On May 5, 2025, Vietnam’s Central Executive Committee introduced Resolution No. 68-NQ/TW — a sweeping policy document aimed at strengthening the country’s private sector and entrepreneurial ecosystem. This new directive, which replaces and expands upon earlier efforts, sends a clear message: Vietnam is placing entrepreneurs at the heart of its next phase of economic development.
The resolution outlines a series of strategic reforms designed to reduce administrative burdens, modernize legal frameworks, encourage innovation, and improve access to capital and land. But beyond the technical policies, it marks a cultural shift — positioning entrepreneurship not just as an economic engine, but as a vital part of the national identity. In the words of the resolution’s media directive, “entrepreneurs are the new warriors.”
A Cultural Push for Entrepreneurship
One of the most notable features of Resolution 68 is its focus on promoting a nationwide entrepreneurial spirit. This is not limited to policy; it’s also about messaging. The resolution calls for a coordinated media campaign to elevate the public image of business founders, innovators, and private sector leaders. Through storytelling and national pride, the goal is to inspire a new generation of Vietnamese to build companies, solve problems, and contribute to the country’s growth.
Equally important, the resolution outlines strong protections for entrepreneurs in the public discourse. It strictly prohibits harassment and the spread of misinformation that could harm business leaders or damage public trust in private enterprises. The intention here is to create a safer, more respectful environment for those who take risks to build something new — especially at a time when public perception can influence everything from hiring to fundraising.
Regulatory Reform and Administrative Streamlining
A central goal of Resolution 68 is to make it easier — and faster — to start, operate, and grow a business in Vietnam. The government has set ambitious targets to reduce licensing conditions, compliance costs, and administrative processing times by 30% by 2025. This is a direct response to long-standing complaints from businesses about red tape and inefficiency.
A key structural change involves moving from a licensing and approval-based model to one focused on declarations and post-audits. In practice, this means businesses will no longer need to wait for upfront approval to operate. Instead, they will be allowed to proceed and face audit checks only after they are up and running. This could significantly accelerate time to market, especially for startups and small businesses.
Vietnam’s Bankruptcy Law will also be revised to make the process less complex and more accessible. This is a critical move to normalize business failure and encourage risk-taking — both of which are foundational to a healthy startup ecosystem. Meanwhile, new legal frameworks will be introduced to support emerging sectors like financial technology, artificial intelligence, digital assets, e-commerce, and blockchain-based services.
On the tax front, the government plans to phase out the business license tax entirely and offer a corporate income tax exemption for small and medium-sized enterprises (SMEs) during their first three years of operation. Together, these policies aim to remove common barriers that discourage new business formation.
Legal Protections and Transparency
Legal clarity and consistency are also a focus of the resolution. Among the changes, the government will limit business inspections to a maximum of once per year, particularly for companies with strong compliance records. Businesses that meet clear electronic data standards may be exempt from inspections altogether.
Audits will increasingly be conducted using digital systems and electronic records, reducing paperwork and the risk of informal or arbitrary enforcement. Importantly, the resolution includes a provision preventing the retroactive application of policies that could negatively affect businesses — a key concern for companies making long-term investment decisions.
In cases of alleged legal violations, the government has emphasized a preference for non-criminal enforcement. Where criminal proceedings are necessary, economic remediation — not punishment — will be the first priority. This signals a more business-friendly approach to enforcement, rooted in economic stability and recovery.
The resolution also includes protections around asset guarantees for business loans and project financing. Businesses will be allowed to use assets as collateral in ways that minimize disruption to operations — for example, without requiring the suspension of normal business activities during financing negotiations.
Infrastructure and Land Access
A major barrier for businesses in Vietnam has long been access to land and infrastructure. Resolution 68 addresses this by accelerating the development of a national land database, which is set to be completed by 2025. This digital platform will enable faster electronic transactions and reduce the time needed for land leasing, site clearance, and certification.
In a forward-looking move, the government will also require industrial parks to reserve land for startups and SMEs. At least 20 hectares — or 5% of total land — must be allocated for this purpose, with rent discounts of 30% over five years to make it more accessible for new ventures.
Unlocking Capital and Encouraging Lending Innovation
Access to finance has often been cited as one of the biggest constraints facing entrepreneurs and small businesses in Vietnam. Resolution 68 introduces a new framework for lending that shifts away from reliance on physical collateral. Banks and credit institutions will be encouraged to evaluate loan applications based on cash flow, production plans, and even future intangible assets like intellectual property.
This approach is especially relevant for the growing number of tech startups and creative businesses that operate with limited hard assets but high potential value.
Investing in Talent and Research
Vietnam’s private sector growth also hinges on talent development. To that end, the government will launch a national program to train 10,000 CEOs, with a curriculum focused on leadership, digital transformation, and global competitiveness.
The resolution provides generous incentives for businesses investing in research and development (R&D). Companies will be able to deduct 200% of their R&D expenses from taxable income, and allocate up to 20% of their annual earnings into R&D funds. In addition, access to state-owned laboratories will be made available to the private sector at subsidized rates, enabling more companies to develop and test new products at lower cost.
Encouraging Innovation and Startup Investment
To support startup formation and scale-up, capital gains from investments in innovative startups will be exempt from income tax. The resolution also creates new incentives for larger corporations to actively contribute to Vietnam’s innovation ecosystem. Companies that engage in technology transfer, pilot product testing, or workforce training for smaller firms may be eligible for government support or preferential treatment in public projects.
Public-private partnerships (PPPs) will be expanded in sectors beyond traditional infrastructure — including education, cultural programs, and digital services — opening the door for greater private involvement in areas typically led by the state.
Support for Micro and Small Enterprises
Recognizing that Vietnam’s economy includes a large number of small and household-run businesses, the resolution outlines targeted support measures. These include free access to shared software, legal advisory services, and training programs aimed at helping micro and small enterprises become more efficient and competitive.
A New Evaluation Framework for Entrepreneurs
Finally, the resolution introduces a new framework to assess the contributions of Vietnamese entrepreneurs. Business owners will be evaluated not just on financial performance, but also on their legal compliance, job creation, tax contributions, and involvement in social welfare programs.
This shift reflects the government’s broader view of private enterprise — not just as a source of growth, but as a partner in building a more inclusive, sustainable economy.
Conclusion
Resolution No. 68 marks a significant evolution in Vietnam’s policy direction. By removing outdated barriers, offering clear incentives, and creating a more supportive legal and cultural environment, the government is laying the foundation for a new era of private sector-led growth.
The path ahead will depend on effective implementation, but the intent is clear: to create a dynamic, innovation-driven economy where entrepreneurs are empowered to lead.