Resolution 68: A turning point in Vietnam's private sector policy

Recognizing the right role, value and timing

While on a business trip in Italy, Pham Ha, Chairman of LuxGroup, read about Resolution 68 issued by the Politburo of the Communist Party of Vietnam. Reflecting on two decades of building his business through many challenges, he felt a sense of relief and deep emotion.

“We used to be seen as a secondary force, having to fend for ourselves, facing countless barriers and lacking trust,” he recalls.

But Resolution 68 marks a bold shift, asserting that the private sector is now the most important driver of Vietnam’s economic development.

“I feel that I and millions of other entrepreneurs, are finally recognized—at the right time, with the right role and the right value,” Ha said.

He sees this moment as the dawn of a new era, where pioneering, innovative entrepreneurs like him are no longer alone. LuxGroup, more than just a travel company, has spent two decades telling the Vietnamese story to the world through a creative ecosystem blending national pride with artistry and culture.

“With this resolution, we no longer just dream; we are empowered to act under clear and supportive policies,” he emphasized. He was especially encouraged by commitments to reduce administrative intervention, abolish outdated licensing mechanisms and eliminate overlapping and obstructive regulations.

For Ha, the biggest challenge has long been a lack of trust from regulators and a fear of accountability among officials. Entrepreneurs were often treated as subjects to be managed rather than partners in development. The complex bureaucracy, overlapping inspections and inconsistent policies made it hard for businesses to grow.

A mindset shift: From control to enabling

Nguyen Thanh Tuan, CEO of Sao Kim Branding and Vice President of the CEO Club 1983, noted that Resolution 68 confronts long-standing institutional bottlenecks head-on, moving away from vague rhetoric to concrete commitments.

For the first time, the government’s role is reframed - from controlling the private sector to enabling it. The traditional "ask-give" mechanism is replaced by a collaborative, forward-looking approach. Specific targets and deadlines have been set, including the requirement to present policy frameworks at the National Assembly’s May 2025 session.

For small and medium enterprises (SMEs), the resolution is a breath of fresh air. New incentives - such as tax exemptions for start-ups, access to credit based on cash flow and brand equity, support for digital transformation, and sustainability - are unprecedented.

Ha believes that meaningful change requires three key drivers: trust, fairness and action. “We are ready to rise if the unnecessary barriers are removed,” he said.

In addition to policy clarity, businesses need a full support ecosystem - long-term capital, transparent land-use policies, legal clarity and incentives for innovation.

But this recognition also brings responsibility. Citing the legacy of Bach Thai Buoi, an early 20th-century entrepreneur who promoted Vietnamese self-reliance, Ha said today’s entrepreneurs are tasked with a similar mission: to revitalize the national economy through knowledge, creativity and ethical business.

“More than an opportunity, this is a historic responsibility,” he said, adding that many Vietnamese entrepreneurs today have the vision, values, and global ambition to take on that role.

Resolution 68 sets a target of having at least 2 million effective private enterprises by 2030, or 20 businesses per 1,000 people. However, as Dang Thi Hai Ha, founder of Respect Vietnam, pointed out, achieving this goal requires overcoming deep structural and psychological barriers.

She argues for a shift from administrative intervention to capacity-based support, helping enterprises develop long-term strategies, efficient operations, and contextual innovation - even if it doesn't involve cutting-edge technology.

Organizations such as the Vietnam Association of Corporate Directors (VACD) and CEO 1983 Club are already working to uplift governance standards, foster leadership, and connect Vietnamese entrepreneurs across networks.

“I believe Vietnamese businesses have great potential. With the right support and trust, they will not only prosper but help build a prosperous, ethical and proud Vietnam,” Ha from Lux Group affirmed.

A safer legal environment for entrepreneurs

Resolution 68 is particularly notable for its stance on not criminalizing economic and civil relationships unless truly necessary. This reassures private investors, who often hesitate due to legal uncertainties.

Le Huu Nghia, CEO of Le Thanh Construction, said this legal clarity is crucial: “Businesses can now feel safer knowing that honest mistakes won't immediately result in criminal charges.”

This position was echoed by Phan Dinh Tue, Vice Chairman of HUBA, who stressed the importance of treating economic violations as opportunities for correction rather than punishment, especially when intent is not malicious.

Dr. Do Thien Anh Tuan of Fulbright School of Public Policy underscored the breakthrough in both tone and substance. Unlike Resolution 10 (2017), which referred to the private sector as “an important driver,” Resolution 68 elevates it to “the most important driver” of the national economy.

This clear prioritization, combined with concrete goals and legal reforms, aims to create a truly level playing field. It also emphasizes access to land, capital, and technology - resources long seen as elusive for the private sector.