Unlocking private enterprises’ growth – Article 2: Big opportunities

Addressing what businesses truly need

The Politburo’s Resolution No. 68-NQ/TW dated May 4, 2025 clearly reflects a transformation in mindset, along with unified awareness and action by the Party. It outlines comprehensive, breakthrough solutions to fully unleash the potential of the private sector.

The resolution identifies the private sector as “one of the most important driving forces” of the national economy and a “pioneering force” in promoting growth, job creation, labor productivity, national competitiveness, industrialization, modernization, economic restructuring, etc.

With the goal of fostering rapid, sustainable, efficient, and high-quality development of the private sector, the resolution emphasizes that this task is both an immediate priority and a long-term strategic objective. It calls for the complete elimination of outdated mindsets and prejudices against the private sector and urges a proper appreciation of its essential role in national development.

In addition to these strategic and forward-looking policy directions with great trust in the private sector, the business community is especially encouraged by how specific and actionable the measures in this resolution are.

Rather than merely offering broad orientations or general appeals, the resolution translates policy into clear mechanisms, such as preferential credit programs and improved access to finance for small and medium-sized enterprises; removal of obstacles related to land and administrative procedures; promotion of digital transformation and competitiveness; and facilitation of private firms’ participation in high added-value, high-tech industries and global value chains.

These provisions demonstrate that the policy does not only aim to tackle immediate challenges but also lays out a long-term vision aligned with global development trends and Vietnam’s evolving needs.

Turning policy into reality

According to Do Van Tung, General Director of Bosu JSC., a company specializing in digital content design and management in Hai Duong city, if the solutions proposed in Resolution 68 are implemented seriously and consistently, many barriers will be lifted.

For instance, reduced frequency of inspections and audits would help businesses focus on stable operations. Simplifying administrative procedures and shifting from “pre-checks” to “post-checks” would save time and costs. Easier access to land, capital, and market information would open up more opportunities for expansion and growth.

Nguyen Van Huy, Vice President of the provincial Association of Small- and Medium-sized Enterprises and a business training and consulting expert, also emphasized the need to quickly institutionalize and implement resolutions of the Politburo, National Assembly, and Government. Otherwise, there is a risk of having “good policies that never reach the ground.”

He suggested creating mechanisms for monitoring and evaluating policy effectiveness through business associations, intermediary organizations, or the press.

At the same time, Huy stressed that businesses themselves must seize opportunities, improve management capacity, ensure financial transparency, and strengthen sectoral and regional linkages. Without internal innovation, even the best policies may fail to deliver real benefits.

HOANG BIEN