Chairing the third meeting of the National Steering Committee on the implementation of the Politburo’s Resolution No. 68 on private sector development, the Prime Minister emphasised that effective execution of the resolution is essential as Vietnam prepares to enter a new phase of development marked by ambitious growth targets.

In his view, 2026 will mark the beginning of Vietnam’s push for double-digit economic growth, making the effective development of the private sector more important than ever.

He called for continued improvements to institutions and legal frameworks in line with Resolution No. 68, emphasising the need for reforms that are practical, transparent and easy to implement, while significantly reducing compliance costs for businesses.

The Prime Minister also urged accelerated administrative reform and digital transformation to eliminate unnecessary procedures, reduce waiting time and end “ask–give” practices that burden enterprises.

Conditions must be created for private enterprises to develop both in scale and in quality, he said, noting that special attention should be given to small, micro enterprises and household businesses. He encouraged stronger linkages within the business community, calling on large companies to support smaller ones and business associations to actively assist weaker members.

The Prime Minister further instructed ministries and local authorities to strengthen dialogue with the private sector, respond promptly to business concerns and strictly adhere to implementation timelines, warning against inconsistent execution across different levels of administration.

Looking ahead, he assigned the Ministry of Finance to conduct a one-year review of the implementation of Resolution No. 68 by May 2026, as part of ongoing efforts to refine policies and unlock the full potential of Vietnam’s private sector.

Participants at the meeting noted a clear shift in perceptions regarding the role of the private sector within Vietnam’s socialist-oriented market economy. This change has been reflected not only among businesses, but also within public administration at all levels.

In 2025 alone, more than 300,000 enterprises were newly established or resumed operations, an increase of over 30% year on year, with total registered capital exceeding VND6 quadrillion. The total number of active enterprises nationwide has risen to nearly 1.1 million, while thousands of household businesses have transitioned into formal enterprises. Business associations are also playing a more substantive role in policy consultation and feedback.

The growing contribution of private capital was underscored by recent data showing that 82% of funding for 234 major projects launched or inaugurated on December 19 came from private sources, compared to 18% from the state.

At the meeting, business representatives urged stronger and more targeted support for small and medium-sized enterprises (SMEs), which are considered the backbone of the private sector. Proposals included accelerating the establishment of an SME support fund, reducing business costs, and providing tax incentives during the early years of operation to help new firms survive and grow.

Young entrepreneurs also reaffirmed their commitment to partnering with the Government in promoting sustainable development, expanding leadership training programmes, supporting social housing initiatives and facilitating the transition of millions of household businesses into formal enterprises.

Local governments, meanwhile, highlighted innovative policy approaches, including pilot public–private venture capital funds aimed at supporting start-ups and high-risk, high-potential business ventures, with authorities sharing risks alongside enterprises.

Private sector encouraged to invest in small modular reactors

VOV.VN - The National Assembly on December 11 approved a resolution on the country’s national energy development policies for 2026-2030, encouraging both State-owned and private enterprises to invest in small modular reactor projects and easing rules for offshore wind energy development.