The following is a translation of the article by the Viet Nam News Agency (VNA).

NEW MOMENTUM FOR ECONOMIC DEVELOPMENT

TO LAM

General Secretary of the Central Committee of the Communist Party of Viet Nam

1. Persistently pursuing the goal of national independence associated with socialism has been the wise choice of our Party since its inception and throughout the process of leading the revolution. It is the root cause leading to all victories in the struggle for national liberation and national unification in the past as well as in building and defending the Fatherland today. In particular, the socialism we have been building, as President Ho Chi Minh once emphasised, "is to make the people rich and the country strong", with the characteristics of “rich people, strong country, democracy, fairness, civilisation; owned by the people; having a highly developed economy based on modern productive forces and appropriate progressive production relations; having an advanced culture imbued with national identity; people having a prosperous, free and happy life, and conditions for comprehensive development; ethnic groups in the Vietnamese community being equal, united, respecting and helping each other to develop together; having a socialist rule-of-law state of the people, by the people, for the people led by the Communist Party; and having friendly and cooperative relations with countries around the world”.

The Marxist-Leninist theory of socio-economic formations demonstrates that human material production activities are the fundamental basis, origin, and most decisive cause of social change. Production is the foundational activity that creates and develops human social relations, bringing about cooperation and elements of competition that drive production to new heights. At the same time, it serves as the basis for the formation, transformation, and development of human society. According to Marx's perspective, social change is essentially and primarily the transformation of material production, and such transformation is the central and most crucial factor determining social change. In the course of social transformation, changes in economic structure lead to changes in social structure, as well as shifts in the system of values and social norms. Starting from “the obvious truth… that people must first of all eat, drink, have shelter and clothing, that is, must work before they can fight for domination and pursue politics, religion, philosophy...", Marxism asserts that for humans to live, survive, and develop, it is inevitable that they must produce material wealth for society. Moreover, "The different economic epochs are not distinguished by what is produced, but by how it is produced, with what means of labour."

Besides, according to V.I. Lenin, high labour productivity reflects the superiority of socialism over capitalism; it is the most important and essential criterion for the victory of socialism. “In the end, labour productivity is the most important and essential factor for the victory of the new regime. Capitalism created a labour productivity never seen before under serfdom. Capitalism can be completely defeated and will be completely defeated because socialism creates a new, much higher labour productivity.”

Thus, to successfully build socialism with the characteristics that the Party's Platform for national construction in the transitional period to socialism (supplemented and developed in 2011) has identified, human’s material production activities hold the most decisive significance, with high labour productivity being the key factor. Through material production activities, the technical infrastructure foundation of socialism will be built, positive social changes created, limitations and shortcomings addressed thoroughly, and new socialist people with a prosperous, free and happy life developed and have conditions for comprehensive development; thereby completing the transitional period to socialism, and moving to the high stage of the communist socio-economic form as Marx predicted in his work Critique of the Gotha Programme: "When, along with the comprehensive development of individuals, their productive forces also increase and all sources of social wealth flow abundantly - only then can people completely go beyond the narrow limits of the bourgeois rule of law and society can inscribe on its flag: from each according to his ability, to each according to his needs."

A car assembly line of automaker VinFast. (Photo: VNA)

2. The practice of economic development, especially the private economy in China and Russia, as well as during the 40 years of Doi moi (Renewal) in Viet Nam has left extremely valuable lessons. For Russia, even during the period of centrally planned economic development, V. Lenin's New Economic Policy on developing economic sectors, including the private economic sector, from 1921 to 1991 helped the Russian economy develop remarkably. During this period, Russia, along with many other underdeveloped countries in the Soviet Union, became a powerful country reaching a high level in many fields such as energy, industry, and space. For China, starting with the “Reform and Opening Up” policy in 1978, the country amended the Constitution in 1988 to strengthen the protection of the rights and legitimate interests of private enterprises, recognised the private economy as an important part of the socialist market economy at the 15th National Congress of the Communist Party of China in 1997, and pledged to protect the rights and legitimate interests of the individual economy and the private economy. As a result, China's private economy has recorded explosive development, with the emergence of many large corporations that not only dominate the domestic market but also reach out to international markets, and play an important role in the fields of technology, telecommunications, and e-commerce. A series of private enterprises make up the majority of industries such as manufacturing, services, and especially high technology, contributing more than 60% of GDP, creating 80% of jobs in cities, and accounting for over 70% of inventions and innovations in the Chinese economy.

In Viet Nam, the multi-sector economy was officially recognised in the documents of the 6th National Party Congress; the encouragement and facilitation of private economic development was affirmed at the 7th congress, and further emphasised at the 8th congress. Significant progress was made at the 9th National Party Congress as the Party confirmed that the private capitalist economy holds a long-term and important position in the socialist-oriented market economy. For the first time, a resolution on “Continuing to renew mechanisms and policies to encourage and create conditions for private economic development” was issued, highlighting the crucial role of the private economic sector as one of the motivation of the national economy. The issue of Party members' engagement in private economic development was specified at the 10th National Party Congress. Meanwhile, the 12th and 13th congresses strongly and definitively affirmed the role of the private economic sector as an important driving force for the national economy. The development of the private economic sector has seen remarkable progress. From a state of merely "struggling to survive" and "barely holding on" under the centrally planned, bureaucratic, and subsidized system where it was discriminated against not only in social perception but also in government mechanisms and policies, the private economy has risen strongly during the Doi Moi (renewal) period. It has made increasingly significant contributions to the state budget, created jobs, unlocking existing potential and local advantages in each region and the whole country, and played an important role in socio-economic development, national defence, and security. It has affirmed its role as a crucial driving force in the process of international integration.

