During the Financial Street Talk Show on VTV8, discussing topics related to Resolution 68, Mr. Hoang Trung Hieu, Director of Product Development Center (SME Block) at VPBank, pointed out that before Resolution 68, there was already Resolution No. 09-NQ/TW in 2001 on the development of the private economy. This was the first Central Committee resolution specifically focused on the private sector, identifying it as an “important component” of the economy and encouraging its long-term development.
However, with Resolution 68, the role of the private sector has been elevated to a new level, from being an “important component” to a “strategic driver,” transforming it into a leading force for growth and international integration in Vietnam’s new era.
Mr. Hoang Trung Hieu noted that before Resolution 68, the private sector had already made significant contributions to GDP and job creation. While positively recognized, it was not yet acknowledged as a strategic driver as it is now.
According to Mr. Hieu, in the past, the private sector faced challenges such as inconsistent policies and distinctions between private enterprises, state-owned enterprises, and FDI. Despite a large number of private businesses, their development was fragmented, small-scale, and lacked competitiveness.
Therefore, the introduction of Resolution 68 has created high expectations for the robust growth of private enterprises in the coming years.
In the first eight months of 2025, the number of newly established businesses and those returning to the market increased by over 20%, with registered capital flowing back into the market rising by more than 30%.
Recently, the government and banking systems have launched numerous specific and effective support programs for businesses. Additionally, many delegations from ministries and sectors have promoted and introduced various products to the international community.
The proportion of FDI returning to Vietnam has increased by nearly 20%, not only creating jobs as private enterprises grow but, more importantly, ensuring sustainable development.
Even in the financial markets, Vietnam’s stock market has been recognized as one of the best-performing markets in the region and globally in recent months.
According to Mr. Hieu, Resolution 68 is also expected to shift perceptions within the entire political and social system, eliminating biases and discrimination.
Simultaneously, it will drive economic growth and restructuring, positioning the private sector as a key pillar in the national economy. This will significantly contribute to GDP, the budget, exports, and employment, while fostering a robust private sector with international competitiveness.
Furthermore, it will promote the synchronized development of various business types, encouraging the formation of large private enterprises with strong brands. It will also support small and medium-sized enterprises, innovative startups, and household businesses transitioning into formal enterprises.
Additionally, it will enhance the quality of business growth, emphasizing innovation, technology adoption, and modern management practices to improve productivity, efficiency, and national competitiveness.
Lastly, it will ensure that private sector development is aligned with social responsibility, environmental protection, and legal compliance, contributing to long-term social welfare, equity, and stability.
Mr. Hoang Trung Hieu believes that, alongside government and banking support, businesses, especially SMEs, must proactively meet critical criteria to maximize support and achieve sustainable growth.
First, transparency is essential. Businesses must maintain clear financial and accounting management, comply with laws, and fulfill tax obligations.
Second, effective management capabilities are crucial. Businesses should establish efficient management systems, adopt technology, and undergo digital transformation to enhance productivity and reduce costs.
Third, a spirit of innovation is vital. Continuous improvement of products and services, quality enhancement, and brand building are key.
Fourth, social responsibility and sustainable development are paramount. Businesses must focus on environmental protection and their responsibilities toward employees, communities, and customers.
Finally, global integration is essential. Businesses should actively participate in value chains, collaborate with domestic and international partners, and enhance global competitiveness. When businesses elevate themselves according to these criteria, all support from the state, banks, and society will be maximized, enabling them to contribute significantly to the overall prosperity of the economy.
“The Challenges Faced by Businesses Are the Challenges Faced by the Nation: Uniting to Overcome Obstacles.”
“Fostering a collaborative mechanism and shared responsibility between the private sector and government agencies is key to realizing the goal of making the private economy the most important driving force. This synergy will unleash the potential of the private sector, harnessing its innovation, agility, and efficiency to propel economic growth and development.”
Unlocking Capital: How Banks Can Empower Businesses With Access to Finance.
In an era where the private sector is thriving, banks are increasingly vital in providing capital to businesses.
“TPBank Recognized as a Top Private Bank in Vietnam for Its Significant Tax Contributions.”
“At the 2025 Enterprise Budget Contribution Awards, TPBank made a remarkable impression by ranking among the top 20 banks in Vietnam for budget contribution, and an impressive 9th position among private banks. “
Dr. Nguyen Van Phung: ‘While Many Businesses Pay Taxes in the Billions, I Value Those Who Contribute a Modest 100 Billion’
On September 9, CafeF, a leading finance and economic news portal in Vietnam, organized a prestigious event to honor the country’s top tax-contributing enterprises. The PRIVATE 100 and VNTAX 200 lists, curated by CafeF, stand as the sole comprehensive recognition of businesses’ significant fiscal contributions across all sectors of the Vietnamese economy.
“Techcombank: Leading the Way in Vietnam’s Private Banking Sector with Unparalleled Fiscal Contributions”
Techcombank, Vietnam’s leading private bank, has once again proven its formidable stature at the 2025 Top Budget-Contributing Enterprises Ceremony held on September 9. For the third consecutive year, the bank has been hailed as the top private bank in terms of budget contribution to the country. This remarkable achievement cements Techcombank’s position as a pivotal financial institution in Vietnam’s thriving economy.
