The PM holds a dialogue with enterprises and business associations on private economic development

At the dialogue, Minister and Chairman of the Government Office Tran Van Son announced Decision No. 1055/QĐ-TTg dated May 30, 2025 by the PM on the establishment of the National Steering Committee for the Implementation of Resolution 68-NQ/TW of the Politburo. PM Pham Minh Chinh serves as the Head of the Committee.

Over the past 40 years of renovation, the private economy has made strong progress and achieved significant accomplishments. The number of newly established enterprises has steadily increased over the years, with nearly 1 million enterprises currently operating in the economy. The private sector has continuously maintained a relatively high growth rate and is the largest contributor to the national economy, accounting for approximately 50% of GDP and contributing more than 30% of total state budget revenue. However, despite these achievements, the private sector still faces many barriers hindering its development. It has yet to make significant breakthroughs in scale and competitiveness and still falls short of the expectations of becoming a key driving force in the national economy.

Resolution No. 68-NQ/TW on the development of the private economy was signed and promulgated on May 4, 2025, by General Secretary To Lam on behalf of the Politburo. According to the Resolution, the private economy is identified as the most important driving force of the national economy, playing a key role in promoting growth, generating employment, and increasing labor productivity. It is also considered a pioneering force in the development of science and technology, innovation, and digital transformation.

The delegates attended the conference at the Son La provincial location.

According to the Resolution, the private economy plays a core role alongside the state economy and the collective economy in building an independent, self-reliant, and resilient economy, closely linked with deep, practical, and effective international integration. This helps the country to escape the risk of falling behind and to rise toward prosperous development. The Politburo affirms that developing the private economy quickly, sustainably, effectively, and with high quality is a central, urgent, and strategic long-term task that must be concretized in the country's development strategies and policies. The Politburo also calls for completely eliminating prejudices against the private economy while correctly evaluating its important role in national development. It emphasizes the need to nurture and encourage entrepreneurial spirit, innovation, and to respect businesses and entrepreneurs. Resolution 68-NQ/TW is regarded by many businesses as a significant step forward in improving the institutional framework, enhancing the investment and business environment, and promoting the development of the private economic sector.

At the dialogue session, the delegates highly appreciated the issuance of Resolution 68-NQ/TW by the Politburo on the development of the private economy. They urged the Government to promptly develop and concretize mechanisms and policies tailored to different groups of enterprises by scale, ensuring suitability, feasibility, and effectiveness in practice; need to assign specific tasks and clearly define the roles of associations in coordinating with state agencies; accelerate the removal of administrative barriers; and shift management thinking from prohibition to facilitation and development; focused support to help small and medium-sized enterprises access key resources.

Prime Minister’s speech at the dialogue session

In his concluding remarks at the dialogue, PM Pham Minh Chinh highly appreciated the contributions and proposed solutions from enterprises for the goal of developing the private economy. He requested ministries, sectors, and localities to build institutions and policies, and simultaneously issue tools to oversee the private economy. Focus should be placed on post-inspection, summary and evaluation; strengthen emulation, commendation, and honor for enterprises with outstanding contributions; and promptly handle businesses and entrepreneurs who violate the law in a timely manner.

Additionally, the PM emphasized the need to better implement the three strategic breakthroughs in institutions; infrastructure and human resources; ensuring sovereignty, political stability, social order and safety, creating the most favorable conditions for all enterprises to have opportunities to develop and contribute to the country’s economic growth. This includes ensuring equal access to capital, land resources, legal rights, and business equality for enterprises; organizing regular meetings to promptly remove difficulties and obstacles for businesses.

For enterprises, continuous innovation and upholding business ethics are essential. Enterprises also need to cooperate and connect more closely with each other to create wider supply chains and services.

Hong Le

Translated by Huyen Vu