A vehicle production line at THACO Group. Resolution 68 identifies the private sector as one of the most important driving forces of the economy. VNA/VNS Photo

Nearly 40 years after major economic reforms opened the national economy, Việt Nam is charting a new and ambitious course towards becoming a developed, high-income country by 2045.

Facing internal and external headwinds - slowing growth, low labour productivity and mounting geopolitical uncertainty - the Communist Party’s Politburo has issued four landmark resolutions that General Secretary Tô Lâm has described as the 'Four Pillars' that will drive the country forward in the new era, the era of Việt Nam on the rise.

"These important resolutions will provide a strong institutional foundation, unleashing powerful momentum to turn our vision of a developed, high-income Việt Nam by 2045 into reality," he said on May 18.

Here’s a breakdown of what the pillars entail, why they were created and what they mean for the country.

Resolution 68: Private sector

Adopted on May 4, 2025, Resolution 68 repositions the private sector as one of the most important driving forces of the national economy and the vanguard in developing science, technology, innovation, and digital transformation.

The resolution sets ambitious benchmarks:

• By 2030, Việt Nam targets two million businesses operating nationwide, with at least 20 large enterprises participating in global value chains. The private sector contributes between 55 and 58 per cent of GDP, employing about 85 per cent of the workforce.

Labour productivity growth in the private sector is set to reach between 8.5 and 9.5 per cent annually. Technology and innovation capacity is expected to rank among the top three in Southeast Asia and the top five in Asia.

• By 2045, Việt Nam aims to have three million active businesses, contributing over 60 per cent of GDP and demonstrating strong regional and global competitiveness.

To realise these goals, the resolution outlines seven key approaches:

• Institutional reform: Eliminate the 'ask-give' mechanism, ensure freedom to operate in all sectors not prohibited by law and cut at least 30 per cent of administrative procedures;

• Legal protection for businesses: End overlapping inspections and shift to remote audits based on digital data. Uphold the 'presumption of innocence' and avoid criminalising civil and commercial disputes;

• Resource access: Develop a national land database, reduce land rental by at least 30 per cent for high-tech and start-up firms and promote green credit, funds for unsecured lending and credit guarantee funds;

• Entrepreneurship and talent development: Train 10,000 CEOs, integrate business ethics and entrepreneurship into education and allow training costs to be tax-deductible;

• Innovation and digital transformation: Allow up to 20 per cent of taxable income to fund innovation, and allow 200 per cent of R&D spending to be tax-deductible. Provide tax incentives to start-ups, venture capital and innovation experts;

• Supply chain integration: Encourage large firms to lead domestic supply chains and require major FDI projects to use local suppliers; and

• Enterprise expansion: Launch the '1,000 Exemplary Enterprises' initiative and 'Go Global' programme to support overseas expansion. Abolish lump-sum taxation for household businesses in 2026 and support their formalisation into enterprises.

"Resolution 68 lays the foundation for a complete shift in private sector policy: from acknowledging to protecting, encouraging and promoting; and from supporting to leading development. This is a strategic, urgent and long-term choice," General Secretary Lâm said.

Resolution 57: Science

Adopted on December 22, 2024, Resolution 57 calls for science, technology, innovation, and digital transformation to become the top breakthrough and the main engine for rapid development of modern productive forces.

The resolution sets ambitious targets:

• By 2030, Việt Nam aims to reach the top three in Southeast Asia and the top 50 globally in digital competitiveness and e-government, with over 80 per cent of public services offered online. Total factor productivity contributes over 55 per cent to GDP, while the digital economy comprises more than 30 per cent of GDP

The country has at least five globally competitive digital tech companies, with mastery of strategic technologies such as AI, blockchain, semiconductors and quantum tech. R&D spending reaches 2 per cent of GDP, of which more than 60 per cent comes from non-state sources

• By 2045, Việt Nam aims to become a high-income, developed nation with a digital economy contributing more than half of GDP. The country positions itself among the world’s top 30 in innovation and digital transformation, home to at least 10 international-standard tech firms and five global tech leaders.

Priority areas include legal reform for innovation (including liability waivers for tech pilots), national data infrastructure, talent attraction policies for global and overseas Vietnamese experts, public-private partnerships in digital education and full digitisation of government operations.

"We must move faster and act more decisively to turn science, technology and innovation into the key foundation and engine for Việt Nam’s rise," said the Party leader.

Resolution 66: Legal reform

Issued on April 30, 2025, Resolution 66 frames legal reform as 'the breakthrough of breakthroughs' in building a modern institutional system for national development.

The resolution sets key goals:

• By 2030, Việt Nam aims to have a transparent, unified and feasible legal system that supports streamlined governance, completing a full legal reform for the three-tier government by 2027

The country also aims to improve its business legal framework to secure a position in the top three ASEAN investment destinations by 2028

• By 2045, Việt Nam aims to have a high-quality legal system in line with global standards, with law-abiding behaviour becoming the norm of society.

Several measures are highlighted to turn the goals into reality, including: shifting legal philosophy from control to service; strengthening Việt Nam’s presence in international legal bodies and training experts in international law; investing in digital legal infrastructure and legal AI; and allocating no less than 0.5 per cent of the total state budget for lawmaking, and creating a legal development fund with state and private contributions.

"Resolution 66 represents a call for deep institutional reform to create a modern, substantive legal system that serves the people and drives sustainable national development," said General Secretary Lâm.

Resolution 59: Int'l integration

Approved on January 24, 2025, Resolution 59 defines international integration as a comprehensive, strategic endeavour that requires initiative and resilience.

It targets integration across economic, political, scientific and social domains. Priorities include strengthening strategic partnerships while preserving independence and sovereignty; enhancing national competitiveness through global scientific collaboration; and training a cadre of internationally skilled, politically firm officials to manage complex global interactions effectively.

General Secretary Lâm emphasised that integration was a national mission. "We must deeply understand that integration is not only the task of foreign affairs agencies, but a comprehensive process requiring active, creative participation from the entire political system, every citizen, business and sector," he said.

A unified strategy

While each resolution has a different focus, experts stress they form an integrated framework.

"All four resolutions are closely linked and interdependent. One supports and enables the other. However, it can be said that Resolution 68 has a large impact and influence compared to the others," said Nguyễn Hồng Hải, PhD, senior lecturer at Vin University Hanoi and Fulbright visiting scholar in residence at American University.

"The reason Resolution 68 is so significant is because of the leading role of the private economy in national development over the coming decades," Hải added.

The resolutions reinforce one another: institutional transparency supports innovation and entrepreneurship, innovation empowers private firms, private firms boost competitiveness and integration connects Việt Nam to global markets.

Urgent actions in 2025

As a gateway year to the 2045 goal, 2025 will focus on several tasks to implement the 'Four Pillars', including:

• Issuing action plans for each resolution, with clear targets and tracking metrics;

• Reviewing and amending laws that impede innovation, property rights and entrepreneurship;

• Launching major national programmes for R&D, innovation hubs and digital government;

• Advancing various trade pacts and a potential free trade agreement with the US;

• Improving the business climate by cutting administrative procedures by at least 30 per cent;

• Creating specialised implementation task forces from central to provincial levels;

• Training legal, tech and business leaders to drive reform; and

• Expanding public outreach and consensus-building through nationwide communications campaigns.

"All Vietnamese - officials, citizens and businesses - must become pioneers in national development," General Secretary Lâm urged. "Leaders must be bold, accountable and ready to sacrifice personal interests for the common good." VNS