The State Bank of Vietnam published on its website an article by Communist Party General Secretary Tô Lâm on “new drivers” for economic development, centred on strengthening the private sector and accelerating implementation of the Politburo’s Resolution 68 on private sector development. The article links private sector growth to institutional reforms in the socialist-oriented market economy, including shifting public administration from ex ante controls to post-inspection for most procedures, standardising electronic licensing processes, and strengthening accountability for implementation across ministries and local authorities. It also calls for legal and policy changes including developing a dedicated law on private sector development, building a fair competition framework that identifies and curbs discriminatory practices, and amending relevant laws including the Criminal Code to better distinguish economic disputes from criminal offences and separate fraud from administrative errors. On financing and innovation, it proposes mechanisms to expand financial support and credit assessment approaches suited to private firms, alongside targeted measures for smaller businesses such as a preferential credit package for small and medium-sized enterprises via a state credit guarantee fund, reserving 5–10% of land in high-tech industrial parks for startups at preferential rents, and expanding a nationwide legal sandbox covering fintech, artificial intelligence and digital agriculture. As described in the article, next steps include the 9th session of the 15th National Assembly debating and adopting a resolution with specific incentives for private sector development, establishing a national steering committee chaired by the Prime Minister with monthly monitoring and public reporting, and a government directive to move administrative processes to post-inspection except in selected sensitive areas.

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