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| TNG Garment Company in Thai Nguyen generates annual revenue of trillions of VND and provides jobs for more than 20,000 workers. (Photo: VNA) |
Hanoi (VNA) – Despite considerable challenges in implementing the Politburo’s Resolution No. 68 on private sector development, key measures have largely been institutionalised and are beginning to deliver results, driven by strong commitment from ministries and agencies and the active participation from the business community, said Trinh Thi Huong, Deputy Director of the Department of Private Enterprise and Collective Economy Development under the Ministry of Finance (MoF).
Speaking at MoF’s regular press briefing for the first quarter of 2026, Huong highlighted improved conditions enabling private enterprises to take on a greater role in major national projects as a central outcome of the policy.
Over the past year, three waves of simultaneous groundbreakings and inaugurations saw 564 projects launched nationwide, with total investment exceeding 5.15 quadrillion VND (195.6 billion USD), around 75% of which comes from the private sector. The Government is continuing to refine mechanisms to better support private firms in asserting their role as a key engine of economic growth.
Nearly a year into implementation, the resolution has been quickly translating the Politburo's viewpoints and orientations into actionable policies. In particular, the Government has reviewed and proposed revisions to a range of major laws, including those on taxation, pricing, investment, enterprises and bankruptcy, aiming to remove bottlenecks, streamline administrative procedures and foster a more conducive business environment while unlocking private sector resources.
The National Assembly adopted Resolution No. 198/2025/QH on special mechanisms for private sector development. Besides, the Government recently issued Decree No. 20/2026/ND-CP to guide implementation and fast-track policy rollout.
Several measures have already taken effect, delivering initial gains. These include scrapping business licence fees to lower market entry costs, granting three-year corporate income tax exemptions for newly established small and medium-sized enterprises (SMEs), and introducing strong incentives to promote investment in science, technology and innovation.
A notable provision allows businesses to deduct up to 200% of their actual spending on research and development (R&D) when calculating taxable income, thus encouraging greater investment in innovation and competitiveness enhancement.
Localities are also accelerating support in land access and production space. Industrial parks, clusters and incubators are prioritising land allocation for innovative start-ups, high-tech firms and SMEs, which may also benefit from at least a 30% reduction in land rental fees, depending on local conditions and budget capacity.
In parallel, several large-scale programmes have been approved by the Prime Minister, including initiatives to train 10,000 CEOs, develop 1,000 leading enterprises and support businesses in expanding into global markets. The MoF has been assigned to lead two of these programmes and is expediting the issuance of implementation guidelines.
Meanwhile, other ministries and agencies are stepping up coordination to deliver additional support schemes, including digital transformation assistance for SMEs, helping strengthen governance capacity and adaptability in the fast-evolving digital economy.
The MoF will continue working with relevant sides to perfect programmes and policies, and review the one-year implementation of Resolution No. 68, Huong noted, adding that comprehensive assessment will help clarify effects on the business community to make adjustments necessary for ensuring more effective and reality-matching policies./.
