Recognizing the remarkable contributions of the private economic sector over nearly 40 years of reform, with over 940,000 businesses and more than five million household enterprises currently operating, contributing around 50% of GDP, over 30% of total state budget revenue, and creating jobs for about 82% of the national workforce-Resolution 68 affirms that “the private sector has become one of the key drivers of the national economy. Many private enterprises have grown into large corporations, built strong brands, and expanded into regional and global markets.”

Recognizing the remarkable contributions of the private economic sector over nearly 40 years of reform, with over 940,000 businesses and more than five million household enterprises currently in operation, the resolution notes that this sector contributes around 50% of GDP, over 30% of total state budget revenue, and provides jobs for about 82% of the national workforce.

Resolution 68 affirms that “the private economic sector has become one of the key drivers of the national economy. Many private enterprises have grown into large corporations, built strong brands, and expanded into regional and global markets.”

However, to meet development demands in the new era, the private economic sector must “urgently” and “necessarily” become “one of the most important drivers of the national economy.”

To realize this goal, the resolution outlines five core guiding viewpoints and eight key groups of tasks and solutions. Experts have hailed it as a breakthrough document, even calling it a new “reform manifesto” for the private sector, as it contains several “unprecedented” highlights.

These include a “shift in mindset” in both perception and action. The resolution upholds the goal of building “a facilitating, service-oriented state that supports the rapid and sustainable development of the private economic sector, without administrative interference in business and production activities in violation of market principles; promoting an open, friendly, and integrity-based relationship between the government and enterprises to serve and boost development.”

It also calls for a “change in mindset” in reforming, improving, and enhancing the quality of institutions and policies. The resolution advocates for “using market tools to regulate the economy; minimizing interference and eliminating administrative barriers, the ‘ask-give’ mechanism, and the mentality of banning what cannot be controlled. Citizens and enterprises are free to do business in areas not prohibited by law.”

It underlines the need to shift “from a public administration mindset focused on control to one that serves and spurs development, placing people and businesses at the center,” along with modernizing public governance, intensifying data-based management, and “moving from pre-inspection to post-inspection, accompanied by stronger monitoring and oversight.”

From guiding principles to specific policy directions supporting the private sector, particularly small and medium-sized enterprises that need to “scale up” while adhering to market principles and international commitments, the resolution sets a target of two million active businesses by 2030, accounting for at least 55% of GDP. By 2045, the goal is to have at least three million enterprises generating over 60% of GDP.

This strategy, which focuses not only on quantity but also on qualitative depth, demonstrating the Party’s strategic vision of the private sector (together with the state and collective sectors) “playing a core role in building an independent, self-reliant, resilient economy that is deeply and effectively integrated into the global system, enabling the country to escape the risk of falling behind and achieve prosperity.”

Another notable point in Resolution 68 is the designation of entrepreneurs as “soldiers on the economic front.” It highlights the importance of building a community of businesspeople with ethics, business culture, respect for the law, and a strong sense of social responsibility. The resolution also accentuates the need to “evaluate private enterprises by international standards” and create favorable conditions for entrepreneurs to participate in national governance.

More than a political declaration, Resolution 68 is backed by a robust implementation mechanism. It includes a call to promptly “issue special mechanisms and policies during the ongoing 9th session of the 15th National Assembly.”

Described as a “historic resolution” with a comprehensive and forward-looking reform spirit, Resolution 68 requires strong and coordinated action across all levels and sectors to translate its vision into reality. It also demands proactive reform efforts from the private sector itself, every enterprise, household business, and citizen. Only then can the private economy truly become a breakthrough force in the country’s next development phase.

Politburo issues resolution on private economic sector development

Party General Secretary To Lam, on behalf of the Politburo, has signed Resolution No. 68-NQ/TW, dated May 4, 2025, on the development of the private economic sector.