Prime Minister Pham Minh Chinh launches a nationwide movement for the entire population to strive for wealth creation, serving the cause of building and defending the Fatherland – Photo: VGP
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Resolution 68 and the Strategic Boost for Vietnam’s Private Sector
Speaking at the National Conference on the propagation and implementation of Resolution 68-NQ/TW of the Politburo on private sector development on the morning of May 18, Prime Minister Pham Minh Chinh emphasized that important lessons can be drawn from the practical development of the private sector in Vietnam and international experiences.
Firstly, the Prime Minister pointed out the need for innovative thinking and a unified understanding of the role of the private sector as the most important driving force and main pillar of the national economy. “There must be a high consensus in society and strong actions to support the development of the private sector”, he said.
Secondly, it is essential to enhance the State’s role in creating and leading, removing all barriers and the mindset of “if it can’t be managed, then it should be prohibited”, while promoting public-private cooperation. Thirdly, the private sector must be treated fairly and equally with other economic sectors, and provided with superior support in innovation, digital transformation, and administrative procedure simplification.
The Government also identifies priorities in supporting large private enterprises that are pioneers in key sectors, strengthening links with the FDI sector, and building international brands. Along with this, there is a need to develop high-quality human resources and have outstanding mechanisms to attract talents in high-tech and emerging industries.
The Prime Minister emphasized that the requirement for breakthrough policies for private sector development is objective and urgent in the context of rapid global changes, challenges, and new opportunities. To materialize the centennial strategic goals, he called for a strong renewal in thinking and decisive actions to unlock all development motivations, with a particular emphasis on “eliminating all prejudices and promoting the role of the private sector”.
Following the instructions of the Politburo, the Government has established a Steering Committee for the development of the private sector proposal, headed by the Prime Minister. Within two months, key documents have been issued, including: Resolution 68-NQ/TW of the Politburo; Resolution 198/2025/QH15 of the National Assembly; and Resolutions 138/NQ-CP and 139/NQ-CP of the Government. “This is a testament to our determination to act and our effectiveness in governance,” affirmed the Prime Minister.
In parallel, the Government is also carrying out a “revolution in organizational apparatus,” reducing intermediary levels and administrative procedures, and increasing proactiveness in serving the people and businesses.
“The Market is a Battlefield, and Entrepreneurs are Warriors”
Elaborating on the content of Resolution 68, the Prime Minister shared five guiding viewpoints that carry a breakthrough nature:
Firstly, affirming that the private sector is the most important driving force of the economy and the vanguard in industrialization, modernization, growth, and integration.
Secondly, developing the private sector rapidly, sustainably, and efficiently is both an urgent task and a long-term strategy, and it is the optimal way to mobilize and utilize resources effectively.
Thirdly, completely eliminating prejudices against the private sector; considering entrepreneurs as warriors on the economic front, and ensuring equality in accessing resources.
Fourthly, creating a business environment that is open, transparent, and globally competitive, while promoting the spirit of entrepreneurship and legitimate wealth accumulation.
Fifthly, strengthening the leadership of the Party and the Government’s role in creating favorable conditions; considering enterprises as the center and entrepreneurs as the main actors, who deserve to be honored, encouraged, and strongly supported.
“We must launch a nationwide movement for the entire population to strive for legitimate wealth creation, serving the cause of building and defending the Fatherland”, the Prime Minister said. “The market is a battlefield, and we need to inspire our warriors on the economic front”.
The Resolution sets forth targets for 2030 and 2045, along with eight groups of tasks and solutions that embody the spirit of innovation, breakthrough, and strong reform. These solutions are closely aligned with the three strategic breakthroughs (institutions, human resources, and infrastructure) and are part of the four major resolutions of the Politburo, including Resolution 68-NQ/TW.
The Prime Minister highlighted that the focus of these task groups is to address critical issues for private sector development, including: renewing thinking; institutional reform; improving access to resources; promoting science, technology, innovation, and digital transformation; developing markets; enhancing corporate governance capabilities; developing high-quality human resources; and strengthening the leadership and supervision of the Party.
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Targets according to Resolution 68 of the Politburo: (1) By 2030: – The private sector is the most important driving force of the national economy; it is the vanguard in the development of science and technology, innovation, and digital transformation, contributing to the successful realization of the goals set forth in Resolution 57-NQ/TW of the Politburo. – There will be 2 million enterprises operating in the economy, with 20 enterprises per thousand people; and at least 20 large enterprises participating in global value chains. – Achieve an average growth rate of approximately 10-12%/year, higher than the economy’s growth rate; contribute about 55-58% of GDP and 35-40% of total state budget revenue; provide jobs for about 84-85% of the total labor force; and increase labor productivity by an average of about 8.5-9.5%/year. – In terms of technology, innovation, and digital transformation capabilities, Vietnam aims to be among the top 3 countries in ASEAN and the top 5 in Asia. (2) Vision for 2045: The Vietnamese private sector will develop rapidly, strongly, and sustainably, actively participating in global production and supply chains; possess high competitiveness in the region and internationally; strive to have at least 3 million enterprises operating in the economy by 2045; and contribute over 60% of GDP. |
– 11:28 18/05/2025
Unleashing Private Sector Growth: Strategies for Dynamic Economic Transformation
The government has recently issued Resolution No. 139/NQ-CP, adopting a plan to implement the National Assembly’s Resolution No. 198/2025/QH15. This plan, dated May 17, 2025, outlines special mechanisms and policies to foster the growth and development of the private sector.
The Power Dialogue: A Summit with the Prime Minister and Business Leaders
On the morning of May 18, at the conference to propagate and implement Resolution 68 of the Politburo on private economic development, in the presence of the highest-ranking leaders of the Party and State, Prime Minister Pham Minh Chinh directly exchanged and addressed a number of opinions and proposals from leaders and representatives of the private business community.
“Overcoming Challenges: Unleashing the Potential of Vietnam’s Private Sector”
“During the National Conference on May 18, Prime Minister Pham Minh Chinh pointed out a slew of shortcomings hindering the development of the private sector, ranging from institutional and cognitive aspects to implementation. Despite accounting for 50% of GDP, this sector still faces a “double bind” in terms of legal framework, credit, and connectivity.”
“A Refreshing Boost for Private Enterprises: Chairman of Geleximco on Resolution 68”
“With regards to Resolution 68, Mr. Vu Van Tien termed it as a ‘comprehensive revolution’ aimed at liberating private enterprises. However, he also candidly proposed the necessity of a supervising body to oversee the implementation process, ranging from the central to the local level.”
A Comprehensive Review: Securing Bank Accounts and Phone SIMs to Combat Online Scams
“In response to the escalating sophistication of cybercrime, the Prime Minister has called for a nationwide campaign to scrutinize all bank accounts and mobile phone SIM cards. This proactive measure underscores the government’s commitment to safeguarding citizens’ digital assets and personal information.”
