PM urges solidarity and cooperation to propel private sector growth

Prime Minister Pham Minh Chinh chairs the second meeting of the national steering committee for implementing the Politburo’s Resolution No. 68/NQ/TW on the private sector development on November 1. (Photo: VNA)

As soon as Resolution No. 68 was issued, the National Assembly, the Government, ministries, sectors, and localities have released legal documents, particularly the Government’s Resolution No. 138/NQ-CP, dated May 16, and Resolution No. 139/NQ-CP, dated May 17, to promptly institutionalise and carry out it.

Participants in the conference, including officials and leaders of industry associations and businesses, shared the view that nearly six months since the Politburo issued Resolution No. 68, considerable improvements have been recorded in the entire society’s mindset and awareness of the private sector development, from central to local levels, among industry associations, in the public, and across the business community.

So far, all the 34 provinces and cities, along with 21 ministries, ministry-level agencies, and Government bodies, have worked out plans for developing the private sector.

Participants highlighted the enhanced administrative procedure streamlining, improved investment and business climate, and stronger institutional perfection to support private firms.

As a result, since May 2025, more than 18,000 companies are established each month, surging nearly 43% from the average of the first four months. During the 10-month period, nearly 262,000 new businesses were established or resumed operations nationwide, up almost 30% from a year earlier, adding more than 5.1 quadrillion VND (193.8 million USD) to the economy – surging nearly 99% year on year.

Prime Minister Pham Minh Chinh speaks at the second meeting of the national steering committee for implementing the Politburo’s Resolution No. 68/NQ/TW on the private sector development on November 1. (Photo: VNA)

As of October 24, there were more than 1 million active businesses in the economy, statistics show.

Meanwhile, the state budget collection from the private sector during January–September topped 338 trillion VND, shooting up over 121%. That includes more than 25.2 trillion VND from business households and individuals.

PM Chinh, who is also head of the steering committee, underscored the request that ministries, sectors, and provincial-level authorities invest all-out efforts to further disseminate Resolution No. 68, build concrete action plans in line with Resolution No. 68 and others of the National Assembly and the Government, and concurrently implement and review the progress of each task to achieve the desired results.

He asked leaders of ministries, ministry-level agencies, and provincial-level People’s Committees to prioritise sufficient capital and human resources for the resolution implementation, using public investments to lead private ones and leveraging state resources to catalyse those of people and businesses.

He also assigned detailed tasks to each ministry and agency, including the Ministry of Finance, the Ministry of Agriculture and Environment, the State Bank of Vietnam, the Ministry of Industry and Trade, and the Ministry of Culture, Sports and Tourism, along with to localities, the Vietnam Chamber of Commerce and Industry (VCCI), and the Vietnam Association of Small and Medium Enterprises.

Businesses should to report difficulties and obstacles facing them to the Government in a timely manner while state agencies must listen to businesses’ opinions, PM Chinh added, calling for consensus, solidarity, and effective cooperation for shared benefits.

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