At a recent seminar titled "Enabling the Private Sector to Thrive Under Resolution 68 - Immediate Actions Needed," organized by the Government’s Electronic Information Portal, Hieu emphasized the necessity and significance of Resolution 68. The resolution’s messages are clear, bold, and directly address longstanding obstacles facing the private sector.

Hieu believes the successful implementation of Resolution 68 could be the third breakthrough in the private sector’s development history. The first breakthrough was the recognition of the private sector in 1988-1990. The second was granting business rights and reforming administrative procedures, primarily in market entry (1999-2000, with the introduction of the Enterprise Law).

"Resolution 68 will transform the private sector qualitatively," he said.

The private sector currently comprises over 940,000 enterprises and more than 5 million active household businesses, contributing 50 percent to GDP, over 30 percent to the total state budget revenue, and employing about 82 percent of the total workforce.

Many private enterprises have grown significantly, established strong brands, and expanded into regional and global markets. However, the private sector still faces numerous barriers that hinder its development, falling short of the expectations and requirements to serve as the backbone of the national economy.

Reviewing the solutions mentioned in the resolution, Hieu highlighted three key objectives set by the Politburo:

First, facilitating market entry: Removing administrative barriers by cutting 30 percent of compliance costs and procedures, a significant improvement compared to the early 2000s.

Second, enhancing protection: The non-criminalization principle has been set, significantly reducing risks for businesses.

Third, unlocking resources: Enabling private enterprises to access land, production facilities, capital, and human resources.

Bui Thu Thuy, Deputy Director of the Department of Private Enterprise and Collective Economic Development under the Ministry of Finance (MOF), said Resolution 68 is groundbreaking. 

She said that strict business conditions, considered the "wall" that barred market entry, have been removed with Resolution 68. 

The important document sets the post-check mechanism, which means that businesses can make declarations about the quality of their products. Ministries and branches have been told not to set overly strict requirements on businesses, except for areas related to national defense, security and people's health.

"This is a true breakthrough, which is just like the wall has been shattered," Thuy said.

A critical point, Thuy emphasized, is trust. This time, the Party and Government have demonstrated profound confidence in the private economic sector. 

The private sector contributes over 50 percent to GDP, compared to approximately 20 percent from the FDI sector and a similar share from state-owned enterprises. With a GDP growth target of 8 percent for 2025 and double-digit growth in the future, the private sector’s role is crucial.

Immediate actions needed

Tu Tien Phat, CEO of ACB Bank, noted that enterprises have had four key concerns for many years: costs, procedures, markets, and green transition. Resolution 68 offers open policies, but the challenge lies in bringing these policies to life.

Phan Duc Hieu stressed that institutional reform is the most critical, effective, equitable, and cost-efficient measure. "In Resolution 68, the solutions on institutional reform are the highlights. If we focus on strong institutional reform, the impact will be huge. Institutions must come first to get results”.

In the long term, he proposed establishing an independent Institutional Reform Agency under the Prime Ministesr, with the authority to propose legislation and supervise implementation. 

In South Korea, for instance, all proposals must be reviewed by the Ministry of Justice before becoming official drafts. If deemed substandard, drafts are returned for revision.

Thuy noted that resolutions have never been implemented as quickly as they are now.

"In the past two months, our team has worked almost non-stop, day and night. The National Assembly has announced nine groups of solutions, with clear content, to be applied immediately. “Regarding the action program, including about 50 tasks, most of which will be completed in 2025," Thuy said.

She added that while the resolution has a vision for 2045, its primary tasks are concentrated in the next two years to ensure institutions lead the way. In 2026-2030, the focus will shift to unlocking and leveraging private resources to achieve 8-10 percent growth. Delaying institutional reforms until 2029 would hinder these goals.

"The Government’s resolution is expected to be issued in May, possibly as early as next week," Thuy added.

Nguyen Thao