Government leader demands expedited implementation of Party's resolution concerning the private economic sector
Vietnam's Prime Minister, Pham Minh Chinh, has underlined the urgency to concretize and institutionalize the Party's policies for the private economic sector, as outlined in Resolution No. 68-NQ/TW. During a Government meeting on May 7, he addressed a crowd of permanent Government members, ministries, and sectors to discuss the drafting of a National Assembly (NA) resolution and a Government action plan.
The meeting aimed to draft the NA resolution and Government action plan for implementing Resolution No. 68-NQ/TW, signed by Vietnam's Politburo on May 4, 2025. The resolution represents a significant shift, emphasizing significant reforms to enhance and grow the country's private economic sector.
Prioritizing Urgent Matters
PM Chinh underscored the importance of submitting the draft NA resolution to the parliament during its ongoing ninth session to address pressing issues with urgency. He noted the limited time, high requirements, and broad scope of content, emphasizing the need for a suitable and feasible approach.
The PM highlighted attention to issues attracting significant interest from businesses and the public, particularly those that are urgent, essential, and could be handled immediately without extensive resources. In addition, he emphasized the value of formulating measures that act as "catalysts"—capable of creating impactful and new momentum to boost business development and unlock production potential.
Accelerating Business Growth
With the goal of having two million businesses nationwide by 2030, PM Chinh underlined that administrative procedures must be streamlined and simplified, especially in business registration, dispute resolution, and bankruptcy procedures.
To facilitate business growth and job creation, Chinh suggested the development of policies to help transform household businesses into enterprises, small businesses into medium-sized ones, and large businesses into even larger entities.
Emphasizing Property Rights, Competition, and Partnerships
PM Chinh emphasized the need for the private economic sector to fully enjoy the rights to property ownership, business freedom, and fair competition. He advocated for the promotion of public-private partnerships across various forms, such as public leadership - private governance, public investment - private management, and private investment - public use.
Furthermore, Chinh called for ministries, sectors, localities, and investors to receive more delegation of authority in commissioning businesses to carry out infrastructure projects, ensuring progress, quality, and cost control while preventing corruption and misconduct.
Institutionalizing Resolution 68 Provisions
PM Chinh emphasized the need to institutionalize Resolution 68's provisions regarding the distinction between criminal liability and economic, administrative, or civil responsibility and corporate and individual accountability in the settlement of violations. He stressed that for civil and economic violations, priority should be given to civil, economic, or administrative remedies, allowing enterprises and entrepreneurs to address errors proactively.
To build public and business confidence in the investment and business environment, PM Chinh highlighted the importance of institutionalizing Resolution 68's provisions aimed at ensuring fair treatment and providing a more conducive environment for businesses to thrive.
Moving Forward
The PM has called for swift feedback collection from the business community. He requests that the draft resolution be finalized within May, allowing it to be submitted to the NA during its ninth session. The draft Government action plan must be built with strong determination, great efforts, and decisive and focus-driven action.
Prime Minister Phạm Minh Chính speaks at the meeting. - VNA/VNS Photo
Resolution 68 targets having the private economic sector become the most important driving force of the national economy by 2030, with two million businesses, 20 businesses per 1,000 people, and at least 20 large companies engaging in global value chains. By 2045, it aims for the sector to develop fast, strongly, and sustainably, participating actively in global production and supply chains, and achieving high regional and global competitiveness.
[1] https://vietnamlawmagazine.vn/updating-the-law-to-enhance-the-development-of-the-private-sector-13001-0.html[2] https://asiatimes.com/2022/09/vietnam-seeks-to-attract-more-private-investment/[3] https://www.vietnamnet.vn/en/home/politics/pm-pham-minh-chinh-emphasizes-the-need-to-innovate-and-grow-the-private-sector-203773.html[4] https://www.vietnamplus.vn/news/economy/2022/05/17/privatization-fuel-vietnam-growth-by-at-least-7-6-340099.html[5] https://vietnamnews.vn/economy/1128817/vietnam-private-sector-2030-outlook.html
- Prime Minister Pham Minh Chinh highlighted the need to submit the draft National Assembly (NA) resolution to the parliament during its ongoing session to address pressing issues swiftly.
- PM Chinh underlined the importance of formulating measures that act as "catalysts" to boost business development and unlock production potential.
- With the goal of having two million businesses nationwide by 2030, administrative procedures must be streamlined and simplified, including business registration, dispute resolution, and bankruptcy procedures.
- PM Chinh emphasized the need for the private economic sector to fully enjoy the rights to property ownership, business freedom, and fair competition.
- Resolution 68 aims to ensure fair treatment and provide a more conducive environment for businesses to thrive by institutionalizing provisions aimed at institutionalizing Resolution 68's provisions.
- The Prime Minister has called for swift feedback collection from the business community, finalizing the draft resolution within May, and adopting a Government action plan with strong determination, great efforts, and decisive and focus-driven action.
