What Resolution 68 Really Means for Vietnam’s Private Sector

On May 18, 2025, Prime Minister Pham Minh Chinh launched a nationwide campaign urging all Vietnamese citizens to “compete to get rich” (“toàn dân thi đua làm giàu”). Backed by Resolution 68-NQ/TW from the Politburo, this marked a historic reframing of the private sector’s role: no longer just tolerated, but central to the country’s future.

For entrepreneurs and executives, this moment isn’t about slogans. It’s about what comes next.

What Resolution 68-NQ/TW Really Signals

1. The Private Sector Is Now a Strategic Driver

Resolution 68 clearly states: the private sector is no longer supplemental. It is a primary engine of national growth. The state now expects entrepreneurs, SMEs, and private corporations to lead in GDP contribution, job creation, innovation, and international trade.

Targets by 2030: 2 million private businesses contributing 55–58% of GDP.

This changes the national growth model. Policy and regulation must now align with unlocking private sector performance.

2. Vietnam’s Talent Bottleneck Is Real — and Acknowledged

One of the boldest promises in Resolution 68 is the training of 10,000 CEOs to scale Vietnam’s businesses into regional and global leaders.

This is not cosmetic. It’s a recognition of a core weakness: we don’t lack business ideas or startups. We lack strong operators and executive teams who can lead through complexity.

If this 10,000 CEO initiative is executed seriously, it could professionalize Vietnam’s middle-market economy. It opens space for executive education, management consulting, and real governance reform.

Vietnam’s economic future won’t be limited by capital. It will be limited by leadership capacity.

3. The Shift from Startups to Scale-Ups

The resolution signals a new policy focus: no longer just supporting small business formation, but enabling scalable enterprises.

Vietnam wants:

• Mid-sized companies that grow into regional champions.

• Private enterprises capable of absorbing capital and competing abroad.

• Businesses with management structures, talent pipelines, and export capacity.

The era of informal, family-run, stay-small businesses is over. The state wants professional firms that create long-term economic value.

4. Decriminalizing Entrepreneurship

Resolution 68 directly calls for clearer legal distinctions between civil, administrative, and criminal liability. It prioritizes economic remedies over criminal punishment.

This is a direct response to widespread fear in the business community: the risk that one misstep could lead to prosecution.

If implemented well, this reform could unlock bolder risk-taking and help rebuild trust between the state and the entrepreneurial class.

5. The State Will Still Orchestrate — But Needs Builders

Vietnam isn’t moving toward laissez-faire capitalism. The state still wants to curate economic outcomes, especially in strategic sectors: green energy, tech, manufacturing, agri-processing.

But it’s clear: the government is looking to partner with private-sector builders. Those who align with national priorities will be supported. Those who don’t, likely won’t.

Final Thought

Resolution 68 and the PM’s speech are not guarantees. They are signals. If Vietnam gets this right, the next decade will belong to builders — not just founders, but the teams behind them.

Let “làm giàu” be more than a slogan. Let it mean building something that lasts.