With an increasingly comprehensive legal framework now in place, these measures are expected to deliver tangible support for private enterprises.

On May 4, 2025, the Politburo adopted Resolution No. 68-NQ/TW on private sector development, a landmark document that reshaped development thinking and elevated the role of the private economy as a key driver of national growth.

Just two weeks later, on May 17, 2025, the National Assembly of Vietnam passed Resolution No. 198/2025/QH15, introducing a set of special mechanisms and policies to support the private sector. Earlier this year, the government issued Decree No. 20/2026/ND-CP to provide detailed guidance for implementation.

According to Trinh Thi Huong, deputy director of the Agency for Enterprise Development under the Ministry of Finance, several policies have already delivered immediate benefits.

“The abolition of the business license tax has provided direct relief for enterprises by reducing market entry costs. In addition, the three-year corporate income tax exemption for newly established small and medium-sized enterprises is now being implemented and has attracted strong interest from localities and businesses,” said Huong.

She added that policies supporting science, technology and innovation are also being rolled out.

“Under The Government’s Decree 20, research and development (R&D) expenses can be counted at 200% of actual costs for tax deduction purposes. This is one of the policies that has been implemented in practice,” she elaborated.

On land access, local authorities are actively applying support measures in line with Resolution 68 and related regulations. Land funds in industrial parks, clusters and incubators are being prioritised for startups, high-tech firms and small and medium-sized enterprises. At the same time, land rental costs may be reduced by up to 30%, depending on local conditions and budget capacity. These measures are expected to help businesses stabilise operations, expand scale and improve efficiency.

“Accompanying policies have been institutionalised, creating conditions for private enterprises to benefit and grow,” said Deputy Finance Minister Nguyen Duc Chi, highlighting broader institutional progress.

“A major breakthrough is that private firms are now encouraged to access and participate in nationally important projects, with mechanisms designed to enable them to take on and implement such projects effectively, thereby affirming their central role as outlined in Resolution 68,” he added.

Alongside policy reforms, large-scale support programmes have also been approved by the Prime Minister to operationalise the resolution’s goals. These include a programme to train 10,000 CEOs and another to develop 1,000 leading enterprises. The Ministry of Finance is currently finalising guiding circulars to bring these initiatives into practical implementation as soon as possible.

Private sector growth hinges on policy reform and bottleneck removal

VOV.VN - Institutional reform and a transparent business environment are key to unlocking Vietnam’s private sector growth potential, experts say.