 (Illustrative photo: VGP) |
The private sector contributes nearly 50% of Vietnam’s GDP and more than 30% of the State’s revenue, and employs more than 82% of the nation’s labor force. These figures underline the importance of the private economy in driving Vietnam's economic growth.
Clear affirmation of the private sector's role
Resolution 68 breaks away from outdated prejudices and formally acknowledges private enterprises as central to Vietnam's economic development. The resolution introduces bold and specific policy measures, including a three-year tax exemption for new businesses, elimination of licensing fees, and facilitation of small and micro enterprises’ engagement in areas like defense, security, and justice which previously only allowed the participation of the public sector.
One of the policies highly praised by the business community is the clear distinction between personal liability and corporate legal responsibility in economic violations. This progressive move is seen as a pivotal step in legal reform. The policy will eliminate the criminalization of non-serious business infractions, making Vietnam’s business environment more attractive to domestic and foreign investors.
 Mr. Mac Quoc Anh, Vice Chairman and Secretary General of the Hanoi Association of Small and Medium Enterprises. (Photo: VGP) |
Mr. Mac Quoc Anh, Vice President of the Hanoi Association of Small and Medium Enterprises, said: "We applaud this Resolution. It’s the first time the Politburo has affirmed the private economy as the most important driver of the economy. The Resolution emphasizes the importance of expanding the number of enterprises and promoting green growth. The non-criminalization of business activities gives private enterprises the freedom and space they need to thrive."
One of the ambitious breakthrough goals of Resolution 68 is to have 2 million private enterprises by 2030 and 3 million by 2045.
This is a fundamental shift from seeing the private sector as fragmented and undervalued to recognizing it as the central pillar of the national economy. Achieving those goals is expected to create millions of jobs, increase state revenue, and enable Vietnam to integrate more deeply into the global value chain.
 Prime Minister Pham Minh Chinh speaks at a meeting on the drafting of the National Assembly's Resolution on a number of specific mechanisms and policies for private economic development. (Photo: VGP) |
Urgent implementation
Following the announcement of Resolution 68, Prime Minister Pham Minh Chinh chaired two high-level meetings to begin drafting a National Assembly resolution outlining specific mechanisms and policies to support private sector development. The Prime Minister stressed the need to submit a draft resolution at the ongoing National Assembly session to promptly address pressing issues.
PM Chinh said: "The development potential of the private economy is limitless. For a prosperous people and a strong, democratic, equitable, and civilized country in the new era, we promote building a facilitating State with people as the foundation and businesses at the center. Institutions and policies must serve as engines of growth. Resolution 68 should trigger a movement in which every household and citizen competes to prosper. We need to review policies to ensure business freedom, equality in access to capital, land, and public assets, and fair competition.”
At a National Assembly Standing Committee session on Saturday, National Assembly Chairman Tran Thanh Man said Resolution 68 is as urgent as the Party Central Committee’s Resolution 57 on science, technology, innovation, and digital transformation. He tasked the Economic and Financial Committee to work closely with the Ministry of Finance and other relevant agencies to prepare the submission on June 12.