Four pillars set stage for Vietnam private sector breakthrough: expert

The four resolutions recently issued by the Politburo, Vietnam's highest decision-making body, mark a critical turning point, opening up major opportunities for Vietnam’s private sector to thrive, said Tran Du Lich, former director of the Ho Chi Minh City Institute of Economics.

Lich made the statement at Vietnam Economic Forum 2025 in HCMC late last week. He emphasized that Vietnam is now presented with a historic opportunity for rapid growth and transformation, following the issuance of what he calls the “four pillars.”

From resolutions to action

According to Lich, the following four resolutions form the foundation for Vietnam’s future development, including Resolution 68 (2025) on private economic development, Resolution 57 (2024) on breakthroughs in science, technology, innovation, and digital transformation, Resolution 59 (2025) on international integration in a new global context, and Resolution 66 (2025) on innovation in legislation and law enforcement to meet modern development demands.

These “four pillars” are considered vital to driving national progress in the new era, he added.

To successfully implement these resolutions, Lich stressed that a fundamental reform of the state apparatus is essential. Restructuring the government to be leaner, more effective, and more efficient is the bedrock needed to bring this strategic vision to life.

“When implemented in a synchronized and effective manner, these resolutions will help build a truly innovative and developmental state. It’s fair to say that we’ve never had a greater opportunity than we do now,” he stated.

Resolution 68 identifies the private sector as the most critical engine of economic growth. Yet in practice, private enterprises continue to struggle within a complex “maze” of overlapping and burdensome regulations that hinder entrepreneurial freedom. Thousands of outdated business conditions still act as invisible barriers.

“Positioning the private sector properly within a market economy is not only a policy matter - it must be reflected in the practical enforcement of laws,” Lich emphasized.

Legal framework still needs reform

Many business leaders agree that while there have been positive developments in recent years regarding legal reforms and improvements to the business environment, the current institutional framework still presents major challenges.

Ly Kim Chi, chairwoman of Tan Dong Hiep Group and president of the HCMC Food and Foodstuff Association, pointed out ongoing issues such as overlapping regulations, sudden policy shifts, and a lack of transparency in implementation - major hurdles that continue to stifle business operations.

In the construction sector, Phan Huu Duy Quoc, chairman of Construction Corporation No. 1-JSC (CC1), noted that following the Politburo’s directive on developing Vietnam’s railway transportation system, his company began preparing to enhance its governance, financial capacity, and project management. However, he acknowledged that expecting domestic companies to instantly transform into billion-dollar conglomerates is unrealistic.

“To implement large-scale projects, we must leverage the collective strength of domestic enterprises and also pursue strategic partnerships with major international corporations. Thanks to the supportive policies in Resolution 68, the state has essentially built a development ‘highway’ - and private businesses will undoubtedly grow and prosper along it,” added Quoc.

Previously, at a national conference on Resolution 68 on May 18, Vu Van Tien, chairman of conglomerate Geleximco, called the resolution 'a downpour after a drought' for Vietnam's private sector.

“It marks a strategic and breakthrough change, with a comprehensive vision and a correct assessment of the position and role of the private economy. It also helps eliminate long-standing biases against the private sector,” he noted.