The Region Accounting for 40% of Vietnam’s GDP is Set to Soar Thanks to Unprecedented Policy Decisions

Vietnam’s economy is undergoing a significant transformation amidst the global economic shift. In this context, the issuance of Resolution 68-NQ/TW by the Political Bureau on May 4, 2025, marked a pivotal moment, emphasizing the private sector as the “most important driving force” for economic development in the new era.

This resolution not only brings about institutional changes but also demands a shift from both the public and private sectors, from the government to businesses, and from policies to the market. Among the affected entities are small and medium-sized enterprises (SMEs), which account for approximately 940,000 businesses, employing 51% of the workforce and contributing over 40% to the GDP. Having been previously left behind and facing challenges in access to resources, SMEs are now poised to take center stage and are expected to “grow fast and strong.”

Notably, this is the first time that the role of the private sector has been acknowledged and clearly established in the country’s strategic orientation. This signifies a historic shift, ushering in a new phase of development with high expectations for private enterprises, especially SMEs, which have long confronted bottlenecks in capital, technology, human resources, and governance capabilities.

However, to translate “policy mechanisms” into “tangible outcomes,” the role of intermediary organizations, notably the banking system, is indispensable.

Among the key players is the Asia Commercial Joint Stock Bank (ACB), which originated from the private economic sector and has consistently accompanied SMEs for over 32 years. With its positioning as the “Bank that understands SMEs the most,” ACB currently serves more than 300,000 small and medium-sized enterprises and 800,000 business households, many of which are transitioning to formal business entities.

ACB, not waiting for policy directives, has already committed 40,000 billion VND in credit resources, a dedicated ecosystem of solutions for SMEs, and, notably, a talk show series in collaboration with CafeF: “Riding the Wave of Resolution 68.” This initiative brings together intelligence, dialogue, and practical solutions from three pillars: Businesses – Banks – Government.

The talk show series comprises two episodes, featuring leading economic experts, bank representatives, and business community members. By analyzing opportunities, identifying challenges, and proposing actionable solutions, the talk show aims to catalyze specific actions for the private sector to thrive in this new era.

Hosted by Nguyễn Đức Hùng Linh and featuring prominent experts, the talk show fosters candid, insightful, and action-oriented conversations. The first episode, themed “A Golden Opportunity for SMEs to Soar,” delves into the overall landscape of the private sector as Resolution 68 takes effect.

In this inaugural episode, PGS.TS Trần Đình Thiên, former Director of the Vietnam Institute of Economics and a member of the Prime Minister’s Economic Advisory Group, joins ACB CEO Từ Tiến Phát to dissect the groundbreaking institutional changes, reflect on the journey of private enterprises since the Renovation period, and pinpoint the “once-in-a-millennium” opportunities for SME development.

Subsequently, the second episode, titled “Accompanying Businesses in Riding the Wave of Resolution 68,” delves deeper into the practical aspects. It addresses specific issues faced by SMEs, such as lack of collateral and challenges in demonstrating financial capacity, along with their new expectations from the policy changes. Additionally, the bank shares its strategy to support businesses in overcoming capital constraints.

Through these two episodes, the series not only offers a comprehensive perspective on the new context but also underscores the vital role of collaboration between Businesses, Banks, and the Government. At this critical juncture, fostering the private sector demands concrete actions, feasible solutions, and open dialogue among all stakeholders. The talk show series “Riding the Wave of Resolution 68” embodies this spirit, contributing to the realization of the resolution’s objectives in the economic realm.