Resolution 68-NQ/TW: Launch pad for private economy to break through

Supporting digital transformation and technological innovation will create a boost for private enterprises to develop breakthroughs. (In photo: Production at Tien Thinh Investment Development and Construction Joint Stock Company)

New thinking on private economic development

Resolution No. 68 was built on the basis of summarizing nearly 40 years of innovation, with a new, more comprehensive development mindset on private economy. The document emphasized: “Developing a fast, sustainable, effective, high-quality private economy is a regular, long-term, urgent task; an objective requirement and an inevitable trend of the socialist-oriented market economy”. The Resolution also established 5 major guiding viewpoints, in which the important highlight is to eliminate prejudices, create an open and favorable investment and business environment; unblock and protect property rights, freedom of business, and the right to fair competition for the private sector. At the same time, the Resolution also clearly defines the role of the Party in leadership, the State in development creation, and enterprises as the center and subject.

The Resolution sets out the goal that by 2030, the country will have about 2 million private enterprises, this sector will contribute about 55 - 58% of GDP, about 35 - 40% of total state budget revenue; by 2045, there will be at least 3 million enterprises, contributing over 60% of GDP. Along with that is a strong team of entrepreneurs, with capacity, courage, culture and a high sense of responsibility to the country and society. These are challenging but also very hopeful goals, demonstrating a clear recognition and determination to innovate from the Central Government to liberate important resources in society to serve the country's development.

Great opportunity for business and startups

With a strong spirit of innovation, Resolution No. 68-NQ/TW is not only a guiding document but also a call to action, opening up great opportunities for the private economic sector to make a breakthrough. The focus is on perfecting institutions, reforming administration, enhancing national competitiveness and building a comprehensive business support ecosystem. Private enterprises will have fairer access to resources: capital, land, technology, information, and high-quality human resources.

Notably, Resolution No. 68-NQ/TW directly addresses the development of the private economy associated with key areas such as digital transformation, green economy, circular economy, and innovation. At the same time, promoting the start-up movement, building a synchronous start-up ecosystem from the central to local levels, creating an equal playing field and encouraging the young generation of entrepreneurs to actively participate in the country's development. From these orientations, it is expected that a class of medium and large private enterprises will be formed instead of the "standing still" small and medium-sized enterprises in the past long time. Strong private enterprises have the ability to compete internationally, take the lead in new fields, high technology, thereby creating new momentum for sustainable economic growth, contributing to making Vietnam soon become a developed country, entering a new era - the era of national development.

Expectations of Thai Binh businessmen

As soon as Resolution No. 68-NQ/TW of the Politburo was issued, the business community and enterprises of Thai Binh enthusiastically welcomed it and hoped that this would be a fresh breeze to ignite the development aspirations of the private economic sector, which has been stagnant and slow to grow. As someone who has been associated with Long Hau Ceramics Joint Stock Company for more than 30 years, clearly understanding the ups and downs and difficulties of the construction materials industry, Mr. Nguyen Quoc Phong, Party Secretary and Deputy Director of the Company, said: Never before have private enterprises been highly appreciated, cared for strongly and synchronously as they are today. We really hope that the Resolution will soon be institutionalized into specific policies, especially regarding preferential credit capital, production premises, technology innovation policies, etc. These are all long-standing problems and obstacles that have caused private enterprises to lack vitality and competitiveness when entering the market. The resolution coming into effect soon will remove that burden, helping businesses expand their scale, improve productivity and product quality.

From the perspective of a trading enterprise and industrial real estate investor, Mr. Luong Van Thuan, Director of Thuan Cuong General Trading Company Limited, highly appreciated the Central Government's viewpoint in innovating thinking about private enterprises. Accordingly, it is necessary to completely eliminate perceptions, thoughts, concepts, and prejudices about Vietnam's private enterprises; correctly assess the important role of private enterprises in national development; nurture and encourage the entrepreneurial spirit and innovation of people and enterprises, respect enterprises and entrepreneurs, identify entrepreneurs as soldiers on the economic front... to create an open and favorable investment and business environment. Mr. Thuan shared: Along with innovating thinking, the Resolution also specifies specific tasks and solutions to promote the development of private enterprises, including increasing opportunities to access land, production and business premises; promoting and diversifying capital sources; improving the quality of human resources for private enterprises. When treated fairly and given more resources, we believe that private enterprises will have the opportunity to break through and rise up. Mr. Tran Dai Nghia, Director of Dai Nghia Production and Trading Company Limited (Tien Hai) said: One of the tasks and solutions to help the private economy develop as pointed out in the Resolution is to promote science and technology, innovation, digital transformation, green transformation, effective and sustainable business. We consider this to be the key to removing difficulties, creating favorable conditions for businesses, especially businesses in the field of science and technology like us, to have the conditions to research, innovate, and bring science and technology products to better serve people's lives, businesses will expand both production scale and consumption market.

Identifying the private sector as the driving force of the economy is a huge shift in thinking. Many businesses, especially start-ups, want the authorities to be more supportive, creating favorable conditions for investment procedures, bidding, land lease, technology development, etc. to help businesses feel secure in investing and operating long-term. Ms. Nguyen Thi Hang, Director of Manda Farm, founder of the organic clean agricultural product brand in Thai Binh, said: This resolution has affirmed the importance and necessity of supporting the startup ecosystem. We hope there will be many in-depth support programs on market connection, legal advice, brand development and access to investment capital, thereby creating trust and motivation for young businesses to persistently pursue the ideal of sustainable startups.

From the perspective of representing the voice of the business community, Mr. Do Van Ve, Chairman of the Provincial Business Association, assessed: Resolution No. 68-NQ/TW of the Politburo is a major milestone. The important thing now is to promptly organize propaganda and widely disseminate the Resolution to businessmen, while actively advising and recommending specific policies suitable to the development conditions of each locality and each industry. The Provincial Business Association will be an active bridge to connect businesses with state agencies, institutionalize the Resolution into practical policies and mechanisms, and join hands to realize the goals set out in the Resolution.

Resolution No. 68-NQ/TW is a clear demonstration of the political determination and breakthrough development thinking of our Party in affirming the role and position of the private economy. In the context of deep integration and fierce global competition, the concretization and effective implementation of the Resolution is an urgent requirement to unleash social resources and enhance the endogenous capacity of the economy. With the support of authorities at all levels, the participation of socio-political organizations and the determination, innovation and creativity of the business community, the private economy is facing a great opportunity to develop, becoming one of the important pillars in the green, sustainable growth and international integration strategy of the country and locality.

Clean working space and modern machinery and technology support production, helping workers of Lan Phu Protective Production and Trading Company Limited feel secure and committed to long-term commitment.

Hanoi

Source: https://baothaibinh.com.vn/tin-tuc/4/223637/nghi-quyet-68-nq-tw-be-phong-cho-kinh-te-tu-nhan-but-pha