The State Bank of Vietnam published an update on Prime Minister Pham Minh Chính’s working session with the Policy Advisory Council to further finalise a draft National Assembly resolution that would introduce special mechanisms and policies to accelerate private sector development, implementing the Politburo’s Resolution 68. The Prime Minister instructed agencies to rapidly complete the draft and move it through an expedited approval process. Discussions focused on concrete policy packages in the draft, including principles for inspections and audits of enterprises and household businesses, streamlined bankruptcy procedures, principles for handling violations, and measures to improve access to land and production sites, including in industrial parks. Other proposals covered leasing unused public assets, expanding the scope and activities of the Small and Medium Enterprise Development Fund to increase capital for the private sector, financial support for green transition, workforce quality improvements, commissioning enterprises to deliver national priority projects, tax and fee incentives to promote innovative start-ups, tax policy for household businesses, and support for shared digital platforms, software, advisory services and training for small and micro enterprises. The Prime Minister also called for clearer provisions on credit guarantees for small and medium-sized enterprises, encouragement of private investment funds, simpler and lower-cost business registration and dissolution procedures, wider use of electronic invoices generated from cash registers, and stronger articulation of protections around intangible assets, branding and intellectual property. Next steps include gathering feedback from the business community, government members and provincial leaders, with the draft to be submitted for National Assembly passage before 18 May.
State Bank of Vietnam 2025-05-08
State Bank of Vietnam reports Prime Minister’s instruction to submit a National Assembly resolution on special private sector development policies before 18 May
The State Bank of Vietnam reported on Prime Minister Pham Minh Chính’s session with the Policy Advisory Council to finalize a draft National Assembly resolution to accelerate private sector development. Key proposals include streamlined bankruptcy procedures, improved land access, expanded SME Development Fund activities, and tax incentives for start-ups. The draft will undergo expedited approval, with stakeholder feedback before submission to the National Assembly.