Vietnam’s Private Sector: A New Era Under Resolution 68

Introduction

Vietnam is entering a pivotal phase in its economic transformation, guided by two landmark policy frameworks: Resolution No. 68-NQ/TW on private sector development and Resolution No. 57-NQ/TW on science, technology, innovation, and digital transformation.

This publication outlines the strategic goals, policy directions, and investment opportunities emerging from Resolution 68—offering foreign investors a clear roadmap to engage with Vietnam’s dynamic and evolving private economy.

I. Strategic Goals for 2030

While Resolution 57, issued by the Politburo in December 2024, lays the groundwork for a national breakthrough in innovation and digital infrastructure, Resolution 68 builds upon this foundation by positioning the private sector as the primary engine of economic growth. Together, these resolutions form a cohesive strategy: one that empowers private enterprises to lead in innovation, integrate into global value chains, and drive sustainable development.

Key Targets by 2030:

• Enterprise Growth: Reach 2 million active enterprises, or 20 businesses per 1,000 people.
• Global Integration: At least 20 large private enterprises integrated into global value chains.
• Economic Contribution:
  • 55–58% of GDP
  • 35–40% of state budget revenue
  • 84–85% of total employment
• Productivity and Innovation:
  • 10–12% annual growth in the private sector—outpacing the national average.
  • Labor productivity to grow by 8.5–9.5% annually.
  • Technological capacity ranked among the top 3 in ASEAN and top 5 in Asia.

These targets reflect Vietnam’s commitment to building a resilient, innovative, and globally competitive private sector.

II. Vision to 2045: A Global Private Sector Powerhouse

Looking further ahead, Vietnam envisions a private economy that is not only strong domestically but also globally influential.

2045 Vision Highlights:

• 3 million enterprises operating nationwide.
• Over 60% contribution to GDP.
• A private sector that is:
  • Sustainable
  • Digitally advanced
  • Deeply integrated into global production and supply chains
  • Highly competitive in both regional and international markets

This long-term vision aligns with Vietnam’s broader national development goals and its aspiration to become a high-income country by mid-century.

III. Strategic Pillars and Policy Solutions

To realize these ambitious goals, Vietnam has outlined a comprehensive set of 8 strategic tasks and solutions. These are designed to create a favorable environment for private sector growth and to attract both domestic and foreign investment.

1. Shifting Mindsets and Building Consensus

Vietnam is fostering a pro-business culture that encourages entrepreneurship, innovation, and national pride. This includes:

• Promoting a shared vision for private sector development.
• Encouraging public-private dialogue and collaboration.
• Inspiring confidence and aspiration among entrepreneurs and investors.

2. Institutional and Legal Reform

A robust legal framework is essential for investor confidence. Key reforms include:

• Protecting ownership and property rights.
• Guaranteeing freedom of business and fair competition.
• Strengthening contract enforcement mechanisms.
• Clarifying legal responsibilities between individuals and legal entities, and between civil, administrative, and criminal matters.

These reforms aim to create a transparent, predictable, and equitable business environment.

3. Enhancing Access to Resources

Vietnam is committed to improving private sector access to:

• Land: Streamlining land use rights and access to production facilities.
• Capital: Expanding financing options through banks, capital markets, and alternative sources.
• Human Capital: Investing in education and vocational training to build a skilled, adaptable workforce.

4. Driving Innovation and Sustainability

The government is prioritizing:

• Science and technology adoption
• Digital transformation
• Green and sustainable business practices

Support mechanisms include R&D incentives, technology transfer programs, and digital infrastructure development.

5. Strengthening Enterprise Linkages

Vietnam aims to build a cohesive business ecosystem by:

• Developing industry clusters, value chains, and supply chains.
• Encouraging large enterprises to lead and integrate SMEs and household businesses.
• Promoting financial institutions to support businesses within these ecosystems.
• Implementing localization strategies in key industries such as electronics, automotive, and renewable energy.

6. Scaling Up Enterprises

The government is facilitating the growth of medium and large private enterprises, with the goal of forming regional and global private economic groups. This includes:

• Access to international markets
• Support for mergers and acquisitions
• Capacity-building for global competitiveness

7. Supporting Small and Micro Businesses

Recognizing their vital role in the economy, Vietnam is providing targeted support for small, micro, and household businesses. This includes:

• Simplified registration and compliance processes
• Access to finance and training
• Integration into formal value chains

8. Fostering Business Ethics and Entrepreneurial Culture

In the spirit of promoting business ethics, social responsibility and entrepreneurial spirit, while creating favourable conditions for businessmen to participate in national governance, Vietnam’s commitment includes:

8.1. Building a Model Entrepreneurial Community

• Promote a business culture rooted in ethics, honesty, integrity, and social responsibility, aligned with both Vietnamese identity and global standards.
• Foster a national aspiration to build a prosperous and law-abiding society, with business ethics at its core.
• Evaluate private enterprises using four international benchmarks:
  • Legal compliance
  • Job creation
  • Contribution to the state budget
  • Participation in social welfare initiatives

8.2. Promoting Entrepreneurial Spirit

• Integrate entrepreneurship and innovation training into the national education system, starting from primary and secondary levels.

8.3. Honoring and Rewarding Excellence

• Recognize and reward entrepreneurs and enterprises that demonstrate sustainable success and social responsibility.
• Encourage visionary business leaders to contribute to national governance and policy-making.

8.4. Strengthening State–Enterprise Relations

• Build transparent and constructive relationships between government bodies and businesses.
• Ensure authorities are proactive in resolving enterprise challenges, and escalate unresolved issues appropriately.
• Promote honest policy feedback from enterprises while strictly prohibiting policy manipulation.

8.5. Expectations for Enterprises and Entrepreneurs

• Embrace innovation, continuous learning, and ethical wealth creation.
• Encourage entrepreneurs to contribute to national development and uphold social values.

8.6. Enhancing the Role of Business Associations

• Strengthen the capacity and influence of business associations to:
  • Protect members’ legal rights
  • Participate in policy development and oversight

8.7. Developing Party and Youth Union Organizations within Enterprises

• Implement policies to establish Party and Hồ Chí Minh Communist Youth Union organizations in businesses.
• Encourage outstanding entrepreneurs to join and contribute to these political and social structures.

IV. Implications for Foreign Investors

Vietnam’s private sector roadmap offers significant opportunities for foreign direct investors, particularly in:

• Manufacturing and supply chain integration
• Technology and digital services
• Green energy and sustainable development
• Education and workforce development
• Financial services and capital markets

With a clear policy direction, strong government support, and a rapidly growing domestic market, Vietnam is emerging as a strategic destination for long-term investment.

Conclusion

Vietnam’s vision for its private sector is bold, strategic, and inclusive. By 2030 and beyond, the country aims to become a regional leader in innovation and private enterprise, offering a fertile ground for both domestic and international investors.

At Viettonkin Consulting, we are committed to helping investors navigate this evolving landscape. Whether you are exploring market entry, expansion, or partnerships, our team is here to provide tailored insights, legal guidance, and strategic support.

Let’s build the future of Vietnam’s private economy—together.

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