The Politburo’s Resolution 68-NQ/TW on private sector development marks a breakthrough that has energized Vietnam’s business community. However, “private sector” is a politico-economic term that must be institutionalized—translated into legal concepts and norms consistent with market economy standards. The private sector is not a legal entity with its own rights and obligations. There is no ownership certificate for the “private sector,” and no business license or registration is issued to it. Therefore, all policies for the private sector must be transformed into the legal rights and obligations of individual entrepreneurs and enterprises. For powerful private conglomerates worth tens of billions of U.S. dollars, access to capital and land did not appear to be a challenge even before Resolution 68. Nevertheless, the statement in Resolution 68 that “the private economic sector is one of the most important driving forces of the national economy” is highly significant. It is now taking shape in an “era of rising” through mega-projects and breakthrough initiatives—such as high-speed rail, layer-1 blockchain platforms, and AI factories—that have been, or are planned to be, entrusted to private companies. For small- and medium-sized traders, Resolution 68 has been implemented through tangible measures such as corporate income tax exemptions for […]
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