Heading toward the 14th National Congress of the Communist Party of Vietnam, Resolution No. 68-NQ/TW, issued by the Politburo on May 4, 2025, regarding private economic development, marks a significant milestone, affirming the private sector as “the most important driver” of the economy.  This is a powerful statement for innovative thinking, demonstrating the resolute commitment of the state to stand alongside the business community to create a time of breakthrough development.

On May 18, 2025, party General Secretary To Lam delivered a speech at the National Conference dedicated to thoroughly grasping and implementing the politburo’s Resolution 68-NQ/TW. Photo: Thong Nhat/VNA

The development of the private sector occurs as Vietnam accelerates institutional reform, streamlines its apparatus, promotes digital transformation, develops strategic infrastructure, and shifts toward a green economy. These changes will establish a crucial foundation for private enterprises to assert their role in the rapidly evolving economy.

Party General Secretary To Lam and delegates visit the exhibition "Achievements in private conomic Development". Photo: Thong Nhat/VNA

Prime Minister pham Minh Chinh with business representatives attending a seminar on private economic development to effectively implement the Politburo’s Resolution 68-NQ/TW. Photo: Duong Giang/VNA

Prime Minister Pham Minh Chinh emphasized that the private economic sector is currently “the most important driver” of the economy, making substantial contributions to growth, state revenue, and employment. In the third quarter of 2025, Vietnam’s GDP growth was estimated at 8.23% year on-year which is the highest level in many years. This overall result includes significant contributions from the private sector.

Furthermore, 250 projects and construction projects were simultaneously inaugurated and commenced nationwide on the occasion of the 80th anniversary of the August Revolution and National Day (September 2), with 63% of the total investment capital originating from private enterprises. To support this powerful force, the Vietnamese government has pushed forward with procedural reforms and cut business conditions, aiming to create a transparent, stable investment environment based on the principle of “harmonious benefits, shared ”.

Tran Dinh Long, Chairman of the Board of Directors of the Hoa Phat Group, stated that the Vietnamese steel industry has risen to the 11th position globally from a humble foundation in 1995, testifying to the country's integration mindset and a stable business environment.

Tran Duc Tung, Deputy General Director of Hanel Processing and Export-Import Joint Stock Company (Hanel PT), believes that for Hanel PT, ESG (Environmental, Social, Governance) standards, investment in research and development (R&D), and green production are the keys for the company to integrate deeper into the global value chain.

VinFast’s self-production and export of electric vehicles to numerous foreign markets is gradually asserting Vietnam’s position on the global automobile manufacturing map. Photo: VNA

 

Currently, the private sector contributes about 50% of the GDP, over 30% of state budget revenue, creates more than 40 million jobs, and accounts for nearly 60% of total social investment. These figures highlight the critical role of the private sector in the socialist-oriented market economy that Vietnam pursues.

On the path of private economic development, the Party and the state are not only paying attention but are actively creating a development environment for enterprises to thrive. Numerous resolutions and directives have been continuously issued to improve the business investment environment, reduce administrative procedures, and secure the legitimate rights and interests of private enterprises.

Resolution No. 68-NQ/TW is not just a consistent affirmation of the Party’s major policy; it is a powerful step forward in economic development thinking: one of respecting, encouraging, and accompanying private enterprises.

Resolution No. 68-NQ/TW sets out a series of groundbreaking directions, from improving institutions and ensuring equal rights in accessing resources, to building a transparent, fair, safe, and favorable business environment. The Party and the state clearly assert: Developing a private economy is an objective necessity and a crucial driving force for building an independent, self-reliant, and deeply integrated economy.

Business representatives participate in a seminar on private sector development to effectively implement the Politburo’s Resolution No. 68-NQ/TW. Photo: Duong Giang/VNA

Vietnamese private enterprises are striving to bring products quickly and effectively to customers, especially in the international market. In the photo: packaging processed rubber at BRC Rubber Machinery Joint Stock Company. Photo: Hong Nhung/VNA

Resolution No. 68-NQ/TW serves as a key driver for private sector development in Hai Phong. In the photo: Tia Sang Battery Joint Stock Company continuously innovates its technology to deliver high-quality products for both domestic and international markets. Photo: Tran Viet/VNA

In his article, "Developing the Private Economy - A Lever for a Prosperous Vietnam," Party General Secretary To Lam emphasized, "In striving for a shared national vision, the private economy also needs to better define its mission and vision. The private economy must be the pioneering force in the new era, successfully realizing the cause of industrialization and modernization, enhancing national competitiveness, upholding social responsibility, contributing to improving the people’s livelihoods, participating in building a civilized and modern society, and contributing to building a dynamic and internationally integrated Vietnam".

In this era of knowledge and integration, as the Party and the state broaden the space for development, the business community must demonstrate pioneering courage to turn opportunities into growth drivers, propelling both themselves and the nation forward powerfully./.

Story: Long Nguyen/VNP   Photos: VNA   Translated by Hong Hanh