Vietnam stands at a pivotal moment in its economic journey. On May 4, 2025, Party General Secretary To Lam signed Resolution No. 68, a transformative directive from the Politburo that places the private sector at the heart of the nation’s socialist-oriented market economy. The landmark resolution is not just a policy shift—it is a bold vision to empower private enterprises as the driving force behind Vietnam’s growth, innovation, and global competitiveness. With ambitious targets, sweeping reforms, and a call to dismantle long-standing biases, Resolution 68 could redefine Vietnam’s economic future. A rising force, held back Since the Doi Moi reforms of the 1980s, Vietnam’s private sector has grown from humble beginnings into a vital pillar of the economy. From family-run shops to sprawling conglomerates, private enterprises have expanded in both number and sophistication. They have fueled job creation, driven innovation, and contributed significantly to the nation’s GDP. Today, the private sector is a cornerstone of Vietnam’s economic landscape, embodying the entrepreneurial spirit of a nation on the rise. Yet, despite its progress, the private sector’s potential remains constrained. Resolution 68 points out the challenges: outdated mindsets that undervalue the role of private businesses, inconsistent legal frameworks, and limited access to […]