“A major source of motivation for long-term plans”

In early 2025, Nguyen Duc Hung, Director of Napoli Coffee, obtained his APEC Business Travel Card in less than 20 working days. The card enables visa-free travel to 19 APEC member economies, facilitating his company’s efforts to seek international partnerships and expand trade.

"Over the past year, we’ve received strong support from government authorities, which has made our operations much smoother," he observed.

Hung’s remarks reflect a broader trend. According to the Ministry of Finance’s General Statistics Office, 75.8% of surveyed businesses found their operations in Q4 2025 to be better or stable compared to the previous quarter (25.4% better, 50.4% stable).

This more favorable environment is prompting many businesses to boost capital and expand. In 2025, nearly 297,500 businesses were newly established or resumed operations - up 27.4% year-on-year. Total additional capital injected into the economy reached almost USD 256 billion, a 77.8% increase over 2024.

According to Dang Van Thanh, Chairman of TTC Group, this momentum is driven largely by the issuance of Resolution 68 by the Politburo, followed by Resolution 198 from the National Assembly, which set out special mechanisms and policies to support the private sector.

“This is a powerful boost for Vietnam’s private businesses, which account for more than 40% of GDP and contribute significantly to tax revenue and employment,” Thanh told VietNamNet.

He believes Resolution 68 has sparked a stronger sense of national responsibility among entrepreneurs. “This is a strategic decision that demonstrates the Party and State’s long-term vision, especially in today’s volatile global context, where rapid yet sustainable development is essential.”

Thanh added that the resolution has clarified legal frameworks, enabling businesses to integrate more deeply into global value chains and enhance international competitiveness.

A unified focus on private enterprise

Echoing this view, Pham Minh Thang, CEO of ELCOM Technology and Telecommunications Corporation, emphasized that Resolution 68 identifies the private sector as a key engine of the economy. This shift has redefined perceptions and expectations, pointing toward a more open and equitable business environment.

As a result, ELCOM feels more confident in making long-term investments, scaling up, and competing on equal terms - especially in public-private partnership (PPP) projects for digital infrastructure and e-Government initiatives.

In parallel, Resolution 57 designates science, technology, innovation, and digital transformation as the core pillars for economic breakthroughs. This signals a strategic shift from a resource- and labor-intensive model toward one grounded in knowledge, innovation, and sustainability.

Together, Resolutions 68 and 57 serve as strategic compasses that outline the Party’s vision for the future. “They represent a bold new development philosophy, opening the door for deep reforms and groundbreaking opportunities - especially for tech companies,” Thang remarked.

Targeting 3 million businesses by 2045

According to Dr. Huynh Thanh Dien of Nguyen Tat Thanh University, Resolution 68 sets ambitious goals: reaching two million active enterprises by 2030 and three million by 2045, including large-scale private corporations with regional and global impact. The private sector is expected to grow 10–12% annually, contributing increasingly to GDP and employment.

To achieve this vision, the Party has outlined comprehensive solutions at both macro and micro levels. These include institutional reforms, unleashing innovation, and improving competitiveness.

Resolution 198 from the National Assembly has already transformed the spirit of Resolution 68 into actionable policy. Key highlights include limiting inspections, shifting from pre-checks to post-audits, encouraging household businesses to incorporate, and outlawing harassment, misinformation, and negative behavior affecting entrepreneurs.

Large-scale enterprises are now eligible to implement major national infrastructure projects through PPPs, limited tenders, or direct assignments.

At the support level, land-use and public asset policies are being reformed to improve access for small businesses, startups, and high-tech firms. Priority will be given to rent reductions and transparency in the use of public resources.

“In finance and taxation, there’s a focus on lowering interest rates, eliminating lump-sum taxes, and waiving fees. The SME Development Fund will also be leveraged to support green investment and startups,” said Dr. Dien.

He emphasized the need for strategic policies to help form medium- and large-sized pioneering enterprises. This includes allowing restricted tenders in tech, infrastructure, and defense, as well as launching a program to develop 1,000 innovation-driven enterprises capable of elevating Vietnam’s role in global value chains.

“With so many pivotal reforms, it’s fair to say that Vietnam’s private sector development policies mark a fundamental shift - from ‘tight control’ to ‘empowerment,’ from ‘ask-and-give’ to ‘partnership’ - enabling private enterprise to truly become the core engine of the economy,” Dien concluded.

Tran Chung