Resolution No. 138/NQ-CP dated May 16, 2025 on promulgating The Action Plan of the Government of Vietnam to implement Resolution No. 68-NQ/TW on private sector development

GOVERNMENT OF VIETNAM -------	SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness ---------------
No. 138/NQ-CP	Hanoi, May 16, 2025

RESOLUTION

PROMULGATING THE ACTION PLAN OF THE GOVERNMENT OF VIETNAM TO IMPLEMENT RESOLUTION NO. 68-NQ/TW DATED MAY 4, 2025 OF THE POLITBURO OF VIETNAM ON PRIVATE SECTOR DEVELOPMENT

GOVERNMENT OF VIETNAM

Pursuant to the Law on Government Organization dated February 18, 2025;

Pursuant to Resolution No. 68-NQ/TW dated May 4, 2025 of the Politburo of Vietnam on private sector development;

Pursuant to Decree No. 39/2022/ND-CP dated June 18, 2022 of the Government of Vietnam promulgating the working regulations of the Government of Vietnam;

At the request of the Minister of Finance of Vietnam;

Based on the voting results of members of the Government of Vietnam.

HEREBY RESOLVES:

Article 1. The Action Plan of the Government of Vietnam to implement Resolution No. 68-NQ/TW dated May 4, 2025 of the Politburo of Vietnam on private sector development (hereinafter referred to as “Action Plan”) is promulgated together with this Resolution.

Article 2. This Resolution comes into force as of its date of signing.

Article 3. Ministers, Directors of ministerial agencies, Directors of governmental agencies, Presidents of People’s Committees of provinces and centrally affiliated cities, and relevant agencies, organizations, and individuals shall implement this Resolution./.

ON BEHALF OF THE GOVERNMENT PRIME MINISTER Pham Minh Chinh

GOVERNMENT’S ACTION PLAN

IMPLEMENTATION OF RESOLUTION NO. 68-NQ/TW DATED MAY 4, 2025 OF THEPOLITBURO OF VIETNAM ON PRIVATE SECTOR DEVELOPMENT
(Enclosed with Resolution No. 138/NQ-CP dated May 16, 2025 of the Government of Vietnam)

I. OBJECTIVES

1. To organize the institutionalization and adequately, synchronously, and consistently implement the viewpoints, objectives, tasks, and solutions specified in Resolution No. 68-NQ/TW dated May 4, 2025 of the Politburo of Vietnam on private sector development (hereinafter referred to as “Resolution No. 68-NQ/TW”).

2. To determine specific tasks as the grounds for Ministries and central and local authorities to develop action plans and organize the implementation, inspection, supervision, and supervision of the implementation of Resolutions, ensuring the materialization of the objective of turning the private sector into the most important driver of the national economy.

II. SPECIFIC TASKS

To achieve the objectives specified in Resolution No. 68-NQ/TW, during the upcoming time, aside from regular tasks, Ministries and central and local authorities shall concretize and drastically organize the implementation of the following tasks:

1. Innovating mentality, ensuring high consistency concerning awareness and actions, fostering trust and national aspirations, and creating new momentum and driving forces for private sector development

a) Ministries, central authorities, local authorities, enterprise associations, and industry associations shall:

- Develop and implement programs concerning regular and in-depth dissemination of Resolution No. 68-NQ/TW and the private sector's position and role in directions that diversify dissemination forms and methods and concretize the dissemination content for each target group.

- Develop thematic communication programs concerning private sector development on television, radio, social media, and electronic newspapers to foster the spirit of business and entrepreneurship and promote the strong development of the private sector.

b) Ministries and central and local authorities shall develop plans to implement the Government's Action Plan with quantified objectives; assign responsibilities to heads of agencies and units to disseminate the changes to mentality, awareness, and actions to their officials, public employees, and employees, provide fair and equal treatment for the private sector, and develop relations between the authorities and enterprises in an open and friendly manner, ensuring companionship, integrity, and development support.

c) The Ministry of Culture, Sports and Tourism of Vietnam shall:

- Direct the communication and press agencies to improve the quality and efficiency of dissemination operations; provide objective, honest, and adequate information on the private sector; encourage and spread good models and innovative and effective practices; foster the business spirit in society.

- Strictly and publicly handle harassment, misconduct, and dissemination of false or inaccurate information that negatively impacts enterprises, household businesses, individual businesses, and businessmen.

2. Intensifying reform, perfecting institutions and policies and improving the quality thereof, effectively ensuring and protecting ownership, property rights, business freedom, fair competition rights, and ensuring contract implementation of the private sector

(1) Intensifying reform and perfecting institutions and policies and improving the quality thereof

a) Ministries and central and local authorities shall:

- Disseminate the following to their officials, public employees, and employees: strongly innovating the administrative mentality from controlling to companionship, considering enterprises as “service” subjects instead of “management” subjects, and ensuring the principles of “words backed by actions” and consistency in the whole political system; prohibit acts of abusing administrative decisions, “favoritism” mechanisms, and protectionism by central and local authorities in the development and implementation of policies and laws; ensure consistency in the implementation of policies between the central and local levels, among ministries and central authorities, and among local authorities.

