The resolution serves as a “golden key” to unlock longstanding bottlenecks facing private enterprises. It lays out specific, forceful objectives and measures focused on core issues that can drive faster and more sustainable growth in the private economic sector. However, turning intention into real change requires active engagement across all levels of government.

Can Vietnam reach the 2-million mark by 2030?

Tran Manh Bao, Chairman and CEO of ThaiBinh Seed Group, said that for Resolution 68 to truly translate into economic momentum, it is crucial to remove barriers that hinder businesses and unleash their growth potential in a new era.

He noted that while policies on taxation and access to preferential credit for innovation exist in theory, they are still constrained in practice. Many evaluation criteria remain misaligned with the realities of agricultural R&D, and state science and technology funds remain limited, with no open mechanism for easy enterprise access.

Experts agree that to build a stronger business base and reach the 2-million mark, Vietnam must reform the business environment, eliminate legal and procedural barriers, mobilize land and capital resources, and promote science and technology. Effective coordination among management agencies, banks, business associations, and the entrepreneurial community will be key to success.

Nguyen Thuong Lang, Associate Professor at the National Economics University, outlined several pathways: “First, we need to create a more attractive and secure market so more people are incentivized to start businesses. Second, we must foster innovative start-ups. Third, we should simplify procedures to help household businesses formalize. And finally, underperforming state-owned and collective enterprises should be converted to private businesses. If done methodically, I believe we can even exceed the 2 million mark by 2030.”

Currently, Vietnam has about 940,000 active private businesses, more than 30,000 cooperatives, and over 5 million household businesses. Many experts believe converting household businesses into registered enterprises is essential to achieving the 2-million goal.

Incentives and support measures needed

Nguyen Van Than, Chairman of the Vietnam Association of Small and Medium Enterprises, called for a dedicated policy package that includes legal and procedural advisory support, tax and credit incentives, and access to resources to encourage household businesses to convert into enterprises.

Nguyen Van Than, Chairman of the Vietnam Association of Small and Medium Enterprises, called for a dedicated policy package that includes legal and procedural advisory support, tax and credit incentives, and access to resources to support the transformation of household businesses into formal enterprises.

He proposed tax exemptions for the first three years after conversion to ease financial pressure and encourage the transition. He also recommended supporting the legal and administrative costs of setting up a business and offering free accounting software to help households manage finances and comply with tax rules, thus reducing the burden on both businesses and tax agencies.

Finance Minister Nguyen Van Thang echoed the need to create a transparent and efficient business environment by cutting red tape and reducing compliance costs. He also stressed the importance of simplifying invoicing and documentation to make the transition easier.

“With over 5 million active household businesses, this is our largest reserve force,” Minister Thang said. “The Ministry of Finance is finalizing a legal framework to close the gap between household and formal businesses. We’re phasing out lump-sum tax, promoting transparency, and professionalizing small enterprises. Key measures include a three-year corporate income tax exemption, abolishing the business license tax, and providing free accounting software.”

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