Institutionalizing Resolution No. 68-NQ/TW creates momentum for private economic development

Garment production line for export at Viet Thanh Garment Export Company Limited. Photo: MY THANH

Institutionalizing the policies of Resolution 68-NQ/TW

Institutionalizing the policy orientations in the Resolution into legal regulations for implementation is considered a prerequisite to ensure the stability, transparency and feasibility of the legal environment for the private sector.

Accordingly, the Government needs to direct relevant ministries and branches to conduct a review, to plan to amend and supplement current laws directly related to investment and business activities such as the Investment Law, Enterprise Law, Bidding Law, Bankruptcy Law, etc. in the direction of eliminating barriers in administrative procedures, simplifying business conditions and establishing a system of equal competition among enterprises.

In particular, it is necessary to soon establish a drafting committee to study the possibility of building and promulgating the Law on Private Economic Development as directed by General Secretary To Lam. Because this is a unified legal basis regulating the rights, obligations, support principles and incentive mechanisms for the private economy.

Establish a mechanism for policy monitoring and review

The participation of the business community in independent monitoring and policy criticism is a key factor in ensuring the practicality and effectiveness of policies. Therefore, it is necessary to establish regular policy dialogue mechanisms between management agencies such as the Government, ministries, provincial People's Committees and the private sector, with the participation of intermediary organizations such as industry associations, the Vietnam Federation of Commerce and Industry , research institutes, and economic experts. Encourage policy criticism activities of relevant entities in a public, transparent and accountable manner by the drafting agency before issuing new policies on the private economy.

Protect the legitimate rights and interests of businesses and entrepreneurs

A fair legal system that effectively protects the legitimate rights and interests of businesses and entrepreneurs will help strengthen confidence and encourage investment.

To overcome the gap in policy implementation between the central and local levels, it is necessary to apply indicators to assess management capacity at the local level such as the Provincial Competitiveness Index (PCI) to promote healthy competition in the management of private economic development. At the same time, establish a mechanism to closely monitor and evaluate local leaders from the business side. In case of violations in the process of policy implementation, it is necessary to clearly define the personal responsibility of local leaders.

Continue to improve the legal framework for new business models such as crowdfunding, venture capital, and a controlled testing legal framework (sandbox) for new models and technologies such as virtual currency and electronic currency. In addition, improve the efficiency of the judicial system and commercial arbitration in the direction of specialization, enhance the effectiveness of adjudication, and shorten the time to resolve commercial disputes.

The process of reforming, perfecting and improving the quality of institutions and policies as stated in Resolution No. 68-NQ/TW is an essential requirement to meet the challenges and opportunities for national economic development in the new era. To truly change the way of thinking and create consensus in perception and action, we need systematic, comprehensive and highly innovative solutions to help further arouse the potential and great role of the private economy. From there, strengthen the trust of the business community, create a driving force and a new source of energy for economic development, promote rapid and sustainable growth in the era of national development.

MSc. Lam Ba Khanh Toan
(Faculty of Law, Can Tho University)

Source: https://baocantho.com.vn/the-che-hoa-nghi-quyet-so-68-nq-tw-tao-da-cho-phat-trien-kinh-te-tu-nhan-a186546.html