HCMC – The National Assembly (NA) is expected to pass a resolution on special mechanisms and policies to promote the development of the private sector this Saturday, May 17. This is a mandatory move by the NA to institutionalize the Politburo’s Resolution 68 through legislation.
On May 4, 2025, Party General Secretary To Lam signed Resolution 68-NQ/TW of the Politburo that recognizes the private sector as a key driver of the country’s socialist-oriented market economy.
Resolution 68 states that, after nearly four decades of economic reforms, the private sector of the nation has grown significantly in both scale and quality, and emerged as a vital force in the nation’s economy. But private businesses still face substantial barriers that hinder their growth, limit their scale, and undermine their global competitiveness, falling short of expectations as a cornerstone of the national economy.
The NA Standing Committee at its 45th session on the afternoon of May 14 discussed a draft resolution proposing special mechanisms and policies to promote private sector development, according to the Government news site.
Key highlights in the draft resolution of the NA include special policies on land use rights and interest rate support for private enterprises, new regulations on inspections and audits, a shift in the approach to business registration management, and clearer definitions of legal responsibilities.
High-tech businesses, small and medium-sized enterprises (SMEs), and startups would enjoy a reduction of at least 30% in land lease fees during the first five years from the date of signing a contract with the project developer.
These businesses would also be eligible to lease unused public land and buildings managed by local authorities.
They would be eligible for a 2% annual interest rate subsidy for projects that are green, circular, or aligned with ESG standards. Startups and venture capital fund management companies would be exempt from corporate income tax for two years, followed by a 50% reduction for the subsequent four years.
The draft resolution proposes switching from pre-inspections to post-inspections, meaning businesses would be subject to inspection only once a year unless there is clear evidence of violation.
NA Chairman Tran Thanh Man said that the resolution contains several breakthroughs in private sector development and called for a thorough review of provisions related to science and technology, the investment environment, equality, and alignment with international commitments.
The draft resolution is scheduled to be presented to the National Assembly for feedback on May 15 and passed on May 17.
