Following the excitement surrounding what many consider the most pivotal document ever issued for the private sector, the business community is now waiting for swift, effective implementation of the directions, tasks, and solutions outlined in the Politburo’s Resolution 68-NQ/TW. For the first time, Vietnam’s private sector—responsible for over 40% of GDP and employing around 85% of the nation’s work force—has been assigned a clearly defined, strategic role in a central-level directive. Resolution 68-NQ/TW, issued on May 4 by the Politburo, marks a milestone not only for its detailed guidelines but also for its bold reform agenda, directly confronting long-standing structural barriers facing private enterprises. What stands out in Resolution 68 is not its targets for enterprise numbers or growth rates, but its shift in development philosophy. The private sector, once seen as a secondary force supporting the state economy, is now recognized as “the most important driving force of the national economy.” This new stance is backed by a call to “eliminate prejudiced perceptions, attitudes, and viewpoints about the private sector” and to “accurately assess its crucial role in national development.” Equally significant is the resolution’s transformation of the Government’s role—from controlling to enabling, from encouraging to protecting. It calls […]
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