Resolution 68-NQ/TW of the Politburo on the development of the private economy (Resolution 68) was quickly concretized by a series of important legal documents from the National Assembly and the Government, creating a "revolution in thinking and institutions". The urgency and determination of the entire political system has opened a new and promising era for the business community.
In the context of a volatile economy , the private economic sector in Vietnam is facing new opportunities, shaped by breakthrough efforts from the Government and the National Assembly. In just the first two weeks of May 2025, since May 4, 2025, when Resolution 68 was issued, the legal corridor has been basically completed, creating a solid foundation for a breakthrough. The determination of authorities at all levels is clearly demonstrated through the speed of issuing legal documents. On May 17, 2025, the National Assembly issued Resolution No. 198/2025/QH15 on a number of special mechanisms and policies for the development of the private economy. Previously, on May 16, the Government issued Resolution No. 138/NQ-CP on the Action Plan to implement Resolution 68-NQ/TW. Notably, on May 17, Resolution 139/NQ-CP on the Plan to implement Resolution 198/2025/QH15 of the National Assembly was also issued by the Government. This urgency, as affirmed by Prime Minister Pham Minh Chinh, is a testament to the “high determination, great efforts, and decisive actions” of the entire political system, under the close direction of the Politburo and General Secretary To Lam. This is considered a “breakthrough in development thinking”, a “revolution in thinking and institutions” for the private economic sector.
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| Production activities at ASEAN Steel Joint Stock Company. |
Resolution 139/NQ-CP sets out 50 key reform tasks to improve the quality of institutions and policies and ensure basic rights of enterprises such as: ownership rights, freedom of business, fair competition rights and contract enforcement. Prominent solutions include: amending and supplementing 11 important laws such as the Investment Law, the Law on Support for Small and Medium Enterprises, the Bidding Law, the Law on Corporate Income Tax, the Commercial Law, etc.; promoting digital transformation and streamlining administrative procedures; promoting competition and integration; perfecting data laws; ending outstanding debts and overlapping inspections; improving intellectual property and judicial laws. Resolution 139 is implemented in the spirit of "6 clear" (clear people, clear work, clear time, clear products, clear responsibilities, clear authority), closely following the goals of developing the private economy by 2030, with a vision to 2045.
Resolution 68 not only recognizes the role of private enterprises but also requires the entire supporting ecosystem, especially the financial and banking system, to have practical policies. These policies focus on four pillars: capital, digital transformation, market expansion and sustainable development. The pioneer in realizing this policy is Asia Commercial Joint Stock Bank ( ACB ). ACB has announced a total support package of VND 40,000 billion, including VND 20,000 billion for small and medium enterprises (SMEs) and VND 20,000 billion for large enterprises investing in infrastructure and digital technology. This package comes with preferential interest rates lower by 2% or more, along with flexible policies such as loans without collateral (prioritizing export enterprises), supply chain credit financing and unsecured overdraft for SMEs. In addition to capital, ACB also accompanies SMEs in digital transformation through superior payment solutions. In terms of market expansion, ACB acts as a bridge, helping SMEs reach more than 8 million potential customers. In particular, ACB also supports SMEs in green transformation and sustainable development through consulting, credit provision and companionship in ESG activities.
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| Workers work at the factory of Luc Thiem Dak Lak Garment Company Limited (Tan An Industrial Park, Buon Ma Thuot City). |
ACB leaders also affirmed that the policies in Resolution 68, especially on credit, are breakthroughs and closely follow the practical operations of SMEs. Exemption from corporate income tax for the first 3 years and support for public land lease are positive signals. From the perspective of commercial banks, perfecting credit policies and orienting to "partially prioritize commercial credit for SMEs" is necessary, along with perfecting the model of Credit Guarantee Fund and SME Development Fund to create an "intermediary platform", sharing risks and encouraging capital provision for potential and innovative enterprises.
In order to contribute to the banking sector in effectively implementing the Government's major policies, and at the same time support businesses in accessing capital sources suitable to practical needs and priority development orientations in the current period, Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) has also launched a preferential credit package of VND 20,000 billion for businesses that are investing and will invest in infrastructure and digital technology. With an interest rate of 6%/year, the program provides timely financial resources and attractive incentives, helping businesses proactively implement production and business plans, invest in equipment, upgrade infrastructure and promote digital transformation. The program will be implemented from now until 2030 across the HDBank system, applicable to both existing and new business customers. Priority is given to enterprises on the list announced by the Ministry of Construction, the Ministry of Industry and Trade and the Ministry of Science and Technology - those with sustainable development strategies and the potential to lead the market in the coming time.
For Dak Lak province, the Department of Finance and other departments and branches are currently actively developing a plan to implement Resolution 68 to quickly put this resolution into practice, creating better support conditions for businesses.
With the synchronization from policy to action, Vietnam's economic sector in general and Dak Lak in particular are expected to enter a period of strong breakthrough, making a great contribution to the overall development of the country.
Source: https://baodaklak.vn/kinh-te/202506/tung-buoc-hien-thuc-hoa-nghi-quyet-68-44d0373/
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