Resolution 68-NQ/TW: Driving force of private economy

Important driving force of the economy

By the end of April 2025, Quang Ninh province had nearly 11,000 enterprises and affiliated units in operation, with a total registered capital of nearly VND 370,000 billion. Notably, the private economic sector accounted for about 98% of the total number of enterprises, affirming the irreplaceable central role of this force in local economic development. In 2024 alone, the whole province recorded 2,085 newly established enterprises (reaching 104% of the plan). Although the total registered capital only reached over VND 21,000 billion (down 36.2% compared to 2023), 782 enterprises still returned to operation, showing a clear recovery after many difficulties.

Recognizing the role of the private economic sector, the province has many solutions and policies to support the development of the sector. The province identifies an important task as focusing on improving the business environment, removing difficulties for businesses, especially small and medium enterprises, cooperatives, and start-ups. At the same time, directing departments, branches, and localities to continue reviewing and improving or building new processes to ensure more convenience for businesses in the process of implementing procedures to be exempted or reduced from consulting costs on market information, opportunities from free trade policies when using consulting services from the network of consultants of state agencies in the province; improving the quality of support and providing information related to free trade agreements (FTAs) of state agencies to ensure that they meet the needs of businesses.

Departments, branches and localities proactively coordinate with associations in the province, strengthen propaganda to increase the rate of enterprises knowing about support programs for enterprises to take advantage of opportunities from free trade policies; support enterprises to ensure the time to declare social insurance procedures according to regulations; resolve backlogs for enterprises related to land, site clearance, and business licensing. In particular, before the impact of storm No. 3 (Yagi), Quang Ninh implemented active measures to support enterprises to recover production and business drastically and quickly and promptly reported proposals and recommendations to the Prime Minister for consideration and direction of relevant ministries, branches and agencies to promptly study and advise on the issuance of a number of separate, strong enough mechanisms and policies to support industries and fields that are being heavily affected... From 2024 to the end of the first quarter of 2025, the province received 153 recommendations from enterprises and cooperatives and nearly 60 contents were completely resolved. Functional departments and branches also proactively conduct thematic dialogues, assigning specific responsibilities to each relevant unit to ensure that businesses' recommendations are handled promptly and effectively.

With the support of the province, businesses have a favorable environment for investment and development. From 2021 to May 15, 2025, the province has 7,321 newly established enterprises and 3,951 affiliated units (the number of new enterprises increased by an average of 8.6%/year); 583 newly established cooperatives (an average increase of 79%/year). The increase of small and medium enterprises and cooperatives has created many jobs for local workers, contributed to the provincial budget, ensured social security and is one of the pillars of growth creation of the province.

Unlocking the potential of the private economy

Similar to many localities in the country, due to institutional bottlenecks that private enterprises in Quang Ninh still have to face, such as: Access to preferential loans is still difficult due to complicated procedures and high mortgage requirements; many enterprises face barriers to competition, especially in the wholesale and retail sector (accounting for 38% of total enterprises); the number of private enterprises capable of applying technology and digital transformation is still low; the rate of enterprises participating in the FDI supply chain is not high; many enterprises do not pay attention to improving product quality...

To unleash the potential of the private economy, on May 4, 2025, the Politburo issued Resolution No. 68-NQ/TW, identifying the private economy as one of the important driving forces of the Vietnamese economy. Resolution No. 68-NQ/TW sets an important goal: By 2030, Vietnam will have about 2 million operating enterprises, of which at least 20 large private enterprises participate in the global value chain, the private sector contributes 55-58% of GDP, accounting for about 84-85% of the total number of workers in the economy.

In line with the spirit and objectives of Resolution No. 68-NQ/TW, on the morning of May 17, at the 9th Session, the 15th National Assembly passed Resolution No. 198/2025/QH15 on specific mechanisms and policies to develop the private economy with a series of preferential policies specified in Resolution No. 198/2025/QH15. The Resolution consists of 7 chapters and 17 articles, taking effect from May 17, 2025. In particular, many outstanding contents are highly appreciated by the business community and experts, such as: Only inspecting and examining enterprises a maximum of once a year; prioritizing post-inspection instead of pre-inspection; exempting corporate income tax for start-ups in the first 2 years and reducing 50% in the next 4 years; reducing land rent by 30% for innovative enterprises; supporting 2% interest rate for "green" and circular projects.

Mr. Luu Cong Thanh, Chairman of the Quang Ninh Young Entrepreneurs Association, commented: The new and breakthrough points in the Resolution on special mechanisms for private economic development recently passed by the National Assembly demonstrate a strong spirit of innovation in the management and development of the private economy. The major groups of proposed policies are all aimed at removing bottlenecks that have lasted for many years, especially in access to land, credit, taxes, administrative procedure reform and the legal environment. This is a valuable opportunity for private enterprises to break through and rise up in the new era.

As a startup in the electronics industry, Mr. Le Van Sang, Director of Thien Long Electronics Development Company Limited, shared: In the first 3 years, any startup needs to focus its financial resources on investing in machinery, equipment and promoting products to reach customers. Therefore, the policy of exempting and reducing corporate income tax, business license tax, and personal income tax for small and medium-sized enterprises in the first years of establishment helps newly established enterprises reduce their financial burden. Enterprises can be more confident, not having to worry much about tax obligations during the startup phase, but focusing resources on building a solid business.

Not only stopping at financial policy, the new resolutions also create a breakthrough in new management thinking when shifting from pre-inspection to post-inspection and handling violations in the direction of prioritizing civil and administrative measures before criminal ones. Notably, the resolutions are not only aimed at a certain group of enterprises but also apply to all types of enterprises, business households and individual businesses - demonstrating the spirit of fairness and non-discrimination between economic sectors in accordance with the spirit of Article 51 of the Constitution.

With a strong reform mindset, clear orientation and strong political commitment throughout Resolution No. 68-NQ/TW and Resolution No. 198/2025/QH15, the business community in the province expects to create an important driving force to promote innovation, business and attract new investors, contributing to diversifying and sustainably developing the economy.

Source: https://baoquangninh.vn/nghi-quyet-68-nq-tw-luc-day-de-kinh-te-tu-nhan-chuyen-minh-3359082.html