Drafting Resolution on Private Business Growth Policies Under Consideration at NA
Vietnam's Finace Minister Pitches Draft Resolution for Private Sector Growth
Hà NỘI - The National Assembly (NA) had a lively discussion regarding a draft resolution focused on mechanisms and policies for boosting private economic development.
In the hot seat, Minister of Finance Nguyễn Văn Thắng, on behalf of the Prime Minister, laid out the main objective: to solidify the Party's policies and guidelines set forth in Resolution No 68-NQ/TW. These policies aim to improve the investment and business environment, back pioneering enterprises, and reach global standards, generating a fresh wave of growth, unleashing resources, and creating new productivity for the private sector.
With the help of several ministries, experts, and the business community, this resolution is structured around five core viewpoints.
The first point is about swiftly transforming the guidelines, perspectives, mechanisms, and policies of Resolution No 68-NQ/TW into top-notch legal regulations to smash bottlenecks in private economic growth.
Secondly, the resolution should outline unique mechanisms and policies for private economic development within the National Assembly's decision-making jurisdiction, differing from existing laws or current regulations.
Thirdly, the resolution should align with the Politburo's Conclusion No 119-KL/TW, clearly distinguishing legal and regulatory authority, following the Law on Promulgation of Legal Documents.
Fourthly, the resolution should focus on quickly developing socio-economic infrastructure to meet the demands of double-digit economic growth in the near term.
Lastly, the resolution must be achievable, ensuring its policies align with the legal system, international treaties, and State resources.
The draft resolution is divided into 7 Chapters and 17 Articles, concentrating on institutionalizing urgent tasks and solutions that carry significant weight in the confidence and operations of the private economic realm.
The legislation is categorized into five major policy groups: creating a transparent, fair business environment, reducing risks and compliance costs for businesses, supporting access to land resources and production facilities, funding and public procurement, and backing the establishment of medium, large, and innovative enterprises.
Presenting the verification report on the draft resolution, Chairman of the NA's Economic and Financial Committee, Phan Văn Mãi, stated that it was essential to issue the resolution via a simplified procedure. "The submission of the draft resolution to the NA for review and decision is a task directly assigned by the Politburo. It is an urgent need to support the implementation of the goals set out in Resolution No 68-NQ/TW," Mãi said.
According to Mãi, the Committee found the draft resolution suitable to be submitted to the NA for consideration and approval during the 9th session. The content aligns with the Constitution, ensuring the required defense and security considerations, and is compatible with international treaties. - VNS/BIZHUB
Minister of Finance Nguyễn Văn Thắng speaks at the National Assembly's meeting. VNA/VNS Photo
Enrichment Data
- Resolution on Private Economic Development: The National Assembly has recently discussed and passed a resolution on special mechanisms and policies for the private sector. This resolution seeks to improve the business environment and support access to land, among other goals (Source: [1][3][4]).
- Resolution 68-NQ/TW: Enacted by the Politburo on May 4, 2025, this resolution positions the private sector as a critical driving force for Vietnam's economy. It sets ambitious targets, including doubling the number of registered enterprises to 2 million by 2030 and increasing private sector contributions to GDP, state budget revenue, and employment (Source: [2][5]).
While the specifics of Minister Nguyễn Văn Thắng's draft resolution remain undisclosed, broader developments suggest a focus on amplifying the role of the private sector in Vietnam's economic landscape.
- Minister of Finance Nguyễn Văn Thang emphasized the need for the draft resolution to be aligned with science, technology, and AI to create a modern and competitive business environment that can attract international investment, thereby boosting private sector growth.
- The draft resolution should also consider environmental sustainability policies, ensuring that the private sector's growth does not come at the expense of the environment, in line with global trends and commitments.
- To encourage investment and entrepreneurship, the resolution should address finance and law issues, providing supportive and flexible policies for business loans, capital investments, and legal protections for intellectual property.
- Furthermore, the resolution should foster collaboration between the private sector and government agencies, regarding policy formulation and implementation, promoting transparency and accountability in business practices.
- Lastly, the resolution should consider economic forecasting and policy simulation, using predictive modeling and AI tools, to assess the potential impact of policies on the economy, enabling evidence-based policy-making and maximizing the effectiveness of private sector growth strategies.
