On 4 May 2025, the Political Bureau of Vietnam issued groundbreaking Resolution No. 68-NQ/TW on the development of the private sector ("Resolution 68"). Resolution 68 presents visions and key milestones for the development of the private sector from 2030 to 2045, with the primary aim of rapid, sustainable, and high-quality growth for Vietnam. As clearly stated in Resolution 68, the private sector is positioned as the heart of the national economy and a leader in technological advancement and digital transformation. To support the private sector in achieving its goal as set out in Resolution 68, the following shift in perception, the relationship between the State and private entities, policy frameworks, and interaction mechanisms are introduced in Resolution 68:
The role of the private sector: Resolution 68 formally elevates the role of private enterprise, acknowledging it as a foundational component of Vietnam's socio-economic development strategy, rather than a supplementary force.
The goal for 2030: Resolution 68 sets out the goal for enterprises by 2030 as follows (i) having two (2) million active enterprises, (ii) having 20 operating enterprises per 1,000 people, (iii) having at least 20 large-scale enterprises integrated into the global chain, and (iv) having the private sector to grow 10–12% on an annual basis, to contribute 55–58% of the GDP and 35–40% of state budget revenue, and to employ 84–85% of the workforce.
Market Access and Business Activities: Enterprises are granted the right to engage in all business sectors not explicitly banned or prohibited by the laws, with any restriction required to be based on legal, transparent, and public interest justifications rather than arbitrarily applied. This new perception should remove the long-rooted "ask-give" mechanism commonly adopted by competent authorities.
Tackling Vietnam's Talent Bottleneck: Realizing the lack of high-quality operators to run businesses in Vietnam. The training of 10,000 CEOs is outlined in Resolution 68, and it is anticipated that the future growth of Vietnam will no longer be limited by leadership capacity.
Reducing Administrative Burden: Resolution 68 sets a 2025 target to reduce at least 30% of existing licensing procedures. Significant reforms are planned to improve the quality of institutions and policies. Synchronising the enforcement of central laws across all provinces, addressing long-standing disparities in implementation, and ensuring legal predictability regardless of business location will be the next ultimate administrative goal.
Digital Transformation of Governance: Emphasis is placed on modernising public administration through technologies such as AI and big data across various approval and licensing systems, in alignment with Vietnam's national digital strategy.
Support for Startups and Innovation: Pro-business reforms will improve access to capital for startups, including encouragement of venture capital activity and the introduction of legal mechanisms to support innovation and early-stage investment.
Sustainable Development: Sustainability principles are incorporated throughout Resolution 68, aligning Vietnam's economic development agenda with evolving global investment standards focused on environmental and social governance. Priority investment areas include technology, green energy, digital services, and logistics. Reforms to State-owned enterprises and PPP frameworks aim to create new opportunities for domestic and foreign investors.
While Resolution 68 itself is not a law, it is provided under Resolution 68 that all relevant competent authorities must work on existing laws, prepare new laws, and undertake reform missions. Resolution 68 introduces groundbreaking and bold commitments to economic development. It reformulates the private sector's position in Vietnam and promotes the future development of the same. Resolution 68, in a way, offers a whole new world of opportunity, and, without a doubt, there is no better time than now to make your decision.
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