At the seminar with businesses and business associations to effectively implement Resolution 68 of the Politburo, chaired by Prime Minister Pham Minh Chinh on May 31, Dr. Tran Dinh Thien shared that 40 years ago, when we acknowledged the multi-sector economy, the private sector had, in fact, contributed to a successful and effective transition, rescuing our economy from crisis and bringing us to where we are today. Now, after 40 years, we have another opportunity on a grander scale to accomplish an even more significant task: unleashing the full potential of the private sector, especially since the private sector has been recognized by the Party and State as one of the most important driving forces of the economy.
However, we must also acknowledge the challenges currently faced by Vietnam’s private enterprises, which go beyond institutional hurdles and encompass a range of unprecedented difficulties.
 Dr. Tran Dinh Thien at the seminar.
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The first proposal pertains to institutional reforms for the private sector and promoting the development of a market economy. Dr. Tran Dinh Thien suggested increasing the number of National Assembly delegates from the private sector to actively engage in law-making processes. This is also linked to the proposal to involve more scientists in designing laws, institutions, and strategies for the economy, especially for a high-tech and digital economy. No one understands the demands of a high-tech and modern market economy better than private enterprises and scientists.
Secondly, we witnessed an unprecedented level of innovation in Resolution 68-NQ/TW regarding institutional reforms in Vietnam, which is a remarkable achievement. With this framework, if we execute our actions effectively, there’s nothing we cannot achieve. I propose an aggressive implementation of Resolution 68 to attain the 8% growth target set for this year. Given the current context of underlying risks, untying the constraints on businesses and projects is crucial to achieving 8% growth and sustaining high growth rates in subsequent years, enabling us to meet our goals.
Thirdly, Resolution 68 has brought about very specific, direct, and breakthrough changes. However, to ensure the development of private enterprises, the broader business environment is of utmost importance, particularly a free and equitable business environment with the participation of multiple professional entities. Notably, the market for intellectual capital and expertise is of paramount significance for the private sector and determines whether private enterprises can make a breakthrough. I believe that we must focus on addressing issues related to the land, financial, and real estate markets to facilitate Vietnamese private enterprises’ access to these resources in a convenient and efficient manner.
Lastly, I urge authorities at all levels to pay special attention to innovative and high-tech enterprises, as this is a decisive competitive front for the nation on the global stage. If we delay creating an institutional environment for the innovation sector, we will miss out on opportunities. Especially in this modern era, without a truly excellent intellectual property legal framework, things will become cumbersome and inefficient in the future. Hence, I propose that the Government and the National Assembly develop a program to establish a timely institutional system for the future economy, going beyond a sandbox mechanism to a comprehensive and effective framework. Otherwise, we risk repeating the situation of overlapping, contradictory, and outdated institutional systems, hindering our ability to compete globally in the future.
Mr. Thien expressed his hope that the Government’s seminar would serve as a catalyst for Vietnamese businesses to transform, rise, and compete on equal footing with the world, with large corporations as the backbone of Vietnam’s production value chains.
– 19:30 31/05/2025
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