Establishing a robust legal framework to enable the private sector to efficiently access high-quality capital, technology, and human resources. Photo: VGP/DA |
According to Deputy Minister of Justice Nguyen Thanh Ngoc, Resolution 68-NQ/TW of the Politburo on private sector development highlights its significant role as a key driver of the economy. Both Resolution 68-NQ/TW and Resolution 66-NQ/TW emphasize the need to review and improve institutional frameworks.
Resolution 66-NQ/TW on innovating legal development and enforcement to meet new era demands outlines the enhancement of laws governing judicial and legal support bodies. It aims to strengthen legal services, risk management, and legal aid, prioritizing support for the private sector.
Aligned with the Politburo’s objectives, the Ministry of Justice is collaborating with other ministries to identify and address institutional bottlenecks hindering private sector growth.
Experts note that institutional and legal enforcement barriers, such as outdated prohibitive regulations and administrative delays, impede private sector development. Policies often lack clarity, and coordination among agencies remains inadequate.
From a business perspective, Nguyen Duy Lam, Chairman of the Corporate Legal Association, highlights two critical issues: inefficient bureaucracy and inadequate institutional frameworks. He advocates for simplified procedures and enhanced public service ethics to foster a business-friendly environment.
Additionally, effective policy communication and expanded support measures, particularly in business model transitions and resource access, are essential. Coordinated efforts among agencies and industry associations will create a cohesive support ecosystem.
With nearly one million active enterprises, predominantly SMEs, legal expert Dinh Dung Sy stresses the need for policies tailored to their unique challenges. This includes streamlining procedures, reducing costs, and fostering innovation through technology adoption.
Sy urges revisions to key laws, such as the Enterprise Law and Investment Law, to integrate support for technological innovation and new business models.
Do Ngoc Thinh, Chairman of the Vietnam Bar Federation, advocates for accessible, concise regulations tailored to SMEs, enabling their active participation in the economy.
Strengthening legal enforcement and administrative transparency is crucial for establishing a fair and stable business environment for the private sector.
Diệu Anh
– 12:28 23/10/2025
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