Private economy: Opportune moment for strong breakthroughs in line with Resolution No. 68

Resolution No. 68-NQ/TW dated May 4, 2025 of the Politburo on the development of the private economy, reaffirms the role of this sector as “an important driving force” in the national economy. The Resolution has become a significant boost, breathing new life into the private business community and fostering heightened expectations for transformation in both quality and quantity.

Recent experience shows that numerous private enterprises have achieved remarkable progress, growing into major economic groups with the capacity to compete not only within the domestic market but also on regional and international stages. Prominent examples such as Vingroup, Thaco, and FPT exemplify the transformative potential of private enterprises that dare to innovate, take strategic risks, and pursue long-term investment.

However, compared to their potential and the expectations, the number of such large-scale enterprises remains relatively modest. A significant portion of private businesses still operate on a small and fragmented scale, lacking chain linkages, innovation and technology application. Consequently, these enterprises often exhibit weak resilience to economic fluctuations and face considerable challenges in achieving breakthrough development. This is exactly what Resolution No. 68 seeks to address.

A key emphasis of the Resolution 68 is a higher standard set for the private sector, which is expected to not only develop in quantity but also elevate in quality. The private enterprises are encouraged to undergo structural reforms, innovate business models, and make substantial investments in science and technology, digital transformation, and sustainable development. This is an inevitable path if Vietnamese enterprises are to be competitive enough in the era of integration and Industry 4.0.

In practice, while Resolution No. 68 is rightly, well-targeted and timely crafted, its realization largely depends on the business community itself. Are private enterprises prepared to let go of a short-term, risk-averse mindset to step onto the global stage with greater ambition? Are they willing to connect, collaborate, and generate synergistic strength? And are they ready to invest in human capital, advanced technologies, and sustainable values, rather than prioritizing short-term profits?

Now is the right moment for private enterprises across the country in general, and those in Dong Nai in particular, to assert their pivotal role in the nation’s economic development strategy. If the private sector can seize emerging opportunities, embrace bold innovation, think big and act with determination, this sector can realize its full potential to become a solid foundation of Vietnam’s future, making a worthy contribution to Vietnam’s prosperous and sustainable development in the years ahead.

By: Quyen Anh

Translated by: Hong Van - Thu Ha