On May 18th, a national conference was held in Hanoi to propagate Resolution 66-NQ/TW of the Politburo on innovating the construction and enforcement of laws to meet the country’s development demands in the new era, and Resolution 68-NQ/TW of the Politburo on private economic development.
Treating entrepreneurs as warriors on the economic front
At the conference, Prime Minister Pham Minh Chinh presented a topic on Resolution 68 regarding private economic development and the Government’s action programs to implement this resolution. This reflected the urgent and responsible spirit of the Politburo and related agencies on this issue.
Conference overview. Photo: Nhu Y.
The Prime Minister outlined the reality of the private sector in Vietnam, the core content of Resolution 68, and the action programs to implement it. He emphasized the consistent view that “The private sector is considered the most important driving force of the economy.”
Citing specific data on the contributions of the private sector to the country’s economy, the Prime Minister affirmed that the private sector has lived up to the expectations and care of the Party and State over the years.
According to the Prime Minister, Resolution 68 emphasizes the view that the private sector is the most important driving force of the national economy. “The reality of renewal in our country and international experience show that this force is pioneering the industrialization and modernization, economic growth, job creation, improvement of labor productivity, national competitiveness, and international integration,” said the Prime Minister.
Prime Minister Pham Minh Chinh speaking at the conference. Photo: Nhu Y.
The Prime Minister also stated that developing the private sector rapidly, sustainably, effectively, and with high quality is both an urgent and important task and a long-term strategy.
“Completely eliminate perceptions, thoughts, notions, and attitudes that discriminate against the private sector; treat entrepreneurs as warriors on the economic front. Only then can we truly ensure that the private sector is equal to other economic sectors, especially in accessing resources,” the Prime Minister said.
The head of the government also affirmed the need to create a business environment that is open, transparent, and competitive regionally and globally; promote the spirit of startup, legal wealth accumulation, and contribution to the country. This is of particular importance, laying a solid foundation to promote the development and enhance the role of the private sector in participating in the country’s important and strategic tasks, reaching out to the region and the world.
“We have directed the Ministry of Home Affairs to prepare to launch a movement for the whole people to strive to get rich and contribute to the construction and defense of the socialist Vietnam,” the Prime Minister said.
Feeling like “drought meeting heavy rain”
After the Prime Minister’s presentation, several business leaders expressed their opinions, suggestions, and exchanges on Resolution 68.
Mr. Vu Van Tien, Chairman of Geleximco, emphasized that he felt Resolution 68 was like “drought meeting heavy rain,” as it solved many difficulties and obstacles for private enterprises, which, according to Mr. Tien, had been “frustrated for many years, wanting to contribute but unable to because their hands and feet were tied.”
Mr. Vu Van Tien, Chairman of Geleximco, speaking at the conference. Photo: Nhu Y.
Mr. Tien suggested that when implementing Resolution 68, there should be a unit or organization to monitor and evaluate the competitiveness, compliance, implementation, and effectiveness of ministries, sectors, and localities. This unit would also be responsible for receiving feedback from businesses and people about any difficulties and obstacles and reflecting them to the General Secretary and the Prime Minister.
Regarding this issue, Prime Minister Pham Minh Chinh stated that Resolution 68 has clearly outlined the orientation and guidelines for private sector development in an open direction. The implementation will be assigned to specific agencies and units.
“The spirit is that what has been promised must be done, what has been committed must be implemented, and what has been implemented must produce measurable and quantifiable results,” the Prime Minister said.
According to the goals of Resolution 68, by 2030, the private sector will be the most important driving force of the national economy; it will be the pioneer in science and technology development, innovation, and digital transformation. There will be 2 million enterprises operating in the economy, 20 enterprises per thousand people; and at least 20 large enterprises participating in the global value chain. The average growth rate will reach about 10-12% per year, higher than the economy’s growth rate; contributing about 55-58% of GDP and 35-40% of the total state budget revenue.
By 2045, Vietnam’s private sector will develop rapidly, strongly, sustainably, and proactively participate in the global production and supply chain; possess high competitiveness in the region and internationally; strive for at least 3 million enterprises operating in the economy; and contribute about over 60% of GDP.
“Big Benefits for Small Businesses: Transforming into an Enterprise”
To achieve Vietnam’s ambitious target of having 2 million enterprises by 2030, the government is set to introduce attractive incentives to encourage households engaged in business activities to transform into formal enterprises.
“Subsidized Interest Rates: Empowering Private Enterprises with 2% Annual Interest Rate Support”
“On the morning of May 15, the National Assembly listened to the Government’s proposal on a draft resolution on special mechanisms and policies to develop the private economic sector. This sector is expected to become the core driving force of the economy.”
What Goals Should the Private Sector Aim For to Lead the Economy?
The private sector is recognized as a vital economic driver. Resolution 68 sets out ambitious targets for this sector by 2030 and 2045. Are you clued-up on the details? Test your knowledge with these three questions.
“Unleashing Private Sector Growth: A Special Policy Initiative by the Legislature”
On Saturday, at 11 am, the National Assembly is expected to pass a resolution on special mechanisms and policies to promote the private economy.
The Power of Private Enterprise: Unlocking Vietnam’s Economic Potential through Resolution 68-NQ/TW.
“The Resolution 68/NQ-TW emphasizes the role and significance of the private sector as a vital force in the national economy, as stated by Cao Thi Ngoc Quynh.”
