1. Overview of Resolution 68-NQ/TW
In May 2025, the Politburo issued Resolution 68-NQ/TW on the development of the private economy (PE), marking a strategic turning point to promote this sector as the most important driving force of Vietnam’s economy in the new era.
After more than 40 years of Đổi mới (renovation), the private economy has played a key role, accounting for around 50% of GDP, 30% of state budget revenue, and creating jobs for more than 82% of the workforce. However, the sector still faces many barriers such as small scale, low technological capacity, limited management skills, and difficulties in accessing resources.
Resolution 68 identifies institutional, policy, and business environment reforms as vital for the private sector to grow strongly, sustainably, and become a pioneering force in the industrialization and modernization of the country.
2. Key guiding principles
Resolution 68 introduces five core principles:
- The private economy is the most important driving force of the national economy, pioneering in science, technology, innovation, and digital transformation.
- Developing the private sector is both a long-term strategic mission and an urgent task.
- Eliminate prejudice, build trust, nurture the entrepreneurial spirit, and protect the legitimate rights of the private sector.
- Create a transparent, stable, safe, and internationally competitive investment environment.
- Strengthen the leadership role of the Party, with enterprises at the center of the development process.
3. Objectives for 2030 and Vision to 2045
By 2030:
- The private economy contributes 55–58% of GDP and 35–40% of the state budget.
- At least 2 million active enterprises, including 20 large corporations participating in global value chains.
- Private sector growth rate reaches 10–12% annually.
Vision to 2045:
- Vietnam has over 3 million private enterprises.
- The private economy deeply participates in global supply chains, achieving regional and international competitiveness.
- Contribution to GDP surpasses 60%.
4. Comprehensive strategic solutions
4.1. Institutional and policy reform
- Eliminate administrative barriers and the “ask–give” mechanism, shift toward post-audit management.
- Ensure property rights and freedom of business under the law.
- Strongly reform administrative procedures, cutting at least 30% of compliance costs by 2025.
4.2. Improving access to resources
- Allow localities to support land rental and industrial park infrastructure costs for SMEs.
- Develop green credit; encourage loans based on cash flow, data, and intangible assets.
- Improve financial access through venture capital and preferential credit channels.
4.3. Human resource development
- Train 10,000 executives, improve management capacity.
- Encourage cooperation with foreign partners and university–business linkages.
- Provide tax exemptions for training and retraining costs in private enterprises.
4.4. Promoting innovation and digital transformation
- Enterprises may deduct 200% of R&D expenses for corporate income tax purposes.
- Tax exemptions and reductions for startups and venture capital firms.
- Support enterprises in green transition, digital transformation, and sustainable development.
5. Role of entrepreneurs and the business communit
Resolution 68 affirms the pivotal role of entrepreneurs in the new era. Entrepreneurs are encouraged to innovate in mindset, uphold business ethics, social responsibility, integrity, and legal compliance.
Private enterprises are regarded as “soldiers on the economic front,” deserving recognition and full support to contribute to national development.
A Historic Opportunity for Private Enterprises
Resolution 68-NQ/TW is not simply a policy document, but a landmark commitment from the Party and the State to stand side by side with the private economy in Vietnam’s development journey. By setting clear goals, breakthrough solutions, and a long-term vision, the Resolution opens an unprecedented window of opportunity for private enterprises to grow, integrate, and affirm their indispensable role in the national economy.
For decades, the private sector has proven its resilience and creativity, contributing significantly to GDP, employment, and social welfare. However, limitations in access to resources, technology, and institutional barriers have restrained its true potential. Resolution 68 directly addresses these challenges through comprehensive reforms—ranging from administrative simplification, enhanced property rights protection, improved access to capital and land, to strong incentives for innovation, green growth, and digital transformation.
This resolution also elevates the position of entrepreneurs, recognizing them not only as economic actors but as “soldiers on the economic front,” entrusted with the mission of pioneering industrialization and modernization. In this new context, private enterprises have both the responsibility and the opportunity to innovate boldly, compete globally, and contribute sustainably. The years ahead may well mark a historic turning point where Vietnam’s private economy transforms into a genuine pillar of a socialist-oriented market economy.
