Asia Legal is pleased to share Resolution No. 68-NQ/TW, outlining Vietnam’s strategic vision for advancing the private sector. The Resolution recognizes the sector’s key role — contributing around 50% of GDP and employing 82% of the workforce — while identifying barriers that must be addressed to strengthen its impact.
The Resolution sets out clear measures across four key areas:
- Institutional Reform: Shifts toward a market-oriented approach by cutting bureaucracy, eliminating unnecessary business conditions, and reducing compliance costs and administrative procedures by at least 30% by 2025.
- Protection of Rights: Strengthens safeguards for property rights, business freedom, and fair competition. It mandates timely payments from state agencies and SOEs to private enterprises.
- Resource Access: Improves access to land, capital, and skilled labor. Measures include building a national land database, expanding green credit, diversifying funding sources, establishing credit guarantee funds, and enhancing education and business partnerships.
- Technology and Innovation: Encourages R&D with tax deductions of up to 200% of actual costs and allows deductions of up to 20% of taxable income for science and technology development funds.
The Resolution also supports SMEs and business households through regulatory simplification, free digital platforms, and advisory services.
At Asia Legal, we see significant opportunities in this roadmap — one that can unlock new growth and reshape Vietnam’s economic landscape. We firmly believe this forms a critical foundation to not only accelerate private sector development but also drive the broader Vietnamese economy forward. For investors, this marks an unprecedented window of opportunity to tap into Vietnam’s rapidly expanding market — a potential that has never been greater than in this pivotal period.
———-
Asia Legal – Business Law Firm
W: asialegal.vn
E: info@asialegal.vn
T: (+84) 24 2269 3399
A: 15th Floor, HT Building, No 80, Duy Tan Road, Cau Giay District, Hanoi, Vietnam
