For the first time, the private sector is being acknowledged not as a subject to regulate but as a key partner in building national prosperity.
Resolution 68 is being hailed as a breakthrough policy—one that does not merely tweak incentives or revise tax rates, but fundamentally transforms the way Vietnam governs its economy. Gone is the era when entrepreneurs lived in fear of legal ambiguity and administrative overreach. Instead, a new message is being broadcast: the path to national growth runs through private creativity, risk-taking, and innovation.
In what many observers are calling a “charter of business rights,” the resolution declares that criminal law is no longer the primary tool for enforcing economic discipline. Civil and administrative measures will now take precedence. Entrepreneurs, especially those who are growing fast or experimenting with new models, will no longer be automatically viewed with suspicion. Retroactive application of criminal penalties is explicitly ruled out—a striking change in legal philosophy.
This shift could not come at a more crucial time. Vietnam’s private sector has become increasingly sophisticated and diverse over the past two decades, but many entrepreneurs have struggled under the weight of overlapping regulations, sudden inspections, and barriers to accessing land, finance, and public services. Too often, compliance has cost more than production itself.
Resolution 68 does not just acknowledge these realities—it directly confronts them. It spells out detailed changes in state behavior and institutional structure. Inspections of businesses, for example, will be limited to once a year. Small enterprises will receive corporate income tax exemptions for three years. Starting in 2026, business households will be exempt from lump-sum taxation. And green or circular economy projects will benefit from subsidized interest rates.
Perhaps the most powerful provision is that when legal contradictions arise between current statutes and the new resolution, the resolution will take priority. This ensures that reform is not delayed or diluted by existing bureaucratic friction.
The government is also signaling that this is not merely a central-level directive. Ministries, provincial authorities, and local agencies are being held responsible for aligning regulations with the new policy. They must complete a full review and simplification of business conditions by the end of 2025. This marks a move toward a truly “constructive government”—one that not only issues forward-looking policy but actively dismantles obstacles to its implementation.
The tone of this resolution reflects a deeper philosophical change. For decades, Vietnam’s economic reforms have been cautious, pragmatic, and often incremental. But Resolution 68 is assertive. It states clearly that an economy cannot flourish under fear, and that the ambition of ordinary citizens—whether software developers, green tech entrepreneurs, or e-commerce traders—should be seen as a national asset.
These individuals are often the quiet backbone of the economy. They don’t own large tracts of land or enjoy special access to the corridors of power. They operate with ideas, labor, and limited resources. Until now, the system has often treated them as outsiders. With Resolution 68, they are finally being welcomed as key actors in Vietnam’s future.
There is historical precedent for this kind of policy leap. In 1999, Vietnam passed the Enterprise Law, which ignited a wave of entrepreneurial activity and helped build a new generation of private firms. That spirit, however, has been constrained in recent years by legal uncertainty, administrative overreach, and policy fragmentation. The fast pace of development itself created new bottlenecks, particularly for those outside the state sector.
Resolution 68 appears to be an answer to those accumulated challenges. It proposes not just economic reform, but a broader “institutional reconstruction.” In doing so, it aims to unlock a new wave of entrepreneurship grounded in innovation, merit, and fair competition—rather than connections or privilege.
Of course, the road ahead is not guaranteed to be smooth. Implementation will be key, and not every official or local government will embrace the spirit of reform equally. Skepticism remains among business owners who have heard ambitious promises before. Years of fragmented enforcement and selective policy application have left scars.
But there are signs that this time may be different. The resolution is backed by the National Assembly and integrated into a broader legislative agenda, signaling that reform is no longer a solitary mission of the executive branch, but a unified commitment from the entire political system.
If fully enacted, Resolution 68 could reshape not only Vietnam’s private sector but also its development trajectory. It liberates the thinking of administrators, empowers the aspirations of the middle class, and opens the door for a more resilient, innovative, and inclusive economy.
More importantly, it sends a cultural message: that entrepreneurship is no longer something to be tolerated or feared, but something to be encouraged and protected. It represents a turning point in national governance—a move toward policies built on trust, inclusion, and partnership.
Vietnam is not just unlocking the private sector. It is unlocking the future.
