Comprehensive Strategy to Empower the Private Sector
In a recent high-level meeting, Prime Minister Pham Minh Chinh outlined a comprehensive plan consisting of 15 groups of tasks and solutions. This initiative is aimed at implementing the Politburo’s Resolution No. 68-NQ/TW on private economic development, a clear signal of the government’s strong commitment to the sector. The core objective of the plan is to transform institutional frameworks into competitive advantages by resolving existing bottlenecks and amending outdated legal documents that hinder business. The Prime Minister’s key measures include streamlining administrative procedures, delegating more authority to local governments, and providing direct support in critical areas such as taxes, access to land, and human resource training. This multi-faceted approach is designed to create a more efficient and business-friendly environment that can effectively unleash the full potential of the private sector, which is a key driver of the nation’s economic growth.
Strategic Directives and A Commitment to Transparency
To ensure the successful and timely implementation of this comprehensive plan, the Prime Minister issued several specific directives. He tasked the Government Office with the development of a detailed roadmap to reduce both the time and cost associated with cumbersome administrative procedures, a significant pain point for many businesses. He also directed the 18 provinces and cities that have not yet created their own action plans to do so promptly, underscoring the urgency and importance of this national initiative. These directives are intended to promote new investment projects and ensure a more transparent and open environment for both domestic and foreign investors. The government’s strong commitment to this initiative is further demonstrated by the total of 56 tasks that have been assigned across various ministries and agencies, with 11 of them required to be completed by the end of the year. This firm resolve signals a clear path forward with specific goals and deadlines.
Tangible Results and Strong Economic Momentum
After just three months of implementing the resolution, the private economic sector is already showing clear and positive changes, reflecting strong momentum. In the first seven months of 2025, nearly 108,000 new businesses were established, while existing businesses reported adding over 2.4 quadrillion VND (US$91.62 billion) in capital, a remarkable year-on-year increase of more than 186%. The number of new business households and enterprises resuming operations also saw significant increases, which reflects a renewed confidence in the market and a positive response to the new policies. Furthermore, state budget revenue from the non-state industry, trade, and services sector rose by a notable 25% year-on-year in the first half of 2025, providing tangible evidence that the plan is already succeeding in stimulating economic activity and generating revenue for the state.
