He emphasized that this document marks a major turning point for Vietnam’s private sector, offering breakthrough solutions aimed at unleashing its full potential and encouraging innovation.
Journalist: - What would you say are the most important breakthroughs in Resolution 68 compared to previous policies?
PHAN ĐỨC HIẾU: - Resolution 68 represents a major milestone in the development of Vietnam’s private sector, comparable to two previous turning points. The first came during the 1986–1990 Doi Moi reforms, when private business was formally recognized. The second was in 1999–2000, with the introduction of the Enterprise Law, which led to a surge in the number of businesses. Those milestones were about legalizing and expanding the number of enterprises. This time, however, the aim is not just growth in numbers, but a qualitative transformation—making the private sector a true pillar of national development.
What stands out in Resolution 68 is the strong policy direction focused on three key areas. First, it emphasizes the need to eliminate administrative burdens and streamline procedures so that businesses can enter and operate in the market more easily. Second, it reinforces legal protections for businesses to give investors and entrepreneurs greater peace of mind. Third, it aims to unlock all resources available to the private sector—whether financial, technological, or human—so they can contribute more fully to the economy.
- What concrete steps are needed to turn the resolution’s vision of the private sector into reality?
- Resolution 68 sends a strong message: the Party and State recognize the private sector as the most important driver of Vietnam’s economic growth. That alone marks a big shift in mindset. It also demands the elimination of outdated biases and institutional barriers that have long held the sector back. The resolution offers a new way of thinking—both in policymaking and in how institutions approach private business.
To realize this vision, we must focus on improving the legal framework. This means removing structural obstacles, ensuring fair competition, and fostering transparency across all sectors. It’s also about guaranteeing the freedom to do business within the law, without unnecessary interference or arbitrary restrictions. Innovation plays a big role too. Businesses need to be encouraged—through smart policy—to invest in research, development, and new technologies that can boost productivity and help them integrate into global supply chains.
Competitiveness must be another priority. Private enterprises should be supported in improving their management capacity, product quality, and ability to expand internationally. Strengthening linkages is also crucial—allowing private businesses to work more closely with state-owned companies, foreign partners, and each other to form stronger supply networks and value chains.
Most importantly, though, the resolution’s effectiveness will depend on how firmly it is implemented. It calls for a shift in the state’s role—from controlling businesses before they act, to evaluating them afterward—essentially moving from a “pre-approval” model to a “post-audit” one. Alongside this, the resolution demands greater transparency and accountability from public institutions.
But implementation can’t happen in silos. Ministries, local governments, and regulatory bodies must work together to ensure consistency and effectiveness. The government should issue specific guidance documents as soon as possible and put in place mechanisms to monitor and evaluate how the resolution is being applied at all levels.
- Resolution 68 also calls for amending the Penal Code to avoid criminalizing economic activity. What does that mean for the business community?
- That’s one of the most forward-looking aspects of the resolution. Even though entering the market has become easier over the years, private businesses still face institutional and legal risks that create fear and discourage innovation. Entrepreneurs constantly worry about the possibility of making mistakes that could be treated as criminal offenses.
But business, by its very nature, involves risk. Mistakes happen. What matters is whether there’s room to learn, improve, and recover. A vibrant business environment must allow that flexibility. That’s why Resolution 68 proposes distinguishing clearly between administrative, civil, economic, and criminal violations. This is a game-changer for the private sector.
By reducing the risk of criminalization, we create a more predictable and secure environment for investment and innovation. Businesses will feel more confident taking on new ventures, investing in bold ideas, and expanding operations. At the same time, this reform helps build trust in public institutions and protects the legitimate rights of entrepreneurs.
When companies know they will be treated fairly—and not punished disproportionately for unintentional missteps—they’re far more likely to act boldly and responsibly. That’s exactly the kind of mindset we need to cultivate if we want Vietnam’s private sector to grow stronger and more resilient.
- Thank you for your insights.
