Issue Resolution 68 on private economic development

Resolution 68 clearly states that after nearly 40 years of renovation, our country's private economy has gradually developed in both quantity and quality, becoming one of the important driving forces of the socialist-oriented market economy. Read the full text of Resolution 68 here.

The private economic sector currently has more than 940,000 enterprises and more than 5 million business households in operation, contributing about 50% of GDP, more than 30% of total state budget revenue and employing 82% of the total workforce in economic growth and job creation.

The private economy is an important force promoting innovation, improving labor productivity, increasing national competitiveness, contributing to hunger eradication, poverty reduction, and stabilizing social life. Many private enterprises have grown strongly, affirmed their brands, and reached out to regional and world markets.

However, the private economy is still facing many barriers that hinder its development, has not yet made a breakthrough in scale and competitiveness, and has not met the requirements and expectations of being the core force of the country's economy.

Most enterprises are micro, small and medium-sized; their financial potential and management level are limited; most have low technological capacity and innovation; labor productivity, efficiency and competitiveness are not high; business thinking lacks strategic vision, and lacks connection with state-owned enterprises and foreign direct investment enterprises.

There are many reasons leading to the above situation, but mainly because the thinking and awareness of the position and role of the private economy in the economy are still inadequate, not keeping up with development requirements; institutions and laws are still entangled and inadequate; leadership and direction have not received due attention; property rights and freedom of business have not been fully guaranteed.

The private sector still faces many difficulties and obstacles in accessing resources, especially capital, technology, land, resources and high-quality human resources. Some preferential and support policies are not really effective and difficult to access; business costs are high.

In order to realize the national development goals as set out in the Resolution of the 13th Party Congress and meet the development requirements in the new era, it is necessary and urgent to innovate thinking, unify awareness and action, and have comprehensive, comprehensive, and breakthrough solutions to further promote the role of the private economy, strengthen confidence, create new momentum and impetus for economic development, promote growth, and enhance national competitiveness.

From the above situation, the Politburo requested to focus on thoroughly grasping, drastically, synchronously and effectively implementing the contents clearly stated in Resolution 68.

General Secretary To Lam speaks at an event (Photo: Minh Chau).

Completely eliminate perceptions, thoughts, concepts, and prejudiced attitudes about the private economy.

The resolution sets out five guiding principles.

Firstly, in the socialist-oriented market economy, the private economy is the most important driving force of the national economy, the pioneering force promoting growth, creating jobs, improving labor productivity, national competitiveness, industrialization, modernization, restructuring the economy towards green, circular, and sustainable; together with the State economy and collective economy, the private economy plays a core role in building an independent, autonomous, self-reliant, and self-reliant economy associated with deep, substantial, and effective international integration, helping the country escape the risk of falling behind and rise to prosperous development.

Second, developing a fast, sustainable, effective and high-quality private economy is both a central and urgent task and a long-term strategic one; it needs to be specified in the country's development strategies and policies; in order to promote all potentials and strengths, liberate production capacity and effectively use all resources, especially resources among the people, for socio-economic development, consolidate and strengthen national defense and security, enhance foreign affairs and international integration.

Third, thoroughly eliminate perceptions, thoughts, concepts, and prejudices about Vietnam's private economy; correctly assess the important role of the private economy in national development; nurture and encourage the entrepreneurial spirit and innovation of people and businesses, respect businesses and entrepreneurs, and identify entrepreneurs as soldiers on the economic front; fully ensure property ownership rights, freedom of business, and equal competition rights; freedom to do business in industries not prohibited by law; build and strengthen trust between the State and the private economic sector; protect the legitimate rights and interests of businesses and entrepreneurs; ensure that the private economy competes equally with other economic sectors in accessing business opportunities and economic resources, especially capital, land, technology, human resources, data, and other legitimate resources of the country in accordance with the law.

Fourth, create an open, transparent, stable, safe, easy-to-implement, low-cost, international-standard business environment; ensure regional and global competitiveness.

Timely develop and perfect laws, mechanisms and breakthrough policies to encourage the private economy to develop in priority areas, invest in research and development, apply science and technology, innovate, digital transformation, participate in important tasks, national strategies and reach regional and world levels; promote the spirit of creative entrepreneurship, digital transformation and legal and legitimate enrichment.

Fifth, strengthen the leadership role of the Party and the creation role of the State, taking enterprises as the center and subject; focus on training a team of entrepreneurs with ethics, business culture, courage, intelligence, dynamism, creativity, and striving to rise up; honor, encourage, and develop a strong team of entrepreneurs with patriotism, national pride, aspiration to contribute, respect for the law, and actively fulfill social responsibilities.

Big goals

The Resolution sets a target that by 2030, the private economy will be the most important driving force of the national economy; a pioneering force in science and technology development, innovation and digital transformation, contributing to the successful implementation of the goals of Resolution No. 57/2024 of the Politburo and policies and guidelines.

Strive to have 2 million businesses operating in the economy, 20 businesses operating/1,000 people. Have at least 20 large businesses participating in the global value chain.

The average growth rate of the private economy is about 10-12%/year, higher than the growth rate of the economy; contributing about 55-58% of GDP, about 35-40% of total state budget revenue, creating jobs for about 84-85% of the total workforce; labor productivity increases on average about 8.5-9.5%/year. Level, capacity of technology, innovation, digital transformation are among the top 3 countries in ASEAN and the top 5 countries in Asia.

By 2045, Vietnam's private economy will develop rapidly, strongly, sustainably, proactively participate in the global production and supply chain; have high competitiveness in the region and internationally; strive to have at least 3 million enterprises operating in the economy by 2045, contributing over 60% of GDP.

Dantri.com.vn

Source: https://dantri.com.vn/kinh-doanh/ban-hanh-nghi-quyet-68-ve-phat-trien-kinh-te-tu-nhan-20250505103447715.htm