General Secretary of the Communist Party of Vietnam's Central Committee To Lam (photo: VOV)

In the article, the General Secretary affirms that persistent pursuit of national independence in association with socialism is a wise and correct choice of the Communist Party of Vietnam. To successfully build socialism with characteristics as outlined in the Party's Political Platform on National Construction in the Period of Transition to Socialism, which was supplemented and developed in 2011, the Party defined that material production plays the most decisive role, with high labor productivity as the key factor.

Drawing valuable lessons from the development of the private economic sector in China and Russia, and 40 years of national renewal in Vietnam, the article stresses that, with the right vision and policies, and in a socialist-oriented market economy, developing the private economic sector is a vital choice for boosting material production, fostering social transformation, advancing technological capabilities, improving vocational training, enhancing capital absorption, increasing labor productivity, and developing technical infrastructure for socialism.

To develop the private sector, according to General Secretary To Lam, the most crucial task is to continue fine-tuning the socialist-oriented market economic institution, requiring fundamental changes in thinking, perception, and action.

On May 4, the Politburo issued Resolution No. 68-NQ/TW on private economic development with  unprecedented goals, viewpoints, tasks, and breakthrough solutions that mark a shift in the Party’s approach to developing the private sector in the socialist-oriented market economy. To effectively implement Resolution 68, the General Secretary outlines four major tasks:

First, swiftly bring the Party’s Resolution into practice. Accordingly, as soon as at its 9^th session, the 15^th National Assembly will discuss and adopt a Resolution on the private economic sector development with specific and feasible incentive mechanisms and policies. Establish a National Steering Committee for implementing Resolution 68 chaired by the Prime Minister to oversee, on a monthly basis, the implementation of the Resolution by ministries, sectors and localities. Transform administrative thinking from control to support, treating enterprises as service recipients rather than subjects of management.

Second, promptly institutionalize the Party’s guidelines into law and ensure strict implementation.  Draft a Law on Private Economic Development, revise related legal provisions, ensure fair competition, create mechanisms to promote investment, improve access to finance, require credit organizations to develop a prompt credit assessment mechanism tailored for private enterprises and financial incentives. Promote science and technology development with the private sector leading in major, key national projects and establish infrastructure for research on national innovation.

Third, pay special attention to supporting small and micro enterprises, foster entrepreneurial spirit, aspiration for mastery, especially in innovation. Swiftly launch a preferential credit package, exclusively for small and medium seized enterprises, through the state credit guarantee fund. Allocate 5–10% of land in high-tech zones for startups at preferential rents. Expand the legal sandbox model nationwide, allow practical experimentation in fintech, AI, and digital agriculture under clear legal protection.

Fourth, build a strong entrepreneurial contingent as “soldiers,” in the economic front with effective participation in policymaking. Create conditions for enterprises to participate in delivering feedback on laws and strategies, contribute to policy making and development strategy implementation. While developing laws and decrees, Ministries must listen closely to voices of the public, businesses, especially effective entrepreneurs.

The General Secretary expresses his belief that Vietnam will successfully implement Resolution 68 in order to soon unleash the full potential of the private economy, making it the most important driving force and a key pillar to ensure the strong development of the national economy, ultimately realizing the aspiration of building a prosperous, strong, democratic, fair, and civilized socialist Vietnam.