The resolution highlights that after nearly four decades of reform, Vietnam’s private sector has steadily grown in both scale and quality, becoming a core force in the socialist-oriented market economy.

Currently, Vietnam has over 940,000 registered enterprises and more than 5 million household businesses operating in the private sector. This segment contributes around 50% of GDP, over 30% of the state budget, and employs roughly 82% of the total workforce.

Many private firms have become major players, building strong domestic brands and expanding internationally.

However, the private sector still faces numerous barriers that hinder its growth, falling short of expectations as a foundational pillar of the national economy.

The resolution identifies several causes: incomplete understanding of the private sector’s role, outdated institutional frameworks, insufficient leadership attention, and lack of full protection for property rights and business freedom.

Private businesses also struggle to access essential resources, particularly capital, technology, land, natural assets, and high-quality human resources. Preferential policies remain ineffective or inaccessible, while business costs remain high.

To fulfill the national development goals outlined at the 13th Party Congress and meet the demands of a new era, Vietnam must adopt bold, comprehensive, and breakthrough solutions to unleash the full potential of the private sector.

Eradicating bias against the private sector

Resolution 68 outlines five core directives that emphasize the central role of the private sector in national development.

First, the private sector is defined as the most important engine of the national economy, a pioneering force in driving growth, job creation, productivity, and competitiveness.

Developing a fast, sustainable, efficient, and high-quality private sector is both an urgent and strategic mission. This must be clearly integrated into national development strategies and policies.

The resolution calls for the complete elimination of outdated perceptions and prejudices against the Vietnamese private sector. It emphasizes nurturing entrepreneurship and innovation, respecting enterprises and entrepreneurs, and recognizing business leaders as frontline soldiers in the economic arena.

It also stresses the importance of a transparent, stable, secure, and globally competitive business environment.

Moreover, the Party’s leadership and the State’s facilitative role must be strengthened, placing enterprises at the center. Attention must be given to training and developing businesspeople with ethics and business culture.

Targets for 2030: Two million businesses

By 2030, the private sector is expected to be the leading engine of the national economy, contributing to the successful implementation of Politburo Resolution No. 57 on breakthroughs in science, technology, innovation, and digital transformation.

The target is to have 2 million enterprises, or 20 per 1,000 people, by 2030, including at least 20 large firms participating in global value chains.

The private sector is expected to grow at an average rate of 10–12% per year, contributing around 55–58% of GDP, and 35–40% of state budget revenues. It should also employ about 84–85% of the workforce and achieve labor productivity growth of 8.5–9.5% annually.

Technologically, Vietnam aims to rank among the top 3 ASEAN countries and top 5 in Asia for innovation, digital transformation, and tech capability.

Eight key solution groups

Resolution 68 presents eight strategic solution groups to maximize private sector potential:

Transform thinking, unify awareness and action, and ignite national aspirations to energize private sector development.

Deepen reforms and improve institutional quality, ensuring property rights, freedom of enterprise, fair competition, and contract enforcement.

Improve access to resources including land, capital, and skilled labor for private businesses.

Promote science, innovation, digital and green transformation for sustainable business practices.

Strengthen linkages between private, state-owned, and foreign-invested enterprises.

Rapidly form and grow mid-sized and large private corporations to regional and global scale.

Provide practical support for micro, small, and household businesses.

Uphold business ethics, corporate social responsibility, and entrepreneurial spirit, enabling entrepreneurs to contribute to national governance.

Nguyen Thao