Vietnam launches initiative to promote wealth creation, enhance private sector’s role

This initiative supports the implementation of Resolution 68-NQ/TW, issued by the Politburo on May 4, which emphasizes the private sector as a pivotal force in the Vietnamese economy.

PM Chinh announced this during a conference in Hanoi on Sunday morning, where he presented the core contents of Resolution 68 and outlined its implementation plan.

Encouraging wealth creation, facilitating access to resources

"Following this resolution, a nationwide movement for wealth creation must be launched, encouraging all citizens to strive for wealth creation and contribute to national development and protection, with the home affairs ministry leading this initiative," Chinh stated.

As Party General Secretary To Lam mentioned, everyone – individuals, households, families, and all economic sectors – must participate in the movement to ensure its success, the PM emphasized.

Resolution 68 outlines key objectives for 2030 with a vision extending to 2045, proposing eight groups of tasks and solutions that focus on transformative innovation and comprehensive reform, supported by three strategic pillars: institutional frameworks, human resources, and infrastructure.

The PM noted businesses' concerns about distinguishing criminal liability from administrative and civil responsibilities; protecting property rights, business freedom, asset rights, and equal competition rights; and ensuring contract enforcement for the private economy.

The resolution emphasizes the principle of clearly distinguishing criminal liability from administrative and civil responsibilities and differentiating between corporate and individual accountability in handling violations.

If criminal prosecution is necessary, priority is given to economic remedies first, serving as a significant basis for considering subsequent measures.

Legal provisions will not be applied retroactively to adversely affect businesses, and the principle of presumption of innocence must be ensured during investigations and trials.

PM Chinh underlined that the private economy must be facilitated in accessing resources such as land, capital, and high-quality human resources to ensure adequate conditions for development.

It is essential to launch a program to train and develop 10,000 executive directors and proceed with forming and developing medium and large enterprises, as well as regional and global corporations.

"We aim for large enterprises to become even larger, reaching global scales; medium and small enterprises should evolve into large enterprises," PM Chinh stated.

He also addressed and clarified several opinions and recommendations raised by business representatives concerning the resolution's importance and role, as well as solutions for institutional and policy access for enterprises.

Private sector as crucial economic driver

PM Chinh underscored that the Party and state's perspectives, policies, and guidelines regarding the private economy have been clearly articulated in numerous documents over the past nearly 40 years.

The private economy has continuously developed, affirming its position as a significant driver of the national economy through substantial contributions to economic growth and increased state budget revenues.

It has created jobs, generated income, improved living standards, ensured social security, and promoted international integration.

The number of established private enterprises has surged, with nearly one million businesses now operating across all sectors of the national economy.

This sector consistently maintains robust growth and stands as the largest contributor to the economy, accounting for around 50 percent of the nation's GDP, according to the government leader.

Notably, many large corporations are forming, developing, and expanding their reach to regional and international markets.

PM Chinh shared that immediately after the issuance of Resolution 68, significant enthusiasm spread among the private sector, and the entrepreneurial spirit gained new momentum.

Identifying existing limitations and their underlying causes, the PM emphasized the necessity of dismantling all barriers and abandoning the mindset of 'if you can't manage it, ban it,' in order to foster the development of the private economy and strengthen public-private cooperation.

He emphasized that the private economic sector must be treated fairly and equally with other sectors and supported in reaching international markets and building global brands.

He also clarified that Resolution 68 introduces five groundbreaking guiding viewpoints on private economic development, including eliminating biases and prejudices against the private economy.

Accordingly, entrepreneurs are recognized as 'soldiers on the economic front,' with the notion that 'the marketplace is seen as a battlefield, and entrepreneurs are considered the soldiers,' PM Chinh concluded.