electronic invoice software, accounting software, especially prioritizing support for business households facing difficulties in the early stages; Promoting internal digital transformation, improving the quality of public services & tax management capacity, and enhancing data connectivity.

The Ministry of Finance in general and the tax sector in particular have also focused on promoting propaganda to raise awareness and management capacity for business households in recent times. The tax sector has "held hands and guided" business households in creating electronic invoices, declaring taxes, and using accounting software.

In addition, the Ministry is innovating inspection and supervision work in an online direction, based on risk classification, reducing pressure, increasing transparency and creating a more friendly environment for businesses.

Since May 2025, when the Politburo issued Resolution No. 68, on average, more than 18,500 new enterprises were established each month, an increase of 43% compared to the average of the first 4 months of 2025.

Increasing access to resources - key to business growth

Access to resources is always a big challenge for the private sector, especially small and medium enterprises and innovative enterprises. What solutions does the Ministry of Finance have for this problem?

Deputy Minister Nguyen Duc Tam: The biggest obstacle for the private economy today is access to resources, especially capital, land, technology and high-quality human resources. As an advisory body to the Government on finance and budget; supporting businesses and business households, the Ministry of Finance plans to focus on implementing the following key solutions to support small and medium-sized enterprises and innovative enterprises to improve their access to resources, specifically:

Firstly, focus on reforming tax and fiscal policies to motivate small and medium-sized enterprises and innovative enterprises; propose appropriate incentive mechanisms on corporate income tax for investment income in research and development and innovation activities; exempt and reduce some types of fees and charges in the initial stages for technology start-ups; apply a mechanism for deduction and quick tax refund for enterprises with innovation investment projects.

Second, effectively operate the Small and Medium Enterprise Development Fund, through research to perfect the model of extra-budgetary state financial funds (credit guarantee fund, Small and Medium Enterprise Development Fund, local development investment fund, etc.) to build an operating model that best suits state management requirements and support needs of private enterprises, especially small and medium enterprises and innovative enterprises;

Third, to increase access to land, the Ministry of Finance will actively coordinate with ministries, branches and localities to review and create conditions for enterprises to lease land, factories and infrastructure that are surplus public assets according to the principles of publicity and transparency; speed up the implementation of Resolution No. 198 to create conditions for small and medium enterprises, innovative enterprises and supporting industrial enterprises to access land funds in industrial parks and clusters.

At the same time, the Ministry proactively promotes support for digital transformation, management training, finance and tax; strengthens coordination with business associations so that businesses understand and promptly take advantage of support policies.

Strategic priorities in the coming period

According to the Deputy Minister, what are the key priorities in the coming period to achieve the business development goals according to Resolution No. 68?

Deputy Minister Nguyen Duc Tam: I think there are three groups of tasks that need to be focused on in the coming time.

Firstly, continue to improve institutions and policies to support businesses according to the directions of the Politburo in Resolution No. 68 and of the National Assembly in Resolution No. 198 to promptly put policies into practice to improve the investment and business environment, support access to land, production and business premises, support finance, credit and public procurement; support science, technology, innovation, digital transformation and human resource training, support the formation of medium and large enterprises and pioneering enterprises to improve the competitiveness of enterprises.

Second, continue to cut costs and simplify administrative procedures to create a favorable, transparent and effective investment and business environment. The Ministry of Finance is focusing on promoting digital transformation in the fields of tax, customs, and treasury, moving towards 100% online public services at level 4. This helps businesses save time and costs, while increasing publicity and transparency in the operations of state management agencies. In addition, focus on removing barriers to entry and operation in the market, substantially cutting administrative procedures, reducing compliance costs, and reforming business conditions. Review and remove obstacles in investment, land, construction, planning, etc. to create a clear, stable, and predictable legal corridor for businesses.

Third, creating and spreading trust and entrepreneurial spirit in society. The Ministry of Finance always determines that supporting businesses is not only about issuing policies, but also about accompanying, listening, sharing and promptly removing obstacles, building policies in a creative direction for development.

With a series of synchronous solutions, from institutions, policies to practical implementation, the Ministry of Finance is gradually removing bottlenecks, creating new motivation for businesses, contributing to making the private economic sector the most important driving force of the national economy, a pioneer in developing science and technology, innovation and digital transformation, a pioneer in promoting growth, creating jobs, improving labor productivity, national competitiveness in the new era, the era of striving, prosperity, civilization, and happiness of the nation.

Thank you, Deputy Minister, for your very specific and practical sharing. Hopefully, with the decisive participation of the Ministry of Finance and related ministries and branches, the Vietnamese private economic sector will truly make a breakthrough and become an important driving force in the country's economic development./.

Minh Ngoc

Source: https://baochinhphu.vn/nghi-quyet-68-muc-tieu-2-trieu-doanh-nghiep-hoan-toan-kha-thi-102251112095600054.htm