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| Illustrative image__Photo:VNA |
Party General Secretary To Lam has signed a resolution on the development of the private economic sector.
Politburo’s Resolution No. 68-NQ/TW dated May 4, 2025 says that after nearly four decades of economic reform, the sector has become one of the key driving forces of the socialist-oriented market economy with more than 940,000 registered enterprises and over 5 million household businesses. It has contributed approximately 50 percent of the nation’s GDP and over 30 percent of total state budget revenue, and employed about 82 percent of the national workforce. A number of private firms have emerged as major players, establishing strong brands and expanding into regional and global markets.
However, the resolution notes that the private sector still faces numerous challenges and has yet to meet expectations as the core engine of the national economy. Most enterprises remain micro-, small-, or medium-sized, with limited financial and management capacity, low technological capabilities, innovation levels, labor productivity and competitiveness. They often lack strategic vision while linkages with state-owned and foreign-invested enterprises remain weak.
These shortcomings are attributed to several factors, primarily an incomplete understanding of the private sector’s role in the economy, inadequate institutional and legal frameworks, and insufficient protection of property rights and business freedom. Private firms also struggle to access resources and benefit from incentives, while operational costs remain high.
Resolution No. 68 sets ambitious goals for the sector by 2030, aiming for it to become the most important driver of the national economy, a leading force in science, technology, innovation, and digital transformation. Targets include having 2 million active enterprises, 20 operating firms per 1,000 people, and at least 20 large firms integrated into global value chains. The private sector is expected to grow 10–12 percent on an annual basis, to contribute 55–58 percent of the country’s GDP and 35–40 percent of state budget revenue, and to employ 84–85 percent of the workforce. The group’s innovation and digital transformation capabilities are set to rank among the top three in the ASEAN and top five in Asia.
Toward 2045, the resolution envisions that the private sector will grow rapidly, robustly, and sustainably to take a proactive role in global production and supply chains and possess strong competitiveness at both regional and international levels.
The resolution also outlines specific tasks, solutions and implementation mechanisms to realize these objectives.- (VLLF)
