Creating momentum to promote start-ups and business development

Resolution No. 68-NQ/TW dated May 4, 2025 of the Politburo on development of private economy (hereinafter referred to as Resolution 68) has been highly appreciated by the business community, which is eager to soon benefit from its support policies in practice. Although newly issued, the Resolution has already generated positive effects, with the increasing number of enterprises entering the market, strengthening confidence in long-term business operations.

Resolution No. 68-NQ/TW serves as a driving force for the development of private enterprises. Products from a start-up business in Dong Nai are showcased and promoted at an event organised by the Dong Nai Business Federation. Photo: Vuong The

Amid the issuance of the Resolution, the business community hopes that policies will be effectively implemented in practice, particularly in areas such as administrative reform and improving the business environment.

A new impetus for business start-ups

The private sector plays a decisive role in shaping and advancing the nation’s economic future.

According to Dr. Nguyen Van Dien, Head of the Faculty of Political Economy at Political Academy of Region 2, the private sector currently contributes approximately 52% of the national GDP, employs over 82% of the workforce, and makes a significant contribution to the State budget. The Party and State's recognition of the private sector as a key driver of growth highlights the need for Vietnamese enterprises and entrepreneurs to be proactive in seizing development opportunities that align with the nation's overall growth objectives.

Huynh Thanh Van, Chairman of the Southern Start-up Advisory and Support Council (Vietnam Chamber of Commerce and Industry), observed that Resolution 68, for the first time, contains highly specific and groundbreaking policies for innovative start-ups. These include corporate income tax and personal income tax exemptions and reductions, land support policies, the establishment of funds for scientific, technological, and innovation development, and workforce training programs. All of these measures provide a comprehensive framework for fostering the growth of innovative start-ups.

“Our business community feels greatly motivated, confident, and reassured in charting our development path. If implemented swiftly and effectively, the target of two million enterprises operating in the economy by 2030 is entirely achievable,” Van remarked.

Although recently promulgated, Resolution 68 has already shown tangible effects. According to the Department for the Development of the Private Sector and Collective Economy under the Ministry of Finance, in June 2025 alone, the country recorded over 24,000 newly established enterprises, a record high that is more than double the monthly average for 2021–2024. In total, the first six months of 2025 saw nearly 92,000 new enterprises, alongside 61,500 businesses resuming operations, an increase of 57% compared with 2024.

In the new Dong Nai province, recently formed by the merger of the former Binh Phuoc and Dong Nai provinces, its position and scale now rank among the leading localities in the country in terms of economic development and business environment. The province currently has over 70,000 registered enterprises listed on the National Business Registration Portal. This number continues to grow in tandem with local economic development, particularly as Dong Nai is boosting significant infrastructure investment. In the first seven months of 2025 alone, the province welcomed nearly 3,800 new businesses, with a total registered capital of approximately VND 29.5 trillion.

At the third session of the 10th Dong Nai Provincial People's Council, held on the morning of July 24, Deputy Secretary of the Provincial Party Committee and Chairman of the People's Committee of Dong Nai province Vo Tan Duc announced that in the last six months of 2025, Dong Nai would pursue 30 key targets, nine of which are related to economic development. The province aims to improve administrative reforms, remove barriers for production and business, and mobilise all resources for development.

During this session, the Council passed a Resolution on the 2025 socio-economic, defence, and security development plan, with a focus on supporting and advancing the private economy and improving the investment and business environment. In August 2025, the province will issue an Action Plan to implement Government Resolution No. 138/NQ-CP, dated May 16, 2025, on the implementation of Politburo Resolution No. 68-NQ/TW regarding private economic development.

According to experts, restoring and reinforcing the confidence of the private business community must be regarded as the top priority in policy-making, particularly given the economic difficulties of recent years.

Continuing to improve business environment

Vietnam has set a new target of developing two million enterprises by 2030, encouraging household businesses to transition into enterprises. In the first half of 2025, the pace of market entry by businesses was promising. However, alongside these positive signs of recovery, challenges remain. The number of businesses exiting the market is still high, while the average capital and workforce size of new enterprises continue to decline. This indicates the growing prevalence of small, micro, and marginally active firms.

Production of dairy confectionery products by Domilk Joint Stock Company (Long Thanh Commune)

Dr. Do Thien Anh Tuan, lecturer at the Fulbright School of Public Policy and Management, noted that this trend reflects the cautious mindset of many small and medium-sized enterprises amid unstable demand recovery, rising input costs, and persistent regulatory barriers. While improving the investment environment has been repeatedly emphasized in policy statements, in practice, obstacles remain from cumbersome administrative procedures to inconsistencies across management levels.

According to Dr. Tuan, addressing the challenges faced by the business community requires substantive reforms, including the removal of legal barriers, streamlining administrative processes, ensuring policy consistency, and enforcing disciplined implementation. A transparent, stable, and predictable business environment is essential for enterprises to feel secure in investing and expanding.

Echoing this view, Chairman of the Dong Nai Business Federation Dang Van Diem affirmed that stronger, more positive impacts will emerge from Resolution 68 and local implementation. This time, the private sector has been accorded its rightful place within the entire economy. From the Resolution, the business community expects further concrete policies that will translate it into tangible benefits, enabling the private sector to grow ever stronger.

By: Vuong The

Translated by: My Le  -Thu Ha