- Develop and implement policies and laws fairly and transparently according to the market mechanisms without discrimination between private enterprises and state-owned enterprises, FDI enterprises in the mobilization, allocation, and use of resources of capital, land, natural resources, assets, technologies, personnel, data, and other resources.

- Develop and implement plans to review legislative documents within sectors, fields, and areas under their management to handle such documents within their jurisdiction or submit reports to competent authorities to remove unnecessary business conditions and overlapping and inappropriate regulations that obstruct the development of enterprises and household businesses.

- Drastically implement digital transformation to shorten the time for administrative procedure settlement and reduce law compliance fees and business conditions in regulations on market entry and exit, land, planning, investment, construction, taxation, customs, insurance, intellectual property, standards, regulations, and others. Provide public services for enterprises and household businesses regardless of administrative boundaries. During 2025-2026, ensure the completion of objectives and roadmaps prescribed in Resolution No. 66/NQ-CP dated March 26, 2025 of the Government of Vietnam.

- Ministries and central authorities shall develop and implement plans to review business investment conditions to provide amendments or request competent authorities to provide amendments to convert all business conditions, licenses, and certificates to announcement and post-inspection, excluding specific fields requiring licensing according to international regulations and practices.

- Develop separate sections on their websites or web portals to promptly receive and resolve difficulties, feedback, and suggestions from people, enterprises, and household businesses.

- Review policies and programs on enterprise support to formulate amendments or request competent authorities to formulate amendments in directions that (i) simplify applications and procedures for support; (ii) increase support norms and rates on par with the market reality; (iii) ensure the adequate allocation of support resources; (iv) encourage associations, research institutes, universities, and others to participate in the implementation of support programs.

- Develop and integrate plans for private sector development into annual and 5-year socio-economic development plans of ministries and central and local authorities; proactively allocate and integrate funding, or summarize and request competent authorities to allocate funding for private sector support.

b) The Ministry of Finance of Vietnam shall:

- Take charge and cooperate with relevant ministries in reviewing the list of conditional business lines according to the Law on Investment to research and reduce unnecessary business conditions.

- Review and amend the Law on Support for Small and Medium-sized Enterprises to (i) simplify applications and procedures for support; (ii) increase support norms and rates on par with the market reality; (iii) ensure the adequate allocation of support resources; (iv) encourage associations, research institutes, universities, and others to participate in the implementation of support programs.

- Review and amend the Law on Bidding and its guiding documents for additions to regulations on prioritization for small and medium-sized enterprises (SMEs) and startups to participate in programs, plans, and projects on public procurement.

- Review and amend the Law on Corporate Income Tax and its guiding documents for additions to regulations on corporate income tax exemption for SMEs during the first 3 years after establishment.

- Review and amend the Law on Fees and Charges and its guiding documents to remove registration fees.

- Review the Law on Statistics and its guiding documents to standardize statistical targets and figures for accurate and comprehensive reports on the private sector, SMEs, and household businesses, which are used to assess and develop policies and strategies for such areas.

- Urgently perfect the draft Decree on test mechanisms for circular economy development.

- Drastically implement Decree No. 70/2025/ND-CP dated March 20, 2025, ensuring that from June 1, 2025 onwards, household businesses and individual businesses (with annual revenues of 1 billion VND or more) and enterprises selling goods and providing services (including sale of goods and provision of services directly for consumers) drastically use e-invoices generated from cash registers.

- Develop a database on the private sector in service of the assessment and making of development policies and strategies in conformity with each stage; develop appropriate mechanisms for data system sharing for agencies and organizations to research, consult, and critique the policies.

- Provide guidelines on the investment licensing procedures following e-models, shortening the time to announce the results.

c) The Ministry of Industry and Trade of Vietnam shall:

- Intensify the implementation of the Law on Competition and its guiding documents to ensure a fair, equal, and transparent competition environment among economic sectors; strictly handle abuse of dominance or monopolistic position and unfair competition; improve the effectiveness and efficiency of the Vietnam Competition Commission’s operations.

- Review and amend Decree No. 75/2019/ND-CP dated September 26, 2019 of the Government of Vietnam for assurance of (i) strict handling of violations against competition laws, especially monopolistic or dominant acts; (ii) application of mechanisms and sanctions for fair, equal, and transparent competition among economic sectors.

- Summarize and assess the Domestic Market Development Scheme associated with the “Vietnamese people prioritizing Vietnamese goods” Campaign during 2021-2025; develop and present and request the Prime Minister of Vietnam to promulgate a Domestic Market Development Scheme for the following stage that (i) prioritizes the diversified development of distribution channels and strong development of harmonious digital platforms and e-commerce platforms integrated with traditional distribution channels; (ii) supports the development of large private retail corporations; (iii) promotes the role of science, technology, digital transformation, green transformation, and innovation in the optimization and sustainable development of domestic supply chains; (iv) encourages the effective combination of trade, culture, and tourism to expand the domestic consumer market.

