Resolution 68: strengthening business confidence through concrete reforms
Resolution 68 of the Political Bureau on the development of the private economic sector, accompanied by the government’s resolute directives on the reform of administrative procedures, sends a clear message: move from a logic of “management” to a logic of “facilitation and creation”.
>> Resolution 68 breathes new impetus into the Vietnamese private sector
>> Resolution 68-NQ/TW supports the development of social housing
>> Resolution 68: Vietnam accelerates its march towards high-income country status
| At the Da Nang High-Tech Park. |
| Photo : VNA/CVN |
These developments are seen by the business community as an essential foundation for building confidence and stimulating private sector development in a global economic context marked by many uncertainties.
During the fourth meeting of the National Steering Committee responsible for the implementation of Resolution 68, Prime Minister Pham Minh Chinh asked public bodies to implement the “five interconnections” in favor of businesses, while calling on the latter to demonstrate the “five pioneers”. The objective is to create a favorable environment allowing the private sector to develop vigorously and gradually become the most important engine of the economy.
The positive signals observed on the ground are already helping to consolidate business confidence. According to a survey by the Vietnam Chamber of Commerce and Industry (VCCI), despite continued challenges in the global economy, 31.3 percent of companies plan to expand their operations in the next two years. This confidence is largely based on important institutional reforms, such as the digitalization of tax, land and insurance procedures, the establishment of the two-tier administration model in certain localities, the reduction of processing times for investment files and greater transparency in planning. The gradual removal of administrative obstacles offers businesses more conditions to develop their activities.
However, the implementation of Resolution 68 still reveals certain limitations to be overcome, notably delays in the execution of certain missions, the persistence of obstacles in the investment and business environment, as well as the complexity of certain administrative procedures. The frank acknowledgment of these difficulties is seen by the business community as evidence of a government committed to action and open to improvement.
From the point of view of Vietnamese entrepreneurs living abroad, Pham Thi Minh Huong, vice president of the Association of Overseas Vietnamese Entrepreneurs, expressed confidence in the country’s strategic directions. According to her, policies aimed at rationalizing the administrative apparatus, perfecting the institutional framework and improving the investment and business environment constitute key factors to strengthen national competitiveness and effectively mobilize resources, both national and international, including those of the Vietnamese diaspora.
Furthermore, digital transformation is considered a promising area for the private sector, even if certain regulatory constraints remain. The representative of a private telecommunications company thus underlined the need for a more balanced policy in the allocation of frequencies, a reduction in costs linked to 5G frequency bands and the establishment of a controlled experimentation mechanism (sandbox) allowing companies to test new models and technologies without excessive legal risks.
Regarding the objective of forming a core of companies capable of playing a leading role, many experts underline the importance of strengthening the links between large companies and small and medium-sized enterprises. Large companies could thus act as locomotives by sharing their infrastructure, market networks and legal experience, helping to accelerate the development of SMEs and strengthen their integration into supply chains.
Thus, when the logic of “support” replaces that of “management” and the success of businesses is considered as that of the nation, the objective set by Resolution 68, making the private sector a major engine of the economy, gradually approaches its realization.
VNA/CVN
