A New Driving Force for Economic Development

1. Upholding the goal of national independence in association with socialism has been the sound and correct choice of our Party since its foundation and throughout the revolutionary leadership process. It is the fundamental root cause of all victories in the cause of national liberation and reunification in the past as well as in the construction and defense of the Fatherland today.In this regard, the socialism that we are building, as President Hồ Chí Minh once emphasized, “means making the people prosperous and the country strong”[1]; characterized by “a wealthy people, a strong country, democracy, justice, and civilization; owned by the people; a highly developed economy based on modern productive forces and progressive relations of production; an advanced culture imbued with national identity; people with prosperous, free, and happy lives, with conditions for comprehensive development; equality, solidarity, mutual respect, and mutual assistance among ethnic groups in the Vietnamese community; a socialist rule-of-law state of the people, by the people, and for the people under the leadership of the Communist Party; and friendly and cooperative relations with other countries around the world”[2].

The Marxist–Leninist theory of socio-economic formation has demonstrated that human material production activity is the basis, origin, and most decisive factor for social transformation; production is the fundamental activity that generates and develops human social relations, bringing about cooperation and competition, thereby pushing production to new heights. At the same time, it constitutes the foundation for the formation, transformation, and development of human society. According to Marx, social transformation essentially, and above all, is the transformation of material production, which is the central and decisive factor for social change. In the trajectory of social transformation, changes in economic structure lead to changes in social structure and in the system of social values and norms. Starting from “the self-evident fact … that, first of all, man must eat, drink, have shelter and clothing, before he can pursue politics, religion, philosophy, …”[3], Marxism pointed out that for human beings to live, exist, and develop, it is imperative that they produce material wealth for society. At the same time, “The different economic epochs are not distinguished by what is produced but by how it is produced, with what instruments of labor”[4].

Furthermore, according to V.I. Lenin, high labor productivity reflects the inherent superiority of socialism over capitalism; it is the most important and essential criterion for the victory of socialism: “In the last analysis, labor productivity is the most important, the principal thing for the victory of the new social system. Capitalism has created a productivity of labor that is unprecedented under serfdom. Capitalism can be completely and finally defeated only because and only when socialism creates a new and much higher productivity of labor”[5].

Therefore, to successfully build socialism with the characteristics identified in the 2011 (supplemented and developed) Platform on National Construction during the Transitional Period to Socialism adopted by the Party, human material production activity is of decisive significance, with high labor productivity being the key factor. Through material production, we build the material-technical foundation of socialism, create positive social transformations, overcome limitations and shortcomings, and build the new socialist human with prosperous, free, and happy lives and conditions for comprehensive development. Thus, we will accomplish the transitional period toward socialism and move to the higher stage of the communist socio-economic formation as Marx predicted in his Critique of the Gotha Program: “When the productive forces have increased with the all-around development of the individual, and all the springs of co-operative wealth flow more abundantly—only then can the narrow horizon of bourgeois right be fully left behind, and society inscribe on its banners: From each according to his ability, to each according to his needs”[6].

2.The practical experience of economic development, particularly private economic development in China and Russia, as well as 40 years of renovation in Vietnam, has yielded extremely valuable lessons. For Russia, even during the period of centrally planned economic development, Lenin’s New Economic Policy (NEP), which encouraged the development of various economic sectors including the private economy, from 1921 to 1991, enabled the Russian economy to achieve remarkable progress. During this period, Russia, together with many less developed republics within the Soviet Union, became a power that reached a high level in many fields such as energy, industry, and space. For China, starting from the “Reform and Opening-up” policy in 1978, with the 1988 constitutional amendment enhancing the protection of lawful rights and interests of private enterprises, the recognition of the private economy as an important part of the socialist market economy at the 15th National Congress of the Communist Party of China in 1997, and the commitment to protect the rights and lawful interests of the individual and private economies, the private economy in China has witnessed explosive growth. Numerous large corporations have emerged, dominating the domestic market and expanding into international markets, playing vital roles in technology, telecommunications, and e-commerce. A wide range of private enterprises, accounting for the majority in manufacturing, services, and particularly high technology, have contributed more than 60% of GDP, created 80% of urban employment, and generated over 70% of inventions and innovations in the Chinese economy