Speaking at a seminar themed “Opening a ‘highway’ for the private economic sector” held on May 28, Bui Thu Thuy, deputy director of the Private and Collective Economy Development Department under the Ministry of Finance, said though many policies have been set over the past 20 years, many have not fully reached businesses.

Just 11 days after Resolution 68 was passed, the National Assembly issued Resolution 198 on special mechanisms and policies to develop the private economy. Within a week, the drafting committee submitted two more resolutions to the government: Resolution 138 and Resolution 139, clearly assigning specific responsibilities to relevant agencies.

Most regulatory documents and institutions to implement these will be issued in 2025, while some policies that still need further study will be laid down in 2026. The draft government resolution sets clear deadlines, requiring ministries and localities to issue implementation plans in the second quarter 2025.

“Resolution 68’s policies are quite clear. We expect to institutionalize and implement them by June-July to bring the resolution into life soon,” Thuy said.

Nguyen Van Phuc, former deputy chair of the National Assembly’s Economic Committee, said Resolution 68 has created a push, motivation, and inspiration for the business community upon its issuance.

The Party’s stance on avoiding the criminalization of economic and civil relations has been put forward for a long time. The question is how to implement it. Criminalization or non-criminalization depends not only on Party resolutions but also on the Criminal Code, which the National Assembly is revising.

“Crimes and penalties are defined only in the Criminal Code, so careful review is needed during amendments. “To limit criminalization, we need to reduce the number of business conditions. Removing just one can eliminate many restrictive regulations or procedures,” Phuc said.

Businesses await transparent legal framework

Phan Duc Hieu, a member of the National Assembly’s Economics Committee, said full implementation of Resolution 68’s spirit could mark a historic turning point for private economy development.

The challenge is ensuring sufficient and effective execution of the resolution’s contents. Bringing Party’s policies into practice is challenging, and even more than drafting the resolution itself. Without institutionalization, the resolution will remain only on paper.

“The National Assembly’s issuance of Resolution 198 is considered the first, urgent legal action to be implemented immediately, with the biggest goal of contributing to overcoming the situation of waiting for law amendments," he said.

Hieu believes that Resolution 198 provides minimum solutions that the government and ministries can fully implement. For example, it requires cutting at least 30 percent of law compliance costs in administrative procedures, but does not hinder the government to eliminate 60-70 percent or the entirely.

Nguyen Thu Thuy, deputy general director of BIM Group, said businesses are awaiting decrees and circulars following Resolution 68 to provide clear mechanisms and legal frameworks for smoother implementation.

She noted that decentralizing authority from the government and ministries to localities and reducing administrative procedures for businesses in project implementation are highly positive signals, facilitating project execution. 

“Recently, the Prime Minister mentioned cutting procedures for licensing or investment approvals. For housing projects, businesses must go through two steps: getting investment approval, then bidding or auction. These procedures take a lot of time, adding about six months on average. Thus, eliminating investment approval procedures will help businesses proceed faster,” she said.

Nguyen Kim Hung, vice president of the Vietnam Small and Medium Enterprises Association and chair of Kim Nam Group, suggested that alongside Resolution 68, a specific resolution or institution for small and medium enterprises (SMEs) could be considered.

“If we’re opening a ‘highway’ for the majority, it shouldn’t just be for large corporations. It would be better to set a separate resolution for SMEs to protect and motivate them. We need to further specify policies through resolutions and institutional regime to convert 5 million business households into enterprises with sustainable development,” Hung said.

Resolution 68’s basic principles are as follows: 

When handling violations or economic-civil cases, priority is given to applying economic, civil, or administrative measures first, allowing businesses and entrepreneurs to proactively address violations and damages.

In cases where legal application could lead to either criminalization or non-criminal handling, firmly opt for non-criminal measures.

In cases where criminal handling is necessary, prioritize economic consequence remediation first, using it as a key basis for considering subsequent measures.

Tu Giang