Government Leader Outlines 15 Key Tasks and Resolutions to Enhance the Private Business Sector's Growth
Vietnam's Prime Minister, Pham Minh Chinh, has outlined a comprehensive plan to significantly boost the private sector's contributions to the country's socio-economic development. The plan, which aims to resolve institutional bottlenecks and enhance competitiveness, was presented as part of the implementation of the Politburo's Resolution No. 68-NQ/TW on private economic development.
The government has laid out a total of 56 tasks under Government's Resolution No. 138/NQ-CP for executing Resolution 68. As of now, only six tasks out of the 17 scheduled for completion in 2025 have been completed. The PM has instructed the Government Office to draw up a roadmap to streamline administrative procedures and reduce costs and time.
Greater decentralization and delegation of authority to local governments in handling administrative matters has been instructed. Localities are urged to improve and finalize their development planning, promote new investment projects, and ensure equal, transparent, and open investor access.
Key measures include resolving institutional bottlenecks, reviewing and amending legal frameworks related to taxes, fees, land access, natural resources, and interest rate support. The government also aims to enhance human resource training and digital transformation.
The PM has emphasized mobilizing nationwide resources, supporting innovation, science, technology, and green, digital transformation. Clear performance evaluation criteria for the private business environment have been established.
Additional priorities include fostering a nationwide movement to involve the entire country in private economic development, accelerating the transformation of private businesses from household to formal enterprises, and deepening integration into global value chains.
PM Chinh also called for better communication to showcase successful business models, the establishment of a Private Sector Development Fund, and monitoring tools like a Private Sector Performance Index and an annual "Vietnam Private Sector Panorama" program aimed at tracking progress and encouraging inclusive innovation and growth.
In the first seven months of 2025, over 108,000 new businesses were established, marking a 165% annual increase. The State budget revenue from the non-state industry-trade and services sector in the first half of 2025 reached nearly 260 trillion VND, up 25% year-on-year.
The remaining 11 tasks must be fulfilled by the end of the year. The national steering committee for implementing Politburo's Resolution No. 68-NQ/TW met on August 4. Resolution 139 has assigned 26 additional tasks.
The approach is comprehensive and methodical, focusing on institutional reform, regulatory improvement, capacity building, decentralization, innovation, monitoring, and inclusivity under strong Party leadership. The ultimate goal is to significantly boost private sector contributions to Vietnam’s socio-economic development.
The government is committed to resolving institutional bottlenecks by reviewing and amending legal frameworks related to taxes, fees, land access, natural resources, and interest rate support, as part of the comprehensive plan to boost the private sector's contributions to Vietnam's economic development. In line with this, key measures also aim to enhance human resource training and digital transformation, with the ultimate goal of significantly boosting private sector contributions to Vietnam’s socio-economic development.
