The Vietnamese business landscape is witnessing a transformative phase, driven by the strategic implementation of the Politburo Resolution No. 68 on private economy development.
This resolution is seen as a pivotal shift in development thinking, aiming to invigorate the private sector and enhance its contribution to the national economy.
The resolution sets ambitious targets, such as having 2 million active businesses by 2030 and at least 3 million by 2045, with a significant contribution to GDP and employment.
Market barriers reduced
Since the introduction of the Resolution in May 2025, there has been a notable increase in business registrations, with an average of over 18,500 new businesses established each month, marking a 43% increase compared to the first four months of 2025.
In the first ten months of 2025, about 255,800 businesses were registered or resumed operations, a year-on-year increase of 26.5% increase from the same period in 2024. This growth is attributed to the resolution's focus on improving the investment environment, simplifying administrative procedures, and reducing compliance costs.
The resolution has also led to significant administrative reforms, with the government approving the reduction of 348 administrative procedures and the simplification of 1,703 others. This effort aims to create a more transparent and equitable business environment, encouraging private sector growth and participation in the global value chain.
Strategic Priorities
Access to resources remains a significant challenge for the private sector, particularly for small and medium-sized enterprises (SMEs) and innovative startups. The Ministry of Finance is focusing on several key solutions to enhance resource accessibility, including reforming tax policies to incentivize SMEs and innovative startups, efficiently operating the Small and Medium Enterprise Development Fund and other financial support mechanisms to meet the needs of private enterprises, and improving access to land by collaborating with relevant authorities to facilitate the leasing of surplus public assets to businesses transparently.
The Ministry is also promoting digital transformation, financial management training, and collaboration with business associations to ensure enterprises can fully leverage available support policies.
In conclusion, the strategic implementation of Resolution No. 68 is creating a conducive environment for private sector growth, fostering entrepreneurial spirit, and building business confidence.
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