- Summarize and assess the National Trade Promotion Program and propose amendments to (i) upgrade and innovate the implementation content and method; (ii) simplify support applications and procedures; (iii) increase support norms and rates on par with the market reality. Intensify the implementation of the Vietnam National Brand Program.

- Monitor, urge, and promote the effective implementation of concluded Free Trade Agreements (FTAs); intensify training, information universalization, and support for enterprises, household businesses, and individual businesses to grasp and effectively utilize FTAs; promptly issue early warnings to enterprises, household businesses, and individual businesses of the trade remedies of partner countries. Actively provide advisory services concerning negotiation, conclusion, and upgrade of FTAs with potential partners in Africa, South Asia, West Asia, South America, and others; support enterprises in conversion to official-quota export in association with brand development and promotion of sustainable export.

d) The Ministry of Home Affairs of Vietnam shall:

- Review and perfect the Law on Officials and its guiding documents to (i) stipulate specific responsibilities of officials and heads in the settlement of administrative procedures; (ii) add sanctions for strict handling of corruption, profiteering, and harassment committed by officials; (iii) add immunity mechanisms for officials who cause damage due to objective reasons without personal gain despite all procedures and regulations have been complied with; (iv) add guidelines on the official work responsibilities of heads of CPV committees and authorities at all levels in supporting enterprises in association with commendation and emulation.

dd) The Ministry of Public Security of Vietnam shall:

- Complete the draft Decree on operations concerning science, technology, and innovation and data products and services.

- Perfect the draft Decree guiding the Law on Data to create favorable conditions for enterprises, household businesses, and individual businesses to connect, share, and utilize data, ensuring security and safety.

- Review, amend, and develop legislative documents to intensify the efficiency of high-tech criminal, fraud, and asset appropriation prevention and e-transaction safety protection.

- Intensify support for enterprises, household businesses, and individual businesses in verifying and preventing security risks (trade frauds, asset appropriation, tax evasion, and others).

- Instruct enterprises, household businesses, and individual businesses to develop schemes to ensure fire safety and occupational safety during operation; create favorable conditions for enterprises and household businesses to utilize information from the digital database for business and production.

- Intensify the detection and handling of trade frauds and unfair competition in cyberspace to protect the images and prestige of enterprises, household businesses, and individual businesses.

e) The Ministry of Science and Technology of Vietnam shall:

- Perfect the Bill on Digital Technology Industry and the Bill on Science, Technology, and Innovation for additions to the controlled test mechanisms for new technologies, products, services, and business models.

- Perfect the draft Decree on innovation and innovative entrepreneurship.

g) The Ministry of Justice of Vietnam shall:

- Review and amend the Law on Administrative Violation Handling and its guiding documents to ensure (i) sanctions for strict handling of unfair competition, manipulation, and policy profiteering; (ii) strict handling of violations committed by enterprises, household businesses, and individual businesses concerning failure to use e-invoices and invoices generated from cash registers.

- Research the development of the Program on Inter-sectoral Legal Aid for SMEs and Household Businesses during 2026-2031.

- Strictly control regulations on business conditions against jurisdiction during the appraisal of legislative documents.

- Research and consolidate units in charge of legal aid for enterprises in a direction that establishes legal aid centers for enterprises to resolve legal difficulties and settle legal disputes in Vietnam and overseas.

- Cooperate with the Supreme People’s Court of Vietnam and the Supreme People’s Procuracy of Vietnam in amending the Law on Bankruptcy to shorten the time for administrative procedure settlement, expand the application scope of simplified bankruptcy sanctions, and promote the application of procedures on electronic platforms and reform of asset handling mechanisms.

h) Local authorities shall allocate resources and direct specialized authorities to standardize the investment licensing procedures following e-models, shortening the time to announce the results.

(2) Ensuring and protecting ownership, property rights, business freedom, fair competition rights and ensuring contract implementation of the private sector

a) Ministries and central and local authorities shall:

- Direct affiliated agencies, units, and enterprises to urgently review, pay outstanding contracts, and terminate the appropriation of capital of enterprises and household businesses.

- Review and classify inspection subjects; terminate overlapping and prolonged inspection of the same content or field; inspections at enterprises, household businesses, individual businesses, including inter-sectoral inspections, shall be no more than once a year, excluding cases where irregular inspections are required upon clear signs of violations. Announce inspection plans on their web portals for acknowledgment and implementation cooperation of enterprises and household businesses. Promote online and remote inspection; prioritize inspection based on e-data, reducing direct inspection. Strictly handle inspection abuse to harass or obstruct enterprises and household businesses.

- Develop and announce on their websites and web portals the instruments and solutions concerning early warnings for enterprises and household businesses regarding risks of law violations based on the integration of management and warning data from state authorities.

