Today, private businesses are not just supporting but actively shaping Vietnam’s cultural infrastructure.

According to National Assembly deputy Phan Duc Hieu, successful implementation of Resolution 68 could mark the third major breakthrough in the history of Vietnam’s private sector development.

In its development journey, HCM City has consistently played the role of an economic locomotive of the whole nation. However, faced with existing limitations in space, institutions, and population, the city now requires a bold new development vision.

Vietnamese enterprises call for equal policy support to unleash their full economic potential.

Resolution 68 outlines tax reforms to boost transparency and encourage business formalization.

The private sector has played a vital role in mobilising resources, spurring economic growth, boosting budget revenues, creating jobs, enhancing living standards, and fostering global integration.

Two key resolutions of the Politburo on legal reform and the private sector development were disseminated at a national conference on May 18, aimed at contributing to fast and sustainable national development in the new era.

According to the resolution, each enterprise, household business, or individual business must not be inspected more than once a year, except in cases where clear signs of violations are found.

Marking its 30th edition, SEMICON SEA 2025 is the region’s largest semiconductor exhibition, expected to draw over 500 companies, 1,300 booths, and 20,000 visitors from 65 countries and territories.

Private enterprises have emerged as a new engine of Vietnam’s steel industry, helping transform production dynamics and drive the country’s industrialisation and modernisation process.

Resolution 68 aims to unshackle Vietnam’s private sector, recognizing it as a vital economic engine.

Prime Minister Pham Minh Chinh called for a comprehensive review and revision of policies to encourage business freedom, foster healthy competition among enterprises, and ensure equal access to capital, land, and public assets

Politburo’s Resolution 68 declares private enterprise central to national growth and sets ambitious goals for 2030.

Billionaires and big brands aside, most Vietnamese businesses remain small and face barriers to regional expansion.

Excessive business regulations are stifling innovation and development. General Secretary To Lam’s vision calls for a legal framework that empowers, not controls.

Prime Minister Pham Minh Chinh emphasized that the development of the private economy must be grounded in practical realities, drawing effectively from both domestic and international experiences.

When the number of required business conditions is far too high and the quality is low, it is a clear manifestation of the “if it can’t be managed, ban it” mindset, which creates a legal system that leans toward control rather than development.

Despite playing a vital role in GDP growth, private enterprises face persistent challenges, especially in institutional reform and access to resources.

Deputy Prime Minister Nguyen Chi Dung stresses the need for an actionable plan that removes obstacles and inspires confidence in the private sector.

With the private sector contributing 50 percent to GDP, reaching the target of over 8 percent growth in 2025 and a double-digit growth rate in the 2026-2030 period could occur.