Removing barriers and bottlenecks for the private economy to break through

Seminar “For the private economy to break through according to Resolution No. 68-NQ/TU - Things to do immediately”. Photo: Nhat Bac

That was one of the important contents discussed by economic experts and delegates at the Seminar with the topic "For the private economy to break through according to Resolution No. 68-NQ/TU - Things to do immediately" organized by the Government Electronic Information Portal on the afternoon of May 9.

Discussing at the Seminar, delegates said that the reality of nearly 40 years of renovation shows that the private economic sector has penetrated deeply into life, from the daily work of small traders providing essential goods and services to each citizen, to large corporations and enterprises. Thereby, the private economic sector has been contributing to bringing Vietnamese brands to the regional and world markets.

With more than 940 thousand enterprises and more than 5 million business households in operation, the private economic sector currently contributes about 50% of GDP, more than 30% of the state budget, and employs about 82% of the total workforce.

Besides the very proud progress, the private economy is facing many barriers that hinder its development, failing to meet the requirements and expectations of becoming the core economic force of the country.

Dr. Nguyen Si Dung (right) talks with Mr. Phan Duc Hieu. Photo: Nhat Bac

Recently, public opinion has continuously received important messages from Party and State leaders about the private economy, such as: "The private economy is the most important driving force of the national economy"; "removing the key", eliminating bottlenecks for the private economy to break through in the era of rising up; to achieve double-digit growth, we must rely on the private economy...

Dr. Nguyen Si Dung, former Deputy Head of the National Assembly Office, said that Resolution No. 68-NQ/TU dated May 4, 2025 of the Politburo on "Private Economic Development" clearly states policies to develop large enterprises into "leading cranes", into private economic groups of regional and global stature, expanding the participation of large private enterprises in key national projects, strategic areas, such as railways, urgent projects...

Resolution No. 68-NQ/TU also provides a series of credit solutions for business development, such as special policy mechanisms, support for small and medium enterprises, and exemption of corporate income tax for small and medium enterprises in the first 3 years of establishment.

Dr. Nguyen Si Dung, former Deputy Head of the National Assembly Office, speaks. Photo: Nhat Bac

From the above analysis, Mr. Nguyen Si Dung believes that the serious and effective implementation of Resolution No. 68-NQ/TU can become a milestone of qualitative change, contributing to realizing the goal of developing the private economic sector into an important driving force of the Vietnamese economy.

Mr. Tu Tien Phat, General Director of ACB Bank, speaking. Photo: Nhat Bac

From a business perspective, Mr. Tu Tien Phat, General Director of ACB Bank, said that when Resolution No. 68-NQ/TU put the issue of private economy as the top priority, we consider this an honor but also a responsibility.

"We, as well as private enterprises in Vietnam, have been looking forward to this Resolution for a long time. It must be said that we highly appreciate and recognize this as a great innovation step for Vietnam," said Mr. Tu Tien Phat.

According to Ms. Bui Thu Thuy, Deputy Director of the Department of Private Enterprise and Collective Economy Development, Ministry of Finance: "When we participated in drafting the resolution, we were initially very concerned that such strong proposals would not be approved. But this time, there was strong direction from the Central Committee, especially the article of the General Secretary as a compass, giving us more confidence and determination. This resolution is more breakthrough than previous ones. This is a real breakthrough, almost like a wall has been broken through the ice."

Ms. Bui Thu Thuy, Deputy Director of the Department of Private Enterprise and Collective Economy Development, Ministry of Finance, speaking. Photo: Nhat Bac

Meanwhile, National Assembly delegate Phan Duc Hieu, member of the National Assembly's Economic and Financial Committee, said that in order to soon institutionalize the Resolution, it is necessary to soon amend and abolish a number of laws and regulations and immediately update them into the bills and resolutions under construction.

In particular, it is necessary to review and immediately abolish 30% of administrative procedures and regulations with specific lists and appendices on business conditions from ministries and branches and implement them immediately in the coming time. Because without a specific list, it is impossible to ensure the reduction and abolition in accordance with the spirit of the resolution.

National Assembly Delegate Phan Duc Hieu, member of the National Assembly's Economic and Financial Committee, speaks. Photo: Nhat Bac

“Many investors question the meaning of investment policies under the Investment Law when there is a requirement to approve investment policies. If it is the investor’s idea, why does it have to be approved and take several years, longer than the time to build a factory? Therefore, it is necessary to commit to abolishing specific categories,” Mr. Hieu shared.

Source: https://hanoimoi.vn/thao-go-nhung-rao-can-diem-nghen-de-kinh-te-tu-nhan-but-pha-701758.html