- Direct agencies and units to drastically prevent and combat counterfeit goods, smuggled goods, and copyright violations to protect the legitimate rights and benefits of enterprises and household businesses in compliance with the law.

b) The Ministry of Industry and Trade of Vietnam shall:

Review and perfect the Law on Trade and its guiding documents concerning the settlement of disputes in business and trade in directions that (i) shorten the time to settle contract disputes and intensify transparency and efficiency; (ii) add mechanisms for strict handling of acts of postponing the fulfillment of contract settlement obligations.

c) The Ministry of Justice of Vietnam shall:

- Cooperate with specific agencies while amending the Civil Procedure Code, the Law on Trade Arbitration, and their guiding documents concerning trade and business in directions that (i) shorten the time to settle contract disputes and trade disputes, especially international trade, to ensure swiftness, fairness, objectivity, and equality; (ii) add mechanisms for strict handling of acts of postponing the fulfillment of contract settlement obligations; (iii) protect ownership of tangible and intangible assets of enterprises, household businesses, and individual businesses, minimizing legal risks.

- Review and perfect the Law on Administrative Violation Handling and its guiding documents for additions to strict and sufficient sanctions against violations of intellectual property, counterfeiting of intellectual property, and violations in cyberspace.

d) The Ministry of Science and Technology of Vietnam shall:

- Perfect intellectual property laws for additions to strict and sufficient sanctions against violations of intellectual property, counterfeiting of intellectual property, and violations in cyberspace.

- Upgrade the information technology system to ensure the wholly online implementation of the procedure for establishing industrial property rights and reduce the time to implement the procedure for the grant of intellectual property rights, ensuring conformity with international practices; adequately allocate resources and perfect the financial mechanisms for intellectual property authorities.

dd) The Ministry of Finance of Vietnam shall:

Review and amend the Law on Support for Small and Medium-sized Enterprises and add policies on support for the cost of pricing and protection of domestic intellectual property rights; support and encourage SMEs to register intellectual property rights overseas and with international organizations.

e) The Inspectorate of the Government of Vietnam shall:

- Review and amend the Inspection Law and add legal grounds for online inspection operations.

- Review and classify inspection subjects; terminate overlapping and prolonged inspection of the same content or field; conduct inspections according to plans no more than once per year for each enterprise and household business, excluding cases where irregular inspections are required upon signs of law violations. Announce inspection plans on its web portal for acknowledgment and implementation cooperation of enterprises and household businesses. Promote online and remote inspection; prioritize inspection based on e-data, reducing direct inspection. Strictly handle inspection abuse to harass or obstruct enterprises and household businesses.

(3) Complying with the principle of clear distinction between criminal liability and administrative/civil liability; between natural persons and juridical persons in handling violations

The Ministry of Public Security of Vietnam shall review and amend the Criminal Code and the Criminal Procedure Code and closely cooperate with the system of courts and procuracies at all levels in the directive and dissemination during the investigation and handling of violations, ensuring the principle of clear distinction between criminal liability and administrative/civil liability; between natural persons and juridical persons in handling violations according to Point 2.3 Clause 2 Section II of Resolution No. 68-NQ/TW.

3. Creating favorable conditions for the private sector to access resources of land, capital, and high-quality personnel

(1) Intensifying the chance to access land and sites for production and business for the private sector

a) The Ministry of Agriculture and Environment of Vietnam shall:

- Review and amend the Law on Land and its guiding documents and add policies and mechanisms to (i) control the fluctuation of land prices, especially land for business and production and non-agricultural land; (ii) assign local authorities to facilitate high-tech enterprises, SMEs, and startups to lease land funds for investment in the infrastructures of industrial parks, industrial clusters, and technology incubators; promulgate policies on land rent support for the mentioned entities.

- Complete the development of the national database on land and connection with the National Data Center and relevant databases; promulgate regulations on the management, operation, and utilization of the national database on land.

b) The Ministry of Finance of Vietnam shall:

- Review and amend Decree No. 35/2022/ND-CP dated May 28, 2022 of the Government of Vietnam and add mechanisms and policies to assign local authorities to facilitate high-tech enterprises, SMEs, and startups to lease at least 20 ha/industrial park or 5% of the total land fund invested in the infrastructures of industrial parks.

- Review and amend Decree No. 108/2024/ND-CP dated August 23, 2024 for additions to the mechanisms for exempting and reducing costs for SMEs, support industry enterprises, and startups to lease houses and land (being public assets) that are unused in their areas.

- Review projects with difficulties concerning procedures and are behind schedule nationwide, submit reports on handling schemes to competent authorities for urgent utilization of wasted land sources, public land, unused headquarters, and land subject to prolonged disputes or cases.

c) The Ministry of Industry and Trade of Vietnam shall:

Review and amend Decree No. 32/2024/ND-CP dated May 15, 2024 of the Government of Vietnam for additions to mechanisms and policies to assign local authorities to facilitate high-tech enterprises, SMEs, and startups to lease at least 20 ha/industrial cluster or 5% of the total land fund invested in the infrastructures of industrial clusters.

d) Local authorities shall:

- Promptly announce land use planning and plans in their areas; actively cooperate with political and social organizations in site clearance support for enterprises.

