Prime Minister: Eliminating the ‘Top-Down Disconnect’ in Policy Implementation

Total registered capital exceeds 6 million trillion VND

On the afternoon of December 20, Prime Minister Pham Minh Chinh, Head of the National Steering Committee for the implementation of Resolution No. 68-NQ/TW of the Politburo on private economic development, chaired the third meeting of the Steering Committee.

At the meeting, Prime Minister Pham Minh Chinh affirmed that the private economic sector has made significant contributions to the projected GDP growth of over 8% and a record import-export turnover of approximately 920 billion USD in 2025, placing Vietnam among the top 15 countries with the largest international trade volume globally.

According to the Prime Minister, the issuance and implementation of Resolution 68 have had a significant impact on the development of the business community. On average, over 18,000 new businesses are established each month, and 11,300 businesses resume operations.

In total, in 2025, more than 300,000 businesses were newly established or resumed operations, a 30% increase, with total registered capital exceeding 6 million trillion VND, a 71% increase compared to 2024.

Following three groundbreaking and inauguration ceremonies for major national projects across the country in 2025, we have 564 projects with a total investment of over 5.14 million trillion VND, of which private sector capital accounts for approximately 3.8 million trillion VND, or 74.6%.

The Prime Minister emphasized that 2026 is a crucial year, marking the beginning of the goal to achieve double-digit growth and ushering the country into a new era. Therefore, the private economic sector must play a vital role in stabilizing the macroeconomy, controlling inflation, promoting growth, and ensuring the major balances of the economy.

The government leader stressed the motto “Trust – Action – Substance – Efficiency – Breakthrough,” focusing on three key areas: Strengthening and enhancing trust with the government and local authorities through tangible, effective actions and accountability; ensuring that commitments are fulfilled with concrete results; reducing input costs, compliance costs, and increasing labor productivity through the promotion of three strategic breakthroughs.

Developing large, leading enterprises

Regarding upcoming tasks, the Prime Minister instructed the Ministry of Finance to review and urgently propose to the Government in the first quarter of 2026 specific amendments to the Law on Support for Small and Medium Enterprises to fully institutionalize the spirit of Resolution No. 68-NQ/TW on supporting small and medium enterprises; and to study the development of the Law on Individual Business…

The Ministry of Agriculture and Environment was tasked with continuing to review the Land Law and its guiding documents to control land price fluctuations, allocate land funds for the development of industrial parks, industrial clusters, and incubators; and to urgently finalize the mechanism for supporting land rent for certain groups of enterprises.

The State Bank of Vietnam was assigned to urgently develop and submit to the Prime Minister in the first quarter of 2026 the Comprehensive Financial Strategy for the 2026-2030 period; and to direct commercial banks to implement a 2% interest rate support policy through commercial banks for businesses borrowing capital to implement green and circular projects and apply environmental, social, and governance (ESG) standards.

Outlining key tasks and solutions for 2026, the Prime Minister emphasized creating favorable conditions for the development of the private business sector in terms of both quantity and quality, fostering large, leading enterprises, and effectively supporting small, micro, and household businesses.

Additionally, each ministry, agency, and locality must proactively address issues within their functions, tasks, and authority; “do not say no, do not say it’s difficult, do not say yes without action,” avoid situations where “the top is enthusiastic, but the bottom is indifferent,” and prevent “talking much but doing little or nothing.”