The most important resolution that will help the private economy break through.
Throughout nearly 40 years of reform, the private sector in Vietnam has developed strongly, making significant contributions to GDP, creating jobs, promoting growth, innovation, and international economic integration. However, the role of the private sector has never been affirmed as strongly as in Resolution No. 68-NQ/TW dated May 4, 2025, of the Politburo, when for the first time, "the private sector is identified as one of the most important driving forces of the national economy."
This represents a groundbreaking step in development thinking. From a position of being overlooked, even heavily prejudiced against, in previous years, the private sector is now placed on par with the state-owned and collective sectors, playing a core role in building an independent, self-reliant, and deeply integrated economy. The resolution not only acknowledges but also cherishes and nurtures the entrepreneurial spirit, affirming the role of entrepreneurs as "soldiers on the economic front."
This groundbreaking thinking not only demonstrates the maturity of awareness within the Party, but also represents a strong political commitment to the business community, households, and the entire population: the State will be the facilitator, businesses will be the center, and the development of the private economy will be a long-term strategy, not a temporary measure.
It can be said that this is an exceptionally important document, if not the most important one ever, for the private sector.
Inspiring goals
Resolution 68 sets out both specific and inspiring goals, reflecting a strategic vision for 2030 and beyond to 2045. The goal of increasing the number of businesses to 2 million by 2030 – double the current number – along with the aim for the private sector to contribute 58% of GDP, account for 40% of state budget revenue, and create jobs for 85% of the workforce, demonstrates the strong belief the Party places in the private economic sector.
In particular, setting a target of having at least 20 large private enterprises participating in global value chains by 2030, and developing to 3 million enterprises by 2045, clearly demonstrates the aspiration to bring Vietnam's private economy to the global stage and integrate deeply into the regional and global economy.
More importantly, these goals are not just quantitative figures, but also a message that inspires national pride, a legitimate desire for wealth, a spirit of innovation, and a commitment among entrepreneurs, businesses, and every Vietnamese citizen.
Removing bottlenecks at their root.
To achieve that ambitious goal, Resolution 68 went beyond mere appeals and slogans, addressing the root of the problem: institutional reform. A series of robust solutions were proposed, ranging from reforming administrative procedures, reducing business conditions, digitizing entire processes, to protecting property rights, freedom of business, ensuring fair competition, and enforcing contracts.
The resolution calls for a shift from pre-approval to post-approval, from a "request-and-grant" mindset to a service-oriented one; affirming that businesses have the right to freely operate in any sector not prohibited by law, and that any restrictions, if imposed, should only be for truly necessary reasons and clearly stipulated in the law. If implemented seriously, this would be a breakthrough that would fundamentally change the investment and business environment in Vietnam.
Beyond administrative reforms, the Resolution also outlines specific policies to support businesses in accessing land, capital, and high-quality human resources, encouraging digital transformation, innovation, sustainable development, and connection to global value chains. In particular, small and medium-sized enterprises (SMEs) and household businesses – the largest sector – are also provided with separate support mechanisms, ranging from tax exemptions to free digital platforms and legal advice.
These solutions are key to unlocking institutional bottlenecks – the root cause that has hampered the development of the private sector for many years. Moreover, they clearly demonstrate a new mindset: no longer viewing the private economy as an object of regulation, but as a partner, a strategic force in national development.
Building and strengthening trust
One of the key highlights of Resolution 68 is its emphasis on trust – an intangible but essential asset for the strong and sustainable development of the private sector. The Resolution affirms the State's role in creating a transparent, stable, predictable, and internationally standardized business environment. This is a prerequisite for businesses to confidently invest long-term, innovate, and expand their operations.
For the first time, a Politburo resolution clearly states that ensuring property rights, freedom of business, equal competition, and contract enforcement – not just on paper, but institutionalized through specific laws and effectively protected in practice – is crucial. Eliminating legal barriers, the "if you can't manage it, ban it" mentality, and the "request-and-grant" mechanism will unleash the entrepreneurial spirit, unlock social resources, foster innovation, and enhance national competitiveness.
It is precisely from these breakthroughs that Resolution 68 not only provides strategic direction for the development of the private economy, but also forms the foundation for building strong confidence among the people and businesses – so that they believe that entrepreneurship is a legitimate path, wealth creation is encouraged, innovation is the driving force of development, and the law is a safe haven for all efforts and contributions.
Unlocking resources
Resolution 68 outlines specific solutions to ensure private enterprises have equitable access to development resources. Regarding land, it emphasizes promoting transparency, electronic transactions, and reducing procedural time. Regarding capital, it expands fundraising channels through green credit, the stock market, investment funds, and crowdfunding. Regarding human resources, it promotes practical training, executive development, digital skills, and foreign languages to meet the demands of digital transformation.
Promoting innovation and digital transformation
The resolution offers numerous incentives for innovative businesses, such as tax exemptions and reductions, deductions for R&D expenses, the establishment of a technology development fund, and a technology sandbox. This is a strong impetus for the private sector to break free from its passive role and become the owner of pioneering technologies and business models. Digital transformation, if properly invested in, will help businesses improve productivity and competitiveness.
Expanding the scope of development
The resolution encourages connections between private enterprises, state-owned enterprises, and FDI, forming sustainable domestic supply chains. At the same time, the "Go Global" program demonstrates a vision to enable Vietnamese businesses to expand internationally, not only playing a domestic role but also participating in global value chains.
Providing substantial support to small businesses and household businesses.
The resolution pays special attention to small and micro enterprises and household businesses – the majority of the economy. Eliminating lump-sum taxes, providing free accounting software, simplifying financial management, and offering management training are practical solutions to support their transition to more structured and transparent businesses. Inclusive financial policies also create opportunities for women, youth, and ethnic minorities to thrive.
Entrepreneurs: Partners in development alongside the Party and the country.
The resolution affirms that entrepreneurs are the main force in economic development. They are not only protected and supported, but also encouraged to participate in policy critique and contribute to the planning and implementation of development strategies. This is a major step forward in awareness, placing trust in the intelligence, ethics, and dedication of the business community.
Belief - Resources - Aspiration
Resolution 68 marks a major turning point in the thinking about private sector economic development, not only opening up new opportunities but also building strong confidence. When the private sector is recognized as the central driving force, its freedom of business is protected, and it receives support for innovation and integration, then every entrepreneur and every citizen can believe that their success is the success of the nation.
If implemented effectively, this Resolution will be a catalyst for Vietnam to enter a new era of development – an era of innovation, integration, and prosperity, in which the private sector plays a leading role with a proactive, self-reliant, and ambitious spirit.