- Drastically apply digital transformation to provide wholly online public services during the implementation of administrative procedures concerning land, reducing at least 30% of the time to settle procedures for land lease and issuance of certificates of land use rights for people and enterprises.

- Urgently review and agree with the Ministry of Finance of Vietnam on handling schemes for houses and land (public assets) that are unused in their areas for support industry enterprises, SMEs, and startups to lease for production and business purposes.

dd) Ministries and central authorities shall:

Urgently review and agree with the Ministry of Finance of Vietnam on handling schemes for houses and land (public assets) under their management that are unused for handover to local authorities for support industry enterprises, SMEs, and startups to lease for production and business purposes.

(2) Increasing and diversifying capital sources for the private sector

a) The State Bank of Vietnam shall:

- Review and amend Circular No. 26/2024/TT-NHNN dated June 28, 2024 of the State Bank of Vietnam in the direction that expands the list of leased assets, such as software, utilization rights, intellectual property, and data.

- Direct commercial banks to (i) prioritize credit capital sources for private enterprises, especially SMEs, support industry enterprises, and startups, to take out loans for investment in machinery, devices, new technologies, green transformation, digital transformation, export credit, and supply chain credit; (ii) encourage credit institutions to reduce interest rates for private enterprises’ loans for implementation of green and circular projects and application of the environmental, social, and governance framework (ESG); (iii) improve internal regulations and encourage the grant of loans based on schemes for business and production and schemes for output market expansion; grant of loans based on the value chain and supply chain; grant of loans based on settlement data and cash flow; grant of loans based on collateral, including movable estate, intangible assets, and off-the-plan assets according to the law.

- Promote the mechanisms for information sharing between the banking and taxation systems and relevant agencies to ensure consistent data on the operational and financial status of enterprises and household businesses to increase the grant of loans to such entities.

- Closely supervise the operations of credit institutions and credit extension operations; closely control the grant of loans for internal ecosystems.

b) The Ministry of Finance of Vietnam shall:

- Review and amend the Law on Support for Small and Medium-sized Enterprises and Decree No. 34/2018/ND-CP dated March 8, 2018 of the Government of Vietnam in directions that (i) innovate organizational models, improve operational efficiency, accept risks due to objective conditions and force majeure in guarantee operations, and conduct management by overall objectives; (ii) stipulate reasonable allocations from financial reserve funds; (iii) loosen conditions for grant of loan guarantee compared to those for grant of bank loans; (iv) introduce mechanisms for supplementing resources for funds from large enterprises and financial organizations; (v) adopt appropriate re-guarantee policies to ensure system safety.

- Research and propose mechanisms for establishing the Central Credit Re-Guarantee Fund to carry out the re-guarantee function for local credit guarantee funds.

- Research and propose test mechanisms for establishing crowdfunding platforms to directly connect SMEs, household businesses, and individual businesses with financing individuals and organizations.

- Review and amend the Law on Support for Small and Medium-sized Enterprises and Decree No. 39/2019/ND-CP dated May 10, 2019 of the Government of Vietnam and Decree No. 45/2024/ND-CP dated April 26, 2024 of the Government of Vietnam in directions that (i) expand support subjects; (ii) simplify conditions and procedures for the receipt, appraisal, loan grant, and capital disbursement; (iii) add the function of investing in local and private investment funds to increase the capital sources for SMEs and startups; (iv) provide seed capital for entrepreneurship projects and grant loans used for entrepreneurship; (v) develop incubators and support entrepreneurship; (vi) diversify capital sources of funds from contributions of domestic and overseas enterprises, organizations, and individuals; (vii) research and propose co-financing models of central, local, private funds, financial organizations, and credit institutions to share risks and increase loan incentives for SMEs.

- Review and amend regulations on the operations of non-depository lending institutions to diversify credit sources for enterprises, especially SMEs.

- Implement the securities market development strategy by 2030, focus on consistently developing market components, develop organization investors and intermediaries, apply modern technologies to the whole market, and intensify market management, supervision, and transparency.

- Review and perfect regulations on corporate bonds in the domestic market and offers of corporate bonds in the international market to improve the quality and expand capital mobilization channels stably for the private sector.

- Research and propose a legal framework for the securitization of debts.

c) The Ministry of Agriculture and Environment of Vietnam shall:

- Review and amend the Law on Environmental Protection and add state policies on interest rate support for enterprises taking out loans for green and circular projects and application of the ESG framework.