It is evident that with the right vision and policies, the development of the private economic sector in a socialist-oriented market economy is a vital choice to boost material production and drive social transformation; create “breakthroughs” in terms of technology and vocational training, improve capital absorption, raise labour productivity, and build the technical and material foundations for socialism. To further develop the private economy, the most crucial and fundamental task is to continue improving the socialist-oriented market economy institution, with turning-point changes in mindset, awareness, and action, forming key characteristics of the socialist-oriented market economy under State management and the leadership of the Party, distinguishing it from the previous state-managed socialist-oriented market economy model.

Businesses create many jobs for workers, helping them to stabilise their lives. (Photo: VNA)

3. On May 4, 2025, the Politburo issued Resolution No. 68-NQ/TW on private economic development, introducing unprecedented goals, viewpoints and tasks, and breakthrough solutions. This resolution shapes the Party’s new perspective on developing the private economic sector within a socialist-oriented market economy under State management and the Party’s leadership, aiming to strongly promote the private economic sector as a new driver for economic development in the time ahead. To successfully implement Resolution No. 68, several urgent tasks must be prioritised as follows:

Firstly, it is essential to vigorously and effectively implement measures to quickly bring the Party’s Resolution into reality. At its 9th session, the 15th National Assembly will discuss and adopt a resolution on private economic development, featuring specific, feasible, and effective mechanisms and incentives. A national steering committee for the implementation of Resolution No. 68 will be established, headed by the Prime Minister, with monthly reviews to ensure that ministries, sectors, and localities execute the Resolution properly, avoiding embarrassment or implementation in a separate way that could undermine the effectiveness of the Party Central Committee's policies. The results will be regularly publicised and used as a key criterion to assess performance of duties and responsibilities, particularly for heads. Promoting and strongly transforming administrative mindset from control to facilitation, viewing businesses as entities to be "served" rather than "managed", ensuring the principle of "actions matching words" is upheld consistently across the entire political system. The Government will soon issue a directive requiring ministries, sectors, and localities to transition all administrative processes to a post-inspection model, except for certain special areas (e.g., national security, defence); to provide clear guidelines on the public service responsibilities of heads of Party committees and authorities at all levels in supporting businesses, linking this with the emulation and reward work; and to standardise the entire investment licensing process using an electronic model, thereby shortening the time for announcing results.

Secondly, urgently transforming the Party's perspectives into legislation and ensuring strict implementation among the political system, businesses, and people. Making consideration to draft the law on private economy development, and amending and supplementing related legal provisions to fully institutionalise the guidelines outlined in Resolution No. 68. This includes establishing a fair competition system and clearly defining the behaviours that negatively impact market access and discriminate against the private economic sector in market competition. Creating mechanisms to promote investment and financial support, and requiring financial institutions to establish credit evaluation systems suitable for private enterprises and financial support. Encouraging scientific and technological development, with private businesses taking the lead in major and nationally important projects, and establishing national innovation research infrastructure. Establishing a system for protecting the rights and interests of market participants, clearly distinguishing between economic disputes and criminal offences, and prohibiting the abuse of legal authority in market management. Devising measures to support procedural services and policies for the private sector, and standardising administrative procedures and policies. Amending the Penal Code to clearly separate fraudulent and profit-seeking behaviours from ordinary administrative errors.

The Ho Chi Minh City Stock Exchange (HOSE) currently accounts for more than 90% of the total capitalisation of Viet Nam's stock market, and is one of the important elements to promote the construction of an international financial centre in Ho Chi Minh City. (Photo: VNA)

Thirdly, paying special attention to supporting small and micro enterprises, and promoting the development of an entrepreneurial society with aspiration for ownership, particularly in innovation. Immediately deploying a preferential credit package for small and medium enterprises through the state credit guarantee fund. Setting aside 5-10% of land with preferential renting rates in high-tech industrial parks for startups. Expanding the legal sandbox model nationwide, allowing testing of fintech, AI, and digital agriculture within clear legal protection timeframes. Establishing free or subsidised legal advisory centres for small and medium enterprises in localities.

Fourthly, developing a contingent of entrepreneurs to truly become "soldiers" on the economic front and substantively participate in the policy making process. Protecting, supporting, encouraging, and honouring entrepreneurs who demonstrate patriotism, national spirit, legal compliance, aspirations to prosper individually while contributing to national wealth, possess business management knowledge and capabilities in the market economy, and maintain a sense of responsibility toward workers and the community. Creating favourable conditions for entrepreneurs to provide policy feedback and contribute to the building and implementation of development strategies. Ministries and departments should thoroughly listen to opinions from citizens and businesses, especially experienced entrepreneurs, when drafting laws and decrees. Providing budgetary and professional support to build strong and independent associations capable of making policy feedback. Encouraging the establishment of a national private entrepreneurs' council to directly advise the Government on long-term economic – industrial strategies.

We possess a tradition of indomitability, fervent patriotism, and strong and comprehensive theoretical, practical, and political – legal foundations; with the aspiration, will, consensus, and high determination of the entire political system, businesses, entrepreneurs, and all people in realising the goal of “stability, high-quality development, and improvement of all aspects of people's lives,” we will certainly successfully implement the Resolution, soon developing the private economy to its full potential to truly become the most important driving force and pillar for ensuring the strong development of the national economy, thus realising the aspiration to build a socialist Viet Nam with wealthy people and a strong, democratic, equitable, and civilised nation.