Government Leader Presents 15 Specific Tasks and Solution Proposals for Stimulating the Private Business Sector
Prime Minister Pham Minh Chinh has presented a comprehensive strategy to implement the Politburo's Resolution No. 68-NQ/TW for private economic development in Vietnam. The strategy, which outlines 15 groups of concrete tasks and solutions, aims to transform institutional frameworks into competitive advantages and streamline administrative procedures.
Institutional Reform and Streamlining Administrative Procedures
The strategy focuses on resolving institutional bottlenecks by reviewing and amending legal frameworks related to taxes, fees, land access, natural resources, interest rate support, training human resources, competition, science and technology, and digital transformation. The goal is to create a business-friendly environment that will turn institutional frameworks into competitive advantages.
To streamline administrative procedures, the government plans to reduce time and costs, with greater decentralisation and delegation to local governments. This move is expected to make it easier for businesses to operate and invest in Vietnam.
Encouraging Local Development and Investment
The PM has urged localities to improve and finalise their development planning, promote new investment projects, and ensure equal, transparent, and open investor access. The government also aims to speed up the formulation and implementation of local action plans to support private sector growth.
Supporting Innovation, Digitalization, and Human Capital Development
The strategy also promotes innovation, digitalization, green and circular economy models. The government plans to enhance support for science, technology, innovation, smart governance, and human capital development. This support will encourage business leadership in innovation and execution under the Party’s leadership.
Monitoring and Funding
To track progress, raise awareness, and inspire wealth creation, the government plans to introduce monitoring tools such as a Private Sector Performance Index and a “Vietnam Private Sector Panorama”. The government is also considering the establishment of a Private Sector Development Fund to mobilize nationwide resources.
Progress So Far
In the first seven months of 2025, over 108,000 new businesses were established, and over 536,000 new business households were registered, signaling positive momentum in private economic development. State budget revenue from the non-state industry-trade and services sector in the first half reached nearly 260 trillion VND, up 25% year-on-year.
The government has assigned a total of 56 tasks under Resolution No. 138/NQ-CP, plus 26 tasks under Resolution No. 139/NQ-CP, with responsibility distributed among 11 ministries and agencies. Eleven ministries and agencies have been designated as leads, with 17 tasks scheduled for completion in 2025.
The National Assembly adopted Resolution No. 198/2025/QH15 on special mechanisms and policies to support the growth of the private economic sector. Greater decentralisation and delegation of authority to local governments in handling administrative matters were also instructed.
The PM's strategy is a comprehensive institutional reform combined with practical support, decentralization, innovation, and monitoring to boost private sector dynamism and contribution to Vietnam’s economic growth.
[1] Vietnam News Agency [2] VnExpress International [3] The Hanoi Times [4] Vietnam Investment Review
- The strategy for private economic development in Vietnam, as presented by Prime Minister Pham Minh Chinh, includes a focus on policy-and-legislation adjustments in areas such as taxes, fees, land access, natural resources, interest rate support, and digital transformation to foster a business-friendly environment.
- The ongoing institutional reform, a key component of the strategy, targets the streamlining of administrative procedures through the decentralisation and delegation of authority to local governments, in an effort to make it easier for businesses to operate and invest in Vietnam.