- Review and request the Prime Minister of Vietnam to promulgate a decision guiding the determination of green projects, projects meeting the circular criteria, and application of the ESG framework.

d) Ministries and central and local authorities shall promote the implementation of the Law on Support for Small and Medium-sized Enterprises and relevant support programs for enterprises, household businesses, and individual businesses, focusing on operations that improve the capacity for managing and developing transparent finance systems, standards, standardized accounting and audit regulations, and others, to increase access to financial sources.

(3) Improving the quality of personnel sources for the private sector

a) The Ministry of Education and Training of Vietnam shall:

- Review and add methods of assessing and recognizing graduation applicable to high-quality training programs with enterprises' participation according to legislative documents on enrolment, training, and vocational training.

- Review the training program framework at all learning levels for additions to training content concerning creative skills, STEM, foreign languages, and digital skills that meet the requirements for high-quality personnel sources in association with scientific and technological development, innovation, and entrepreneurship. Add mechanisms for personnel training under order placement by enterprises and household businesses.

- Encourage education, training, and vocational training facilities to cooperate and develop programs on joint training with foreign countries; receive and increase advanced training programs to improve the personnel quality for enterprises.

b) The Ministry of Finance of Vietnam shall:

Develop and implement the programs on training and advanced training for 10.000 executive directors for the private sector [1].

c) Local authorities, organizations, and associations shall:

- Proactively mobilize legal sources to implement programs on training and sharing of information and experience to develop personnel sources for enterprises and household businesses in conformity with the local socio-economic development orientation.

- Proactively mobilize, integrate, and allocate resources to implement programs on training and advanced training for executive directors in their areas; mobilize successful businessmen to participate in the training, experience sharing, inspiration, and support for learners practically and effectively.

4. Promoting science, technology, innovation, digital transformation, green transformation, and effective and sustainable business practices in the private sector

a) The Ministry of Science and Technology of Vietnam shall:

Perfect the Bill on Science, Technology, and Innovation for additions to regulations stipulating that (i) enterprises may allocate 20% of assessable income subject to corporate income tax (CIT) to establish funds for scientific and technological development, innovation, digital transformation, and development research; enterprises may use the mentioned funds to implement or place orders for development research through outcome-based contracting; (ii) enterprises may include the cost of research and development equal to 200% of the actual cost of such operations in the deductible costs when determining income subject to CIT; (iii) adopt mechanisms and policies to provide financial support for private enterprises and organizations when using state-owned laboratories, test rooms, design support rooms, shared research equipment, and centers for testing, measurement, inspection, and assessment for product development;

b) The Ministry of Finance of Vietnam shall:

- Review and propose amendments to the Law on Personal Income Tax and add regulations on (i) personal income tax (PIT) exemption for income from transferring shares, stakes, and rights to contribute capital to startups; (ii) PIT exemption and reduction for specialists and scientists working at startups, development research centers, and startup support intermediaries.

- Amend the Law on Support for Small and Medium-sized Enterprises and add regulations on (i) CIT exemption and reduction for startups, venture capital management companies, and startup support intermediaries from the date on which they incur CIT; (ii) PIT and CIT exemption for individuals and organizations regarding income from transferring shares, stakes, and rights to contribute capital to startups; (iii) PIT exemption and reduction for specialists and scientists working at startups, development research centers, innovation centers, and startup support intermediaries; (iv) financial support for enterprises to investment the procurement of machinery and technological innovation and the cost of digital transformation, green transformation, and sustainable and circular business practices through CIT deductions or donations from funds.

c) Local authorities shall:

Based on the local situations and needs, allocate resources to invest in and develop innovation centers for incubation, development, and transfer of technologies and test new and specific policies to support enterprises, household businesses, and individual businesses in innovation and entrepreneurship.

5. Improving connection among private enterprises and between private enterprises and state-owned enterprises, FDI enterprises

a) The Ministry of Finance of Vietnam shall:

- Review and amend the Law on Investment and Decision No. 29/2021/QD-TTg dated October 6, 2021 for additions to (i) preferential policies for large enterprises leading domestic supply chains and commitments to transfer technologies, support the testing of products, provide technical support, knowledge, and personnel source training using products and services of SMEs; (ii) policies on localization promotion through the development of linkages between FDI enterprises and domestic enterprises; (iii) application of localization ratios in conformity with the roadmaps in foundational, prioritized, and spearhead industries; (iv) regulations of large FDI projects with plans to use the domestic supply chains at the project approval stage.

- Review and amend the Law on Support for Small and Medium-sized Enterprises for additions to policies on (i) support for enterprises to obtain certificates that conform to industry standards as required by export markets, enterprises on top of the value chain, and FDI enterprises; (ii) support for counseling and trade promotion services to connect FDI enterprises with domestic enterprises in key industrial parks, economic zones, and free trade zones; (iii) entrepreneurship support for former managers and technicians of FDI enterprises to use their experience, knowledge, and management models to participate in the supply chains; (iv) permission for large enterprises to include the cost of personnel training and re-training for SMEs recently participating in the chain when determining income subject to CIT.

