Le Minh Phieu, managing partner, LMP Lawyers

Yet, despite their contributions, they continue to operate in an environment riddled with institutional, procedural, and structural difficulties. For many entrepreneurs, growing a business in Vietnam can feel like running an uphill marathon, weighed down by complex licensing procedures, inconsistent enforcement of the law, and a lack of effective legal recourse when unfairly treated by authorities.

A troubling trend has emerged in recent years: as soon as Vietnamese businesses reach a certain scale, many founders choose to sell to foreign investors. Some relocate their families overseas, and their children rarely return to continue the legacy. While capital gains are part of any dynamic economy, this pattern partly reflects a lack of confidence in the long-term business environment.

It suggests a deeper structural issue: when the environment becomes too opaque or burdensome, scaling up does not feel like a reward – it feels like a risk.

Resolution No.68/NQ-TW offers an ambitious vision to reverse this trend. It aims to cultivate a private sector that is not only fast-growing and sustainable, but also a national leader in innovation and global competitiveness. For this vision to be realised, we must create not just opportunity, but trust – a trust that comes from a fair, transparent, and accountable system.

Firstly, we must ensure a level playing field – not just between state-owned enterprises and the private sector, but also within the private sector itself. No business should be disadvantaged simply because it lacks political connections. Currently, policies sometimes focus disproportionately on a few large private conglomerates – many of which have close connections with the state. Supporting private enterprise must mean all private enterprises, not just a privileged few.

Secondly, Vietnam needs to accelerate institutional reforms. Licensing procedures must become more streamlined, predictable, and accountable. Delays in licensing hurt startups and smaller businesses the most, as they lack the financial cushion to absorb lost time.

More importantly, there must be administrative dispute mechanisms that are fast, accessible, and effective. Entrepreneurs must have confidence that if a government agency behaves improperly, they can seek justice quickly – without fearing retaliation or lengthy delays that may cripple their business. To make this possible, administrative courts must be empowered and reformed, with judges held accountable for undue delays or improper judgments.

Thirdly, we must enhance the independence and accountability of the judiciary. Judges must be free from external influence, but also held to high standards of transparency and professional responsibility. Vietnam should consider forming judge selection and oversight councils that include non-governmental members – such as legal scholars, civil society representatives, and business leaders – to ensure the bench reflects the interests of all sectors of society.

Judges who delay trials without justification or who issue incorrect rulings must be disciplined. Justice delayed is often justice denied – especially for fast-moving entrepreneurs.

Fourthly, we must strengthen enforcement of court decisions and arbitral awards. Today, many businesses face impunity from debtors or counterparties who refuse to comply with judgments. The Penal Code already includes criminal provisions for failing to execute court decisions, but they must be enforced more rigorously. A mechanism for imposing financial penalties on those who delay compliance should also be added to the upcoming revised Law on Enforcement of Civil Judgments.

Resolution 68 has the potential to become a game-changer for Vietnam’s private sector – if it is followed by real, systemic reforms. These reforms must not only support growth, but also build faith in the system. Small businesses and startups do not just need capital; they need clarity, fairness, and the confidence that the rules apply equally to all.

Only then will Vietnam’s entrepreneurs feel secure enough to build for the long term, invest in innovation, and pass their businesses to the next generation with pride.