Vietnam convenes landmark seminar on private sector growth
7 min read
Vietnam's leadership convened a landmark seminar on October 13, 2025, to mobilize the country's Fatherland Front in supporting private sector development, marking a pivotal moment in implementing the communist-led nation's ambitious economic reforms under Resolution 68.
The national workshop, titled "Promoting the Role of the Vietnam Fatherland Front in Private Economic Development," brought together top party officials, economists, and business leaders to outline concrete steps for unleashing the private sector's potential. Ha Thi Nga, Member of the Party Central Committee and Vice President of the Central Committee of the Vietnam Fatherland Front, emphasized that 2025 represents a critical year for Vietnam's five-year economic plan, with GDP growth targets of 8.3-8.5% requiring the private sector to lead the charge.
Resolution 68 Drives Historic Shift
The seminar centered on implementing Resolution 68-NQ/TW, issued by the Politburo in May 2025, which redefines the private sector as "the most important driving force of the national economy". This represents a fundamental evolution from previous policies that merely recognized private enterprise as a component of the economy.[1][2]
PGS.TS Tran Dinh Thien, former Director of the Vietnam Institute of Economics, described Resolution 68 as removing the "golden hoop" of ideological constraints that have historically limited private sector growth. The resolution has already shown measurable impact, with monthly business registrations jumping to over 19,100 new enterprises after its implementation—a 48% increase from previous months.[3][4]
The ambitious targets outlined in Resolution 68 include achieving two million active private enterprises by 2030, up from nearly 940,000 today, while increasing the private sector's GDP contribution from the current 51% to 55-58% by 2030. By 2045, Vietnam aims for three million businesses contributing over 60% of GDP.[2][5][6][1]
Addressing Institutional Barriers
Business leaders at the seminar highlighted persistent challenges hampering private sector growth. Professor Nguyen Van De, Chairman of the Vietnam Private Hospital Association, detailed how complex regulations across land use, construction, and environmental standards create costly delays for private investors. He emphasized that inconsistent implementation across provinces forces businesses to navigate different requirements for identical projects.[1][2]
The healthcare executive called for genuine commitment to private sector development, noting that "if there is no clear mechanism to protect those who dare to think and act, then both officials and enterprises will choose the safe path: no action". This reflects broader concerns about regulatory uncertainty and the need for institutional reforms beyond policy declarations.[1]
Vietnam's economy has demonstrated strong momentum in 2025, with third-quarter GDP growth reaching 8.23%—the highest since 2011—bringing nine-month growth to 7.85%. The private sector now employs over 42 million workers, representing 82% of total employment, while contributing approximately 51% of GDP and over 30% of state budget revenue.[3][4][5][6]
The Fatherland Front's action program, announced October 2, focuses on four key areas: promoting entrepreneurial spirit among citizens, providing support for private enterprises, organizing patriotic movements to boost private sector development, and strengthening social oversight of policy implementation. This systematic approach aims to transform Vietnam's private sector into a globally competitive force capable of helping the nation achieve high-income status by 2045.[7][1]
Vietnam Focuses on Private Sector Economic Development
Vietnamese leaders convened a pivotal seminar on October 13, 2025, outlining concrete steps to mobilize the nation's political organizations in supporting private sector development, as the communist-led country accelerates ambitious economic reforms.
The national workshop, titled "Promoting the Role of the Vietnam Fatherland Front in Private Economic Development," brought together top party officials, economists, and business leaders to implement Resolution 68-NQ/TW, which redefines Vietnam's private sector as "the most important driving force of the national economy". Ha Thi Nga, Vice President of the Central Committee of the Vietnam Fatherland Front, emphasized that 2025 represents a critical year requiring GDP growth of 8.3-8.5% to meet the nation's five-year economic plan targets.[1][2][3]
Resolution 68 Transforms Economic Strategy
The May 2025 Resolution 68 marks a historic shift from treating private enterprise as merely a component of Vietnam's economy to positioning it as the primary growth engine. PGS.TS Tran Dinh Thien, former Director of the Vietnam Institute of Economics, described the resolution as removing the "golden hoop" of ideological constraints that have historically limited private sector development.[1][2][3][4]
The policy change has already produced measurable results. According to Ministry of Finance data, monthly business registrations surged to over 19,100 new enterprises after Resolution 68's implementation—a 48% increase from previous months. Vietnam now targets two million active private enterprises by 2030, up from nearly 940,000 today, while aiming to increase the private sector's GDP contribution from 51% to 55-58% by 2030.[2][3][5][1]
Implementation Challenges Remain
Business leaders highlighted persistent institutional barriers despite policy reforms. Professor Nguyen Van De, Chairman of the Vietnam Private Hospital Association, detailed how complex regulations across land use, construction, and environmental standards create costly delays for private investors. He noted that inconsistent implementation across provinces forces businesses to navigate different requirements for identical projects, undermining investment confidence.[1][2]
The Fatherland Front's October 2 action program focuses on promoting entrepreneurial spirit, supporting private enterprises, organizing patriotic movements for private sector development, and strengthening oversight of policy implementation. This systematic approach aims to transform Vietnam's private sector into a globally competitive force capable of helping achieve high-income status by 2045, as the country's economy maintains strong momentum with third-quarter GDP growth reaching 8.23%—the highest since 2011.[3][4][5][1]
Reference sources:
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