New Politburo resolution like 'downpour after a drought' for Vietnam's private sector: entrepreneur

Resolution 68 of the Politburo, Vietnam's highest decision-making body, will be a driving force of the breakthrough development of the private sector, said Vu Van Tien, chairman of conglomerate Geleximco.

The business community has been excited about Resolution 68, dated May 4, 2025, which clearly identifies the private sector as the most important driving force of the economy, Tien told a national conference on the resolution Sunday.

“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.

“We consider the resolution a comprehensive revolution in liberating the forces of production,” Tien stressed, calling on the business community to devote more, as the resolution has unlocked key resources within enterprises, the people, and the economy.

“We feel it's like a downpour after a drought. For many years, businesses and entrepreneurs have faced numerous obstacles. We’ve wanted to do more, to contribute more, but couldn’t. That psychological burden has been lifted with Resolution 68,” Tien highlighted.

The Geleximco chairman also noted that the business community is now waiting for specific programs and action plans from the government.

To enhance the effectiveness of implementation, he proposed the establishment of an independent monitoring body to evaluate competitiveness indexes and levels of compliance and enforcement by ministries, agencies, and local authorities.

This body would also serve as a channel to receive feedback and recommendations from businesses and citizens regarding the implementation of Resolution 68, and report them directly to the Party and State leaders.

In response, Prime Minister Pham Minh Chinh emphasized that the government is focusing on a comprehensive review of laws, ordinances, resolutions, decrees, and circulars across various fields. The aim is to propose appropriate decentralization and delegation of power, and clear delineation of responsibilities for local governments.

“Previously, projects often required bidding and auctions. But right after Resolution 68 was issued, we began assigning tasks directly to businesses. We hope that enterprises will act in the spirit of their commitments: once committed, they must do; once implementing, they must create products. So do state agencies. The resolution also mentions the implementation of contracts with the private sector,” the PM stressed.

According to the cabinet leader, Resolution 68 emphasizes the viewpoint that the private sector is one of the most important driving forces of the national economy. Fostering the rapid, sustainable, efficient, and high-quality development of the private economy is not only an urgent and central task but also a long-term strategic mission, he stressed.

The PM affirmed the need to create an open, transparent business environment that ensures regional and global competitiveness. At the same time, it is essential to promote the entrepreneurial spirit, encourage lawful creation of wealth, and contribute to the nation's development.

The resolution will lay a solid foundation to strongly advance and maximize the role of the private sector in undertaking national strategic missions and elevating the country's position regionally and globally, he added.

Major goals of Resolution 68

According to the resolution, by 2030, the private sector will become one of the most important driving forces of the national economy, acting as a pioneer in scientific and technological development, innovation, and digital transformation.

By that time, Vietnam is expected to have 2 million active enterprises, equivalent to 20 businesses per 1,000 people; at least 20 large enterprises participating in global value chains; an average annual growth rate of 10–12%, exceeding the overall economic growth rate.

They are expected to contribute 55-58% of GDP and 35-40% of total state budget revenue; and provide employment for around 84-85% of the total workforce. Their labor productivity growth is projected to average 8.5-9.5% per year.

Notably, the technological capability, innovation, and digital transformation of the private sector are set to rank among the top 3 in ASEAN and top 5 in Asia.

Toward 2045, Vietnam’s private sector is expected to develop rapidly, strongly, and sustainably, proactively participating in global production and supply chains, and possessing high competitiveness at both the regional and international levels.

At that time, Vietnam will have at least 3 million active enterprises operating in the economy, while the private sector will contribute over 60% of GDP.