New messages and expectations from Resolution 68-NQ/TW

General Secretary To Lam at the recent National Conference affirmed: Four important Resolutions including Resolution No. 57-NQ/TW (development of science, technology, innovation and digital transformation), Resolution 59-NQ/TW (international integration), Resolution No. 66-NQ/TW (law making and enforcement), and Resolution No. 68-NQ/TW (private economic development) are the "four pillars" that help Vietnam take off in the new era.

According to Resolution 68-NQ/TW, the private economic sector currently has more than 940,000 enterprises and more than 5 million business households, contributing about 50% of GDP, over 30% of total state budget revenue, and creating about 82% of jobs.

The Resolution affirms that this is the most important driving force of the economy, pioneering in promoting growth, creating jobs, improving labor productivity and national competitiveness. The goal by 2030 is to have 2 million enterprises, reaching 20 enterprises/1,000 people; at least 20 large enterprises participating in the global value chain; private economic growth reaching 10-12%/year; contributing 55-58% of GDP, 35-40% of state budget revenue.

In 2025, it is required to review and eliminate unnecessary business conditions, shorten administrative procedure processing time, compliance costs and business conditions by 30%. At the same time, provide public services to businesses regardless of administrative boundaries.

Workers and laborers producing garments for export. Photo: Diep Thanh

For the first time, our Party – specifically the Politburo – affirmed that the private economy is the most important driving force in development, innovation, productivity growth and social security. Resolution 68 represents a new, drastic way of thinking, creating a breakthrough in policy and awareness of the role of the private economic sector – a strong change in both theory and practice. If implemented well, this Resolution will open a new era of development for the country and the business community.

The resolution emphasizes a breakthrough in the institutional environment: respecting property rights, freedom of business, fair competition; having a strong enough mechanism to effectively handle trade disputes. This is the foundation for the private economy to rise, connect, and expand. People and businesses expect that after the resolution is substantially implemented, the private sector will no longer have barriers to develop equally with other domestic and foreign sectors.

Previously, many problems of the private economy were raised, but this time the Party has recognized them more clearly and comprehensively. The biggest barriers are discrimination, lack of protection institutions, lack of orders from the State, and difficulty in accessing large projects - making this sector not dare to grow, leading to the popularity of household business models and cooperatives with a scale larger than enterprises but not being recognized accordingly.

VSIP Nghe An 1 Industrial - Urban and Service Park has an occupancy rate of 97%. Photo: TH

The new point in Resolution 68 is to build a separate support mechanism for three groups: large corporations, small and medium enterprises, and business households. The goal is to build a two-tier economic structure: the upper tier is large corporations leading the economy, the lower tier is a network of small and medium enterprises, and business households linked according to the successful NICs model.

The Resolution also covers and identifies the large private sector not only in enterprises but also in 5 million business households – potential businesses in the future.

VinSpeed ​​Group’s proposal to participate in the North-South high-speed railway is receiving support. If successful, this project will be a typical test, demonstrating the maturity and dedication of the private sector, and at the same time, a practical demonstration of the new capacity and stature of Vietnamese enterprises. This will also be a measure of the effectiveness of the Party’s policies, demonstrating the change in awareness, institutions and psychology throughout the system.

The private economy is like a growing child – if it wants to grow up, it must be given the right to be independent and dare to participate in big things. The State is not only the “rule writer” but also a major customer, assigning national-scale projects to the private sector. This needs to be accompanied by a risk management scenario and effective supervision to ensure national security and interests as directed in the Resolution. If the North-South high-speed railway is successfully implemented by the private sector, this will be the biggest breakthrough, a vivid proof of the correctness of the policy.

For small and medium-sized enterprises (SMEs), many difficulties have been mentioned, spanning all aspects: from input resources, output products, internal capacity to business management. They often have to manage from AZ on their own, lacking cooperation, lacking technology application and lacking “community strength”. The current legal system is still weak in protecting the rights of SMEs and small shareholders, especially in handling contract disputes. The story of debt collection is a typical example – many businesses have their capital “buried” because of bad debts, while the legal mechanism has not yet had an effective solution, causing the risk of chain collapse.

In addition, SMEs often lack long-term investment strategies and do not have their own “playground” due to the lack of a real Law on SMEs. They find it difficult to compete with the “big guys”, so they need laws to divide the market, create conditions for SMEs to develop niche markets, participate in large projects with corporations, and gradually grow.

Support policies must cover the entire business ecosystem, from law to input and output – that is, we must truly understand what they need to properly address bottlenecks.

In the coming time, the authorities need to make more efforts, accompany and listen to businesses, especially SMEs and business households, to design policies that are close to reality. Fighting corruption and harassment - the causes of increased costs and lost business opportunities - needs to be given the highest priority.

A good proposal is to lease public assets to SMEs, especially real estate that is being wasted, redundant after restructuring or no longer in use. This will support businesses in terms of facilities, make effective use of public resources, and help businesses access capital better.

Along with support from the State, SMEs themselves must also assert their role by operating in accordance with the law, building corporate culture, enhancing national spirit and aspirations to rise up as the resolution clearly stated. More importantly, it is necessary to strengthen cooperation, cohesion, and mutual support within the business community - abandoning the "grab and run", illegal, and unethical way of doing business.

Enterprises need to proactively research the market, design models, improve quality and compete on price, build their own brands, and explore foreign markets for export. They must know how to join forces to form joint stock companies and develop in chains. If you want to go far, you have to go together - if you only "start from AZ alone", you will always be small.

If private enterprises are trusted, facilitated, and supported by the Party, State, partners, market, and consumers, this sector will certainly grow, consolidate its position, and play an increasingly important role in the country's development.

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Source: https://baonghean.vn/thong-diep-va-ky-vong-moi-tu-nghi-quyet-68-nq-tw-10298218.html