Vietnam’s political leadership has taken a historic step forward by recognizing the private sector as the most important driver of the country’s economic growth. Resolution 68-NQ/TW, issued by the Politburo on April 5, 2025, aims to unleash the potential of private enterprises and boost the economy. This resolution has been likened to the mythical character “Thánh Gióng” by the Prime Minister, signifying a new era of development.
Renowned economist and member of the Prime Minister’s advisory council, Prof. Dr. Tran Dinh Thien, highlights the unprecedented speed and political consensus surrounding Resolution 68. Passed just 17 days after the Politburo’s resolution on economic reform, it signifies a breakthrough in thinking and frees the private sector from previous ideological constraints.
Prof. Dr. Tran Dinh Thien points out the challenges faced by private enterprises, including high borrowing rates of 10%, compared to 3-4% for foreign businesses. Limited access to land and capital, coupled with small scale and lack of collaboration, hinder their ability to drive economic growth effectively.
He emphasizes that past reforms, often characterized by a “permission-based” approach, were insufficient and carried inherent risks. A shift in perspective is necessary to unlock the private sector’s potential and creativity, which is now recognized as the primary engine of economic growth.
One of the key breakthroughs in Resolution 68-NQ/TW, according to Prof. Dr. Thien, is the expected improvement in the legal framework. This includes removing barriers to market access and ensuring a transparent, stable, and low-cost business environment.
The core principle, according to the expert, is not to favor the private sector but to ensure they are treated fairly, without discrimination compared to state-owned enterprises or foreign investors. “Private enterprises don’t need to be number one,” he emphasizes. “They just need to be treated equally.”
Prof. Dr. Thien highlights that Resolution 68 allocates land for private enterprises in industrial parks and export processing zones, with clear and favorable procedures and conditions.
Regarding capital, the state can provide support through various means, such as establishing a guarantee fund for the private sector, offering interest rate subsidies, and relaxing lending conditions. Emphasizing the importance of transparent administrative procedures and a conducive business environment, Prof. Dr. Thien notes that this will enable enterprises not just to survive but also to thrive and expand.
Looking ahead, Resolution 68 not only addresses short-term solutions but also lays the foundation for long-term development through innovation and digital transformation. Prof. Dr. Thien points out the need for Vietnamese private enterprises to embrace digital transformation to keep up with global trends and enhance their competitiveness by understanding market demands.
Additionally, the state should establish mechanisms to support innovative startups, especially for young talents from universities, through capital support and policies encouraging research and development.
The resolution also prioritizes the development of green and high-tech industrial parks, moving away from the traditional assembly and processing model. These industrial parks will not only serve as economic drivers but also symbols of sustainable development, attracting strategic investors.
To encourage pioneering enterprises, Prof. Dr. Thien suggests implementing a “sandbox” mechanism to reduce risks and foster innovation. These changes aim to restructure the economy, shifting from assembly to high-tech, green, and sustainable industries, thereby creating long-term competitive advantages for localities and the nation.
Prof. Dr. Thien cites the example of the Ca Na infrastructure project in Ninh Thuan, which combines a port and an industrial park using green energy. He suggests employing a sandbox mechanism to experiment with this project, which could then serve as a model for future endeavors. To achieve such developments, he emphasizes the need for unprecedented policies and state support in sharing risks and ensuring the success of these ventures.
Prof. Dr. Tran Dinh Thien believes that if Resolution 68 is rigorously and synchronously implemented, Vietnam can maintain high economic growth of 8-9% over the next 10-15 years. This sets the stage for achieving double-digit growth in 2026–2030 and the goal of becoming a high-income country by 2045.
With the government’s commitment and the efforts of the business community, Resolution 68 is expected to break down barriers and usher in a new era of development. This resolution empowers the private sector to propel Vietnam’s economy to new heights, concludes Prof. Dr. Thien.
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