Resolution 68-NQ/TW: Paving the way for capital market and private enterprise development

(Chinhphu.vn) - Resolution 68 - NQ/TW is expected by the business community, experts and managers to create a turning point in institutional reform, promote the capital market, and help private enterprises develop sustainably. However, for the Resolution to truly come into life, there needs to be synchronous participation from ministries and branches, especially in issuing specific instructions and removing institutional "bottlenecks".

Experts discussed at the workshop "Resolution 68-NQ/TW on private economic development: What opportunities are there for listed enterprises and public companies?"

This is the content discussed by experts and enterprises at the workshop "Resolution 68-NQ/TW on private economic development: What opportunities for listed enterprises and public companies?" organized by the Vietnam Institute of Directors (VIOD) in coordination with the State Securities Commission (SSC) - Ministry of Finance on the afternoon of June 6 in Hanoi.

The Expanding Legal Framework: From Belief to Action

Ms. Vu Thi Chan Phuong, Chairwoman of the State Securities Commission, said: Resolution No. 68-NQ/TW on private economic development is an important milestone, affirming that the private economy is one of the key driving forces of the country's economy.

Immediately after that, within just two weeks, the policy system was concretized by Resolution 198/2025/QH15 of the National Assembly and Resolution 139/NQ-CP of the Government dated May 17, 2025. These were quick steps, demonstrating the determination to institutionalize strategic orientations, helping the private sector develop more substantially and effectively.

The leaders of the State Securities Commission commented: Resolution 68 has created a strong ripple effect on the business community, especially public companies and enterprises listed on the stock market. With a vision to 2030, the Resolution emphasizes the role of enterprises in innovation, economic integration and job creation.

The leader of the State Securities Commission analyzed: In the 8 key solution groups, the second group - "improving institutions" clearly mentioned supporting the improvement of governance capacity. This is a great advantage for listed enterprises because the transparent and effective governance model is the foundation they are pursuing.

"In recent times, the Vietnamese stock market has also made clear progress. The implementation of the KRX system, promoting openness and transparency, and efforts to upgrade the market all show clear commitments from management agencies," Ms. Vu Thi Chan Phuong shared.

Ms. Vu Thi Chan Phuong, Chairwoman of the State Securities Commission, speaks at the Workshop - Photo: VGP/HT

Ms. Pham Thi Thuy Linh - Head of the Securities Market Development Department, State Securities Commission said: the agencies are amending regulations to promote enterprises to make initial public offerings (IPO) and list shares seamlessly, while significantly reducing administrative procedures for enterprises.

Specifically, the number of administrative procedures in the securities sector is being drastically reduced, from 95 procedures to about 63-64 procedures. At the same time, each procedure is also being reviewed to reduce paperwork and simplify the process. This is an important step to build a solid bridge between enterprises and the capital market, thereby promoting the wave of listing.

From the business perspective, Ms. Nguyen Thi Tra My, Vice Chairwoman of the Board of Directors of PAN Group, Chairwoman of the Board of Directors of Vietnam Seed Group Corporation (Vinaseed) said that agriculture is a high-risk field, few people dare to invest because they do not know for sure when the harvest will be, and the processing is completed, and the consumption capacity in the markets is unclear. Therefore, only when there is institutional trust, will we dare to invest, transform digitally and develop sustainably.

Ms. My said that Vinaseed has built the country's largest seed research centers and food research institutes, and has also taken advantage of tax incentives to invite international scientists to work in Vietnam. "If the mechanism allows research costs to be deducted before tax, there is no reason not to create incubators for agricultural startups," Ms. Nguyen Thi Tra My shared.

Vietnamese enterprises have high expectations for reform

Sharing about the difficulties in restructuring enterprises, Ms. Nguyen Thi Tra My, Vice Chairwoman of the Board of Directors of PAN Group, Chairwoman of the Board of Directors of Vietnam Seed Group Corporation (Vinaseed), said: many procedures still have "sub-licenses" that slow down the progress of enterprises.

Therefore, according to Ms. Nguyen Thi Tra My, Resolution 68 needs to be implemented in the right direction, while creating fairness between domestic enterprises, FDI and state-owned enterprises. In particular, for agricultural enterprises, it is necessary to create conditions for the development of research areas, seed production and high-tech farming.

Mr. Phan Duc Hieu - Full-time member of the National Assembly Economic Committee said: The National Assembly speaks at the Workshop - Photo: VGP/HT

From a policy perspective, Mr. Phan Duc Hieu - Member of the National Assembly's Economic Committee said: The National Assembly is implementing amendments to the corporate income tax policy, allowing deductions for research and development (R&D) costs in the 2025 tax reporting period. This is a very important change to encourage investment in science and technology.

According to the representative of the Department of Private Economic Development and Collective Economy (Ministry of Finance), the Ministry is consulting on the development of decrees guiding the implementation of Resolution 68 of the Party and Resolution 198 of the Party. National Assembly on some special mechanisms and policies for private economic development. However, because the content is related to many ministries and branches, close coordination is needed.

"However, in accordance with the spirit of Resolution 139 of the Government on Promulgating the Government's Plan to implement Resolution 198, all guidance documents will be completed in 2025," informed a representative of the Ministry of Finance.

Representing investors, Mr. Vu Quang Thinh, General Director of Dynam Capital, affirmed: Resolution 68 will be a boost for private enterprises, especially large enterprises, in promoting in-depth and long-term investment.

According to Mr. Vu Quang Thinh, businesses will not only invest because of incentives but also because they have confidence in the institutions and stable business environment.

Currently, Vietnam has 55 enterprises with capital of over 1 billion USD, however, no agricultural enterprise has reached this threshold. Therefore, he hopes that the new institution will help more large-scale enterprises appear, contributing to bringing the Vietnamese economy to the global market.

However, Mr. Thinh emphasized: investment not only requires capital but also a good legal framework. The institutional reform process will help Vietnam have a systematic corporate governance standard - a prerequisite for successful listing and attracting investors.

According to Mr. Thinh, among the groups of solutions in Resolution 68, there is a very important solution which is to improve the quality of corporate governance. That is the key factor to help businesses develop sustainably and access long-term capital sources in the stock market.

Sharing the same view, Ms. Dinh Quynh Van - Chairman of PWC Vietnam, founding member of VIOD - expressed concern about the situation of "too much money flowing into real estate" while manufacturing enterprises are thirsty for capital. According to her, Resolution 68 must be the solution to bring money back to the right place - where it creates real value for the economy.

Mr. Minh

Source: https://baochinhphu.vn/nghi-quyet-68-nq-tw-mo-duong-cho-thi-truong-von-va-dn-tu-nhan-phat-trien-102250606185733176.htm