The private sector currently comprises nearly one million enterprises and around five million household businesses, contributing approximately 51% of GDP and creating over 40 million jobs. Resolution 68 sets ambitious targets for 2030: reaching two million enterprises contributing 55-58% of GDP, 35-40% of state revenue, and generating 84-85% of jobs.

To meet these aspirations, a coordinated and determined effort is required from all levels of government - central to local - and across both public and private sectors. Now is the time for unified action to transform the resolution into a living force within the economy.

Crucially, officials must shed the fear of responsibility and embrace bold, proactive thinking for the common good. When reform-oriented thinking and strong resolve spread, stagnation will no longer be able to hinder private sector growth.

Decisive actions from central leadership

Just three days after the resolution's release, Prime Minister Pham Minh Chinh convened a government meeting to devise an action plan, urging swift legislative and policy implementation.

Ministries also launched major reforms. The Ministry of Finance proposed revisions to numerous laws and decrees related to business, investment, and competition, including eliminating the business license tax, reducing corporate income tax for small and medium enterprises, and offering a three-year tax exemption for newly established businesses.

The Ministry of Science and Technology pledged to support innovation and technology transfers to the private sector. By 2025, the aim is to cut at least 30% of business regulations and shift from pre-checks to post-checks, shortening startup timelines.

The policy to decriminalize economic relations has been warmly welcomed by the business community, boosting confidence to take risks and innovate.

Localities join the reform movement

Hanoi has set a goal of reaching 500,000 enterprises by 2025, rolling out startup support and procedural reforms. Ho Chi Minh City targets the same number of firms, aiming to cut document processing time by 30-40%, continue Task Force 343’s problem-solving initiatives, and enhance its bank-enterprise funding program.

Other provinces are developing their own initiatives. Da Nang, for example, plans to waive 100% of administrative fees in the first year for new businesses. Bac Ninh has launched a support center for small and medium enterprises and aims to convert 1,000 household businesses into companies annually.

In Da Nang, immediately after Resolution 68's release, city leaders met with over 200 businesses to discuss the investment environment and instructed departments to resolve each business complaint within a month. In Bac Ninh, the inter-agency coordination enabled one company to reduce its factory land application process from nearly a year to just three months. The Department of Industry and Trade also helped the firm become a second-tier supplier to Samsung.

As Resolution 68 is implemented, provinces that embrace reform will advance, while those that hesitate risk falling behind - a lesson reinforced by annual PCI rankings.

Enterprises step up

Large firms like Thaco and NovaGroup have launched plans to expand production and start major projects aimed at global expansion, aligning their efforts with the resolution’s goals.

Collaborations between large and small businesses are emerging. Thaco partners with smaller firms to form regional automotive, agriculture, and logistics clusters in central Vietnam, sharing technology, training, and product marketing. Vina T&T Group, a leading fruit exporter, is working with farmers and cooperatives in Ben Tre and Tien Giang to expand GlobalGAP-certified growing areas for exports.

Vina T&T’s CEO praised local authorities for simplifying certification procedures and promoting trade, enabling confident investment. These kinds of partnerships between enterprises and local governments form the backbone of a thriving private sector.

Strict oversight and accountability

Rigorous supervision and strict enforcement are crucial to the resolution’s success. The Party, National Assembly, and local People's Councils should incorporate private sector support into their oversight programs. Mass organizations like the Vietnam Fatherland Front, VCCI, and industry associations must proactively monitor implementation and report obstacles.

The media serves as society’s watchdog, highlighting successes and exposing shortcomings to drive change. The government should publish reform rankings and link performance to rewards and sanctions, promoting healthy competition. Officials who harass businesses must be penalized, while reformers who contribute to the public good should be recognized.

Targets must be clearly measured - how many procedures were cut, how many new firms emerged - within the first year. If results fall short, policies must be swiftly adjusted.

A test of transformation

Resolution 68 has ignited a dream of turning the private sector into the economy’s primary engine. Whether that dream comes true depends on decisive implementation. Every revised regulation, streamlined procedure, or new business is a measure of genuine change.

Officials must see that quickly issuing a business license creates jobs. Entrepreneurs must recognize that investing in innovation answers society’s trust in them. When the whole country joins the effort, we can transform the resolution’s ideals into a vibrant economic force that brings true prosperity to the nation and wellbeing to each family.

Looking to 2045, the resolution envisions at least three million enterprises contributing over 60% of GDP - toward a powerful and prosperous Vietnam.

The road ahead is challenging, but with renewed energy and determination, success is within reach. “Nationwide action” must go beyond a slogan - it must become the guiding principle at every level, every day.

Dr. Tran Van Khai

Deputy Chairman, National Assembly’s Committee for Science, Technology, and Environment