- Review and amend the Law on Corporate Income Tax for additions to the regulations that permit large enterprises to include the cost of personnel training and re-training for SMEs recently participating in the chain when determining income subject to CIT.

b) The State Bank of Vietnam shall direct financial organizations and credit institutions to increase the financing of capital for enterprises and household individuals according to the value chains and supply chains.

c) Ministries and central and local authorities shall:

- Intensify the implementation of the Law on Support for Small and Medium-sized Enterprises and support policies concerning specific fields and sectors to support SMEs in improving their capacity for connection with large enterprises and FDI enterprises.

- Intensify the promotion of investment in foundational, prioritized, and spearhead sectors and fields. Actively negotiate with investors of large FDI projects to adopt plans to use domestic supply chains at the project approval stage. Encourage large enterprises and enterprises on top of the value chain to actively participate in credit extension programs by supply chains according to fields and areas under their management.

6. Establishing and rapidly developing large and medium-sized enterprises and regional and global private economic corporations

a) The Ministry of Finance of Vietnam shall:

- Review and amend the Law on Bidding and its guiding documents and add regulations on order placement, limited bidding, or direct contracting or adaptation of policies to encourage the private sector to cooperate with the State in strategic fields, key national scientific research projects and tasks (high-speed railways, urban railways, spearhead industries, energy infrastructures, digital infrastructures, green traffic, national defense and security industry, and others) and urgent and critical tasks.

- Review and amend the Law on Public-Private Partnership Investment and its guiding documents to diversify and improve the efficiency of cooperation forms between the State and the private sector through models of public-private partnership (PPP), public leadership – private management, public investment – private management, private investment – public use concerning economic infrastructures, socio-cultural infrastructures, information technology, and communications.

- Develop and implement the program on the development of 1000 exemplary and pioneer enterprises in science and technology, innovation, digital transformation, green transformation, high-tech industry, and supporting industry.

b) The Ministry of Industry and Trade of Vietnam shall:

Develop and implement the Go Global Program based on review and integration of the industry’s current or expected enterprise support programs, focusing on support solutions concerning markets, brands, distribution channels, logistics, insurance, counseling, legality, business and trade dispute settlement, purchase/sale and acquisition, connection with multinational corporations, and others.

c) The Ministry of Foreign Affairs of Vietnam shall:

- Promote economic diplomacy, focusing on political-diplomatic mobilization to create the most convenient operational environment for Vietnamese enterprises abroad, support for connection with international resources, especially capital, technologies, and management experience, partner appraisal, and dispute settlement.

- Cooperate with the Ministry of Industry and Trade of Vietnam in implementing the Go Global Program through the promotion of the networks of Vietnam Representative Agencies abroad, focusing on solutions to market expansion, brand development, technological diplomacy, and connection of top international corporations.

d) Ministries and central and local authorities shall:

Arrange, mobilize, integrate resources, and participate in implementing the program on the development of 1.000 exemplary and pioneer enterprises in science and the Go Global Program according to fields and areas under their management.

7. Providing substantive and effective support for small and micro enterprises and household businesses

a) The Ministry of Finance of Vietnam shall:

- Research and perfect the legal framework on individual business operations in directions that (i) stipulate the management models, financial regulations, accounting regulations, and others; (ii) adopt policies to grant free access to digital platforms, shared accounting software, legal counseling services, and training in enterprise management, accounting, taxation, personnel, and law to household businesses and individual businesses.

- Review and amend legal regulations concerning finance, accounting, taxation, and insurance for micro-enterprises in a simplified direction that is easy to comply with and easy to implement without incurring accounting or administrative personnel to encourage household businesses to operate under the enterprise model.

- Review and amend the Law on Tax Administration to cease to impose fixed tax on household businesses.

- Amend the Law on Support for Small and Medium-sized Enterprises and add policies to grant free access to digital platforms, shared accounting software, legal counseling services, and training in enterprise management, accounting, taxation, personnel, and law to micro and small enterprises.

b) The State Bank of Vietnam shall:

Summarize and assess the implementation of the national comprehensive financial strategy by 2025, with an orientation toward 2030; propose amendments and promote the implementation of the strategy in the following stages; focus on providing support for access and use of financial products for owners of enterprises/household businesses who are youth, women, vulnerable groups, or people of ethnic groups in the mountains, border areas, and islands and inclusive business models creating social impact.

8. Emphasizing business ethics, promoting social responsibilities, vigorously fostering business spirit, and facilitating businessmen to participate in national management

a) The Ministry of Culture, Sports and Tourism of Vietnam shall:

Research and develop schemes for ethical and cultural standards in business in association with national identity while embracing global business cultural values.

b) The Ministry of Home Affairs of Vietnam shall:

- Research and amend the Law on Emulation and Commendation and its guiding documents in directions that (i) simplify commendation applications and procedures; (ii) expand and diversify commendation, honor, and praise forms and titles for exemplary enterprises, businessmen, household businesses, and individual businesses in sustainable business practices, successful implementation of social responsibilities, and active participation in community activities.

- Research and propose mechanisms to increase the participation of excellent, dedicated, and visionary businessmen in national management.

c) The Ministry of Education and Training of Vietnam shall:

Review the training program framework at all learning levels to add training content concerning entrepreneurship to encourage entrepreneurial spirit among students.

d) Ministries, central authorities, local authorities, organizations, and associations representing enterprises shall:

- Regularly disseminate and raise awareness for businessmen, enterprises, household businesses, and individual businesses to be honest, upright, ethical, and cultured (in terms of business) in association with national identity and have social responsibilities and environmental protection awareness; respect the rule of law and have ambitions and aspirations to develop a wealthy, powerful, and prosperous nation, enhancing the position and image of Vietnamese enterprises and businessmen.

- Mobilize and encourage successful businessmen to participate in experience sharing, inspiration provision, and training for young businessmen to foster and encourage entrepreneurial spirit and increase exemplary models and figures in business and production.

- Organize events and weeks dedicated to enterprises to honor, encourage, and spread the entrepreneurial spirit and businessman spirit to the community; request handling of or handle within their jurisdiction businessmen and enterprises violating business ethics and culture, affecting the image of Vietnamese enterprises and businessmen.

- Proactively discover and recommend excellent, dedicated, and visionary businessmen to participate in the leadership apparatus of the State.

- Regularly instruct officials, public employees, and employees to resolve difficulties for enterprises in a proactive and dedicated manner following their functions, tasks, and entitlement; promptly submit reports to superior authorities for handling and settlement of issues exceeding their jurisdiction; develop close, substantial, sharing, open, and sincere relations between authorities and enterprises.

dd) Associations, industry associations, and organizations representing businessmen and enterprises shall:

- Urgently consolidate and improve the role, functions, tasks, and operational efficiency to protect the legitimate and legal rights and benefits of enterprises and businessmen; improve the quality of participation in the development, criticism, and supervision of the implementation of guidelines and policies; improve the capacity and participate in the implementation of programs and policies on support for the private sector.

- Provide communications to raise the awareness of their members regarding ethics, responsibilities, and business culture; be honest while handling work with state authorities to truthfully reflect the nature of the matter without abusing or corrupting officials.

- Proactively organize, announce, and honor enterprises, businessmen, household businesses, and individual businesses that are exemplary members and have made multiple contributions to the economic development and social security of provinces and the nation.

III. IMPLEMENTATION

1. A National Steering Committee for the implementation of Resolution No. 68-NQ/TW with the Prime Minister of Vietnam as the Head and the Ministry of Finance of Vietnam as the standing authority to direct shall be established to direct ministries and central and local authorities to drastically implement tasks according to the assignment in the Action Plan of the Government of Vietnam. The Ministry of Finance of Vietnam shall propose and request the Prime Minister of Vietnam to establish the Steering Committee before May 25, 2025.

2. According to their functions and tasks, Ministers, Directors of ministerial agencies, Directors of governmental agencies, and Presidents of People’s Committees of provinces shall:

a) Develop plans to implement this Resolution on the basis of reviewing programs and plans to implement Resolutions of the CPV and the Action Plan of the Government of Vietnam relevant to the development of the private sector for consistent and synchronous adjustments; promulgate the mentioned plans by the second quarter of 2025, determine the specific completion time of tasks by each month, and send them to the Ministry of Finance of Vietnam for summary and monitoring.

b) Drastically implement set plans. Prioritize the allocation of adequate sources of finance and personnel for implementation; regularly inspect, urge, supervise, and ensure the timely and quality implementation of objectives, tasks, and solutions in the Action Plan. Annually submit reports on the implementation of Resolutions to the Ministry of Finance of Vietnam for summary and reports to the Government of Vietnam.

c) The Ministry of Finance of Vietnam shall assess the targets concerning the number of enterprises operating in the economy, growth speed of the private sector, GDP contributions, total revenues of the state budget, and employment; targets of labor productivity prescribed in Section II of Resolution No. 68-NQ/TW.

d) The Ministry of Science and Technology of Vietnam shall assess the targets concerning qualification and capacity in terms of technology, innovation, and digital transformation of the private sector according to Section II of Resolution No. 68-NQ/TW.

3. The Ministry of Finance of Vietnam shall take charge and cooperate with ministries, central authorities, local authorities, organizations, and associations in monitoring and urging the implementation of the Action Plan and promptly submitting reports and suggestions on necessary measures to the Prime Minister of Vietnam and the Government of Vietnam to ensure the consistent and effective implementation of the Action Plan.

4. During implementation, where amendments to the Action Plan of the Government of Vietnam are necessary, ministries and central and local authorities shall proactively submit proposals to the Ministry of Finance of Vietnam for summary and report to the Prime Minister of Vietnam for consideration and decision./.

[1] Including training and advanced training for businessmen during 2026-2030 prescribed in Resolution No. 66/NQ-CP dated May 9, 2024 of the Government of Vietnam.