A circular organic farming model in Khánh Hòa is delivering initial economic efficiency. — VNA/VNS Photo

HÀ NỘI — More than a year after entering into force, the Politburo's Resolution No 68-NQ/TW on developing the private sector has begun to generate notable momentum, not only in terms of policy reform but also in reshaping the mindset and behaviour of the business community.

As the Government is continuing to accelerate institutional reforms, streamline administrative procedures, and reduce compliance costs, these changes are gradually creating new room for economic growth in the coming years.

Prime Minister Lê Minh Hưng once stressed that cutting administrative procedures and business conditions remains one of the fastest and most effective ways to stimulate growth and strengthen confidence among citizens and enterprises. He underscored that the reform process must remain continuous and responsive to practical requirements.

Assessing the impact of Resolution No 68 after more than one year of implementation, lawyer Bùi Văn Thành, director of the New Sun Law Firm and Standing Vice Chairman of the Vietnam Industrial Park Finance Association (VIPFA), described the recognition of the private sector as “one of the most important drivers of the economy” as a strong policy signal. This shift in positioning has led to a broader transformation in the mindset of businesses and entrepreneurs, he said.

The clearest impact of this resolution on the private sector is the transition from a mindset of mere survival to one driven by aspiration and growth, Thành noted, emphasising that its most significant outcome has been the restoration of business confidence. Beyond institutional changes, the resolution has also encouraged a strategic shift in how private enterprises and entrepreneurs approach investment and long-term development.

The sharp rises in the numbers of newly established firms and enterprises resuming operations in the second half of last year and the first quarter of this year have reflected growing confidence in market entry and re-entry. However, whether this confidence can be translated into stronger expansion capacity, increased capital investment, technological innovation, and the emergence of large private corporations will require further verification through medium-term data covering the 2026–30 period.

Another notable development is the increasing attention paid by private enterprises to institutional reform. Businesses are now closely monitoring legal amendments, administrative reforms, land policies, corporate bond regulations, credit access, taxation, public investment, and infrastructure development. This indicates that they are beginning to view institutions not as barriers, but as valuable resources that can support business development, thus demonstrating an important shift in business mindset.

Nevertheless, Thành cautioned that confidence and changes in perception alone will not be sufficient to create substantive growth momentum. The decisive factor lies in the pace and effectiveness of institutional reforms, particularly in reducing administrative procedures and compliance costs.

Fresh sea grapes undergo strict food safety inspections after packaging. — VNA/VNS Photo

Economist Nguyễn Bích Lâm argued that institutional reforms will have little impact without parallel reform of the implementation apparatus. He suggested the Government standardise administrative procedures nationwide, strengthen discipline and accountability within the public sector, enhance transparency in administrative processes, accelerate digital government initiatives, and minimise opportunities for unofficial costs.

He also stressed the need to link the responsibility of officials and civil servants to work performance through stricter sanctions and the application of key performance indicators (KPIs) and business satisfaction metrics. Without changes in the implementation system, institutional reforms may fail to produce tangible results in practice, Lâm warned.

National Assembly deputy and member of the NA’s Committee for Economic and Financial Affairs Phan Đức Hiếu similarly observed that Resolution No. 68 calls for more comprehensive and robust reforms, with a particular focus on changing the mindset behind law-making and law enforcement, removing administrative barriers and the entrenched “ask-give” mechanism, and lowering compliance costs for enterprises.

Importantly, the policy orientation also emphasises the use of civil and economic measures in handling economic relations, while introducing special mechanisms to resolve long-delayed projects and ensure public-sector payment obligations.

According to Hiếu, the greatest challenge now lies not in policymaking itself, but in ensuring effective implementation capable of creating a truly transparent and enabling business environment for the private sector.

Overall, after one year of implementation, Resolution No 68 has not only strengthened confidence but also begun to reshape the relationship between the private sector and the institutional system. However, substantial room for reform remains, particularly in implementation and ensuring consistency across all levels of governance.

As the Government continues to push ahead with administrative reforms, institutional improvements, and reductions in compliance costs, expectations for a more open and transparent business environment are gradually being reinforced, laying the groundwork for sustainable high growth in the years ahead. — VNA/VNS