Resolution No. 68 - The key to rapid and sustainable development of the private economy Part 2: Developing the private economy - Making Hung Yen a strong province in the country

Entering the era of national development, in the overall picture of the national economy, the private economy is increasingly asserting its role as an important driving force for the growth and development of the country in general and Hung Yen province in particular. However, for the private economy to truly develop its potential, it is necessary to have a synchronous and substantial policy system and create conditions for equal competition.

Entering the era of national development, in the overall picture of the national economy , the private economy is increasingly asserting its role as an important driving force for the growth and development of the country in general and Hung Yen province in particular. However, for the private economy to truly develop its potential, it is necessary to have a synchronous and substantial policy system and create conditions for equal competition.

Production activities at Thuan Duc Joint Stock Company (located in Luong Bang commune).

Party's view on private economy

Reality, respect   private economy   ( KTTN) has always been a consistent viewpoint of our Party and has been gradually improved through the Congresses. Right from the 6th Congress (1986), our Party acknowledged the existence of a multi-sector economy, eliminating biases among economic sectors. From the 7th Congress to the 10th Congress, our Party not only had a clearer viewpoint, considering the private capitalist economy as an independent economic sector with the potential to develop and contribute to the country's economic development, but was also encouraged and created favorable economic and legal conditions for private businesses to feel secure in investing. Following the 11th, 12th, and 13th Congresses, the Party's awareness of KTTN continued to develop, from considering KTTN as "one of the driving forces of the economy" to considering KTTN "one of the important driving forces of the economy".

Awareness of the position and role of the private economy has been realized through a series of resolutions on building and promoting the role of Vietnamese entrepreneurs in the period of accelerating industrialization, modernization and international integration; on developing the private economy to become an important driving force of the socialist-oriented market economy. And even in laws such as the Law on Private Enterprises, the Investment Law, the Competition Law, the Law on Support for Small and Medium Enterprises... have also been issued, amended and supplemented in accordance with each stage. At the same time, it serves as a legal basis as well as creates a legal framework for the private economy to compete freely, be protected by law and be equal to the state economy and the economy with foreign investment capital; many barriers and legal procedures have also been gradually removed. In particular, the promulgation of Resolution No. 68 - NQ/TW dated May 4, 2025 of the Politburo on the development of the private economy (Resolution No. 68) is considered a breakthrough in thinking and policy making for economic development.

Commenting on Resolution No. 68, Associate Professor, Dr. Nguyen Van Huong, Head of the Faculty of Economics, Hung Yen University of Technical Education, said: Resolution No. 68 has great strategic and practical significance for the acceleration of private enterprises in the new period, both in terms of institutional environment, growth drivers and the ability to deeply integrate into the global value chain. Specifically, Resolution No. 68 creates institutional trust - the foundation for breakthrough growth; increases the ability to mobilize resources for expansion investment. At the same time, it opens up more favorable mechanisms for private enterprises to access capital, land and markets with solutions such as: Encouraging lending based on cash flow and efficiency, instead of collateral; restructuring administrative procedures (licensing, site clearance, etc.); tax incentives for innovation and human resource training expenses, helping enterprises improve their long-term competitiveness.

Driving force for private economic development

Resolution No. 68 has opened up a more favorable legal corridor for the development of private enterprises, but each enterprise needs to effectively use this "key" through specific efforts and actions, from standardizing governance, financial transparency, expanding connections to proactively integrating deeply into the global value chain.

Mr. Nguyen Quoc Trung, General Director of Phu Vinh Industrial Production Company Limited (headquartered in Lac Dao commune) shared: KTTN has been considered a pillar of the economy. We hope that relevant levels and sectors need to concretize Resolution No. 68 with policies to support private enterprises, especially small and medium enterprises. For the Company, we have invested in modern equipment such as automatic steel pipe production lines imported from many advanced countries, thereby increasing efficiency by 20 - 30%, especially reducing electricity costs for production by 40%... The strong development of the company is not only affirmed by the trust of customers when coming to the company's products but also by the amount of contributions to the state budget over many years. In 2024, Phu Vinh Industrial Production Company Limited paid over 120 billion VND to the state budget. In 2025, the amount paid to the state budget is expected to be equivalent to that of 2024.

Ms. Nguyen Thi Thanh Ha, Chairwoman of Hung Yen Business Association, said: In recent times, provincial leaders, departments and branches have made many efforts to improve the investment environment, promptly remove difficulties and obstacles in the production and business process; at the same time, organize many forums and dialogues with businesses to listen, absorb opinions from practice and answer for businesses. Support policies on taxes, credits, etc. have been effectively implemented, contributing to creating favorable conditions for businesses to develop sustainably. We hope that the province will continue to listen and remove each bottleneck, especially creating the most favorable conditions for the business environment, minimizing legal risks and unofficial costs so that businesses can confidently invest and develop sustainably. However, Ms. Ha also hopes that businesses need to clearly define their goals and orientations in production and business, towards sustainable development of businesses.

Accompanying entrepreneurs and enterprises to create momentum for the development of the SEZ, at the conference of provincial leaders meeting with enterprises and entrepreneurs in February 2025, the leader of the People's Committee of Hung Yen province affirmed: The province always creates favorable conditions for enterprises to develop and respects the interests of enterprises. Investors and enterprises in the province proactively innovate technology, update scientific and technological advances, management and governance levels to increase labor productivity, increase profits, improve competitiveness and contribute more and more to the state budget. In addition, pay more attention to social responsibility, protect the rights and legitimate and legitimate interests of workers, ensure occupational safety and hygiene, protect ecological environmental resources...

Workers of Huong Sen Comfor Textile Fiber Company (Dong Hai Industrial Park) operate production. Photo: Trinh Cuong

Accompanying businesses

In Hung Yen province, the Provincial Party Standing Committee issued Plan No. 434-KH/TU dated June 17, 2025 to implement Resolution No. 68. The plan sets the target by 2030: The private sector is the most important driving force of the economy; a pioneer in science and technology development, innovation and digital transformation. The average growth rate of the private sector in the 2025-2030 period will reach about 11%, contributing 65-67% of the province's GRDP; the average growth rate of state budget revenue in the private sector in the 2025-2030 period will reach about 13%/year... The plan also identifies specific goals, tasks and solutions, suitable to the practical conditions of the province; closely follow the viewpoints, objectives, tasks and solutions of Resolution No. 68 and integrate the objectives and tasks in Resolution No. 57-NQ/TW dated December 22, 2024 on breakthroughs in science and technology development, innovation and national digital transformation; Resolution No. 66-NQ/TW dated April 30, 2025 on innovation in law making and enforcement to meet the requirements of national development in the new era.

The main solutions identified are: Promoting reform, perfecting and improving the quality of institutions and policies, ensuring and effectively protecting ownership rights, property rights, freedom of business, equal competition rights of the private economy and ensuring contract enforcement of the private economy; facilitating access to resources of land, capital, high-quality human resources for the private economy; promoting science and technology, innovation, digital transformation, green transformation, effective and sustainable business in the private economy... will be important factors promoting the development of the private economy.

 

With the Party's orientation, the Government's support, the participation of authorities at all levels, and the initiative of enterprises, it is expected that the private economic sector will increasingly promote its strengths and contribute to the province's growth.

Phuong Minh - Thu Yen

Source: https://baohungyen.vn/bai-2-phat-trien-kinh-te-tu-nhan-dua-hung-yen-tro-thanh-tinh-manh-trong-ca-nuoc-3183241.html