Nearly eight months have passed since Vietnam’s Politburo issued Resolution 68-NQ/TW, a pivotal policy aimed at turbocharging the country’s private economic sector. On December 20, 2025, Prime Minister Pham Minh Chinh convened the third meeting of the national Steering Committee to take stock of progress, challenges, and the road ahead. The gathering, held at the Government Headquarters, drew senior officials, ministers, business leaders, and heads of key associations, underscoring the gravity of the occasion and the centrality of private enterprise in Vietnam’s future.
According to the Vietnam Government Portal, the meeting’s agenda was packed: a review of the eight-month rollout of Resolution 68, an assessment of 2025’s economic results, and the formulation of priorities for 2026 and beyond. Prime Minister Chinh, who also heads the Steering Committee, set the tone: “After the Politburo issues its resolutions, the Government promptly follows up with action programs and submits mechanisms and policies to the National Assembly for approval.” He emphasized that Resolution 68 was not just another directive—it was a concrete step to translate the Party’s 13th Congress vision into reality, injecting fresh momentum into economic and social development.
What’s changed since Resolution 68 came into play? For starters, all 34 provinces and 21 ministries have issued action plans, each following the “6 clear” principle: clear person, task, responsibility, authority, time, and result. This new administrative discipline has started to bear fruit. Business feedback is being heard more often, and, perhaps most importantly, trust in government among the private sector is on the rise.
The numbers tell a compelling story. In 2025, the private sector was a powerhouse, contributing to an estimated GDP growth of over 8%. Vietnam’s import-export turnover hit a record $920 billion, propelling the country into the ranks of the world’s 15 largest trading economies. The private sector also played a starring role in meeting—and exceeding—the government’s social housing target, delivering over 100,000 apartments for low-income residents. It wasn’t just about profits, either: private firms pitched in to support communities hit by natural disasters, helping to rebuild homes and ensure social welfare.
Administrative reform has been another bright spot. By year’s end, 37 out of 43 government-assigned tasks related to private sector development were completed—an 80% success rate. The government submitted 15 new laws and one resolution to the National Assembly, alongside 15 detailed decrees. Resolution 66, in particular, set an ambitious goal: cut at least 30% from the time, cost, and conditions required for administrative procedures in 2025. The result? More than 3,000 procedures and 2,200 business conditions were scrapped, translating to 13,200 days saved and an annual compliance cost reduction of over 34,200 billion VND.
The business environment has clearly improved. Tax incentives, easier access to capital, streamlined land and investment procedures—all have been reviewed and enhanced. The Ministry of Finance and the Government Office have been tasked with synthesizing feedback and finalizing reports to ensure these reforms stick.
Perhaps the most striking indicator of progress is the surge in new businesses. Since Resolution 68 was issued, an average of 18,000 new enterprises have been established each month—a 38% jump from the early months of 2025. Another 11,300 businesses have resumed operations monthly, marking a 46% increase. By the close of 2025, Vietnam had welcomed over 300,000 new or returning enterprises, pushing the total number of active businesses to nearly 1.1 million. Registered capital soared past 6 million billion VND, a 71% leap from the previous year. Even small business households are making the leap, with about 3,200 converting to enterprises in the first eleven months of 2025.
Investment in infrastructure and major projects has also been robust. In 2025, the country broke ground or celebrated the completion of 564 large-scale projects, with a combined investment of over 5.14 million billion VND—about 40% of GDP. Remarkably, private capital accounted for 74.6% of this total, a clear sign that the government’s strategy of using public investment to catalyze private sector participation is working. As Prime Minister Chinh noted, “This demonstrates the correctness of the Party’s policy to use public investment as a lever to activate private investment, mobilizing and efficiently using all social resources for national development.”
Business associations and industry groups are playing a more prominent, substantive role in policy-making, offering feedback and representing their members’ interests. Strategic breakthroughs are being pursued in three areas: regulatory streamlining to cut compliance costs, infrastructure upgrades to boost competitiveness, and smarter workforce management to drive productivity.
Efforts to open new markets and resolve issues like the EU’s ‘yellow card’ for illegal, unreported, and unregulated fishing have also been prioritized, reflecting a holistic approach to economic growth.
Yet, challenges remain. Implementation of Resolution 68 has not been uniform across ministries and localities. Administrative reforms have fallen short in some areas, and coordination between agencies can still be patchy. Policy institutionalization—translating high-level directives into practical, enforceable rules—lags behind in certain sectors. Small, micro, and household businesses continue to face significant hurdles, from accessing credit to competing in an increasingly digital economy. As the Prime Minister put it, “The spirit of decisively implementing the resolution is not consistent across all ministries and localities; coordination is sometimes lacking in effectiveness.”
Some of these issues are external—volatile global markets, shifting investment climates, and the growing pains of transitioning to a two-tier local government model. Others are internal: a lack of initiative among some officials, a fear of making mistakes, and an aversion to responsibility. Prime Minister Chinh didn’t mince words: “Local governments must proactively resolve these difficulties, while private sector actors need to strive for growth, maturity, and greater contributions to the common cause.”
The Prime Minister also called for increased dialogue and cooperation between government and business, urging private sector leaders to participate actively in policy development and be willing to make sacrifices for the greater good. “All stakeholders need to strengthen unity, cooperation, and dialogue,” he said, highlighting the need for a collaborative spirit as Vietnam pursues its ambitious economic goals.
Looking ahead, the Steering Committee has mapped out key tasks for December 2025 and set priorities for 2026. These include further legal reforms to ensure fairness and transparency, continued efforts to reduce administrative burdens, and targeted support for small and medium-sized enterprises. There’s also a push to foster innovation and digital transformation, with the digital economy and society seen as critical engines for sustainable growth.
Vietnam’s private sector stands at a crossroads—facing both remarkable achievements and persistent challenges. With sustained government support, ongoing reforms, and a renewed spirit of partnership, the country’s entrepreneurs are poised to play an even bigger role in shaping the nation’s future.
