May 2025 marked a pivotal moment in Vietnam’s national development journey as the Politburo issued Resolution 68 on the development of the private economy. More than just a policy directive, this resolution represents a revolution in economic thinking and institutional reform, paving a promising "avenue” for the private sector’s growth.
In Hoa Binh province, the private sector substantially contributes to the local economy, helping with job creation and poverty reduction. (Photo: Workers earn stable incomes at Phu Thanh II Industrial Cluster, Lac Thuy district)
For the first time in Vietnam’s economic development history, the private sector’s role is elevated to a strategic level under Resolution 68: the private sector is the most important driving force of the national economy. Alongside the state and collective economy sectors, the private economy is seen as a cornerstone in building an independent, self-reliant, and deeply integrated economy.
Since its introduction, Resolution 68 has generated widespread positive momentum, with high hopes that it will unlock societal resources and reinforce public confidence in the Party’s clear-sighted leadership. Following Resolution 68, the 15th National Assembly passed Resolution 198 on the development of the private sector, effective from May 17, 2025. This resolution provides the central legal framework for long-term policies on private sector development. On May 30, Prime Minister Pham Minh Chinh signed a decision to establish the National Steering Committee for the implementation of Resolution 68, marking another critical step that underscores the political system’s determined and effective approach to translating the resolution into action.
Over the past month, the political system’s swift and serious engagement has demonstrated a strong commitment from the Party and State to build a conducive development environment, removing long-standing structural bottlenecks to enable the private sector to emerge as the most powerful driver of national prosperity.
In Hoa Binh province, the entire political system and the business community have embraced Resolution 68 with optimism, affirming that a broad "avenue” is now open for private enterprises. After a month of encouraging signals, both Hoa Binh and other localities across the country believe the time has come for the private sector to rise, not just as a slogan, but as an imperative from reality and a historic opportunity not to be missed.
Nevertheless, turning policy into practice is a long journey that demands utmost efforts and mettle. In applying Resolution 68 to the province’s specific economic context, Hoa Binh’s business community recognises that the private sector now enjoys a favourable starting point on this new avenue of development, backed by supportive policies and institutional frameworks.
To build further momentum and achieve a breakthrough, private enterprises must combine determination and innovation with the responsible partnership from the entire political system. Equally vital is the ambitious involvement of the people, an immense economic force that must be mobilised to unlock all societal potential and maximise productivity in the socialist-oriented market economy.
The inspectorate agency of Hoa Binh province has issued Official Dispatch No. 1090/TTr-PCTN to provincial departments, agencies, localities, business associations, enterprises, and investors regarding measures to improve informal component indexes of the Provincial Competitiveness Index (PCI).
Hoa Binh is taking concrete steps to improve its investment environment, with a strong focus on supporting businesses, settling obstacles for strategic investors, and creating opportunities for robust development in the coming years.
Under the blazing early summer sun, the construction site of Nhuan Trach Industrial Park (IP) in Luong Son district is abuzz with activities from dawn to dusk, a testament to the determination of the investor to meet their construction targets on schedule.
In light of the slow disbursement rate of public investment recorded since the beginning of the year, Hoa Binh leaders are stressing the urgent need to identify bottlenecks at each project level and promptly implement targeted solutions to remove obstacles delaying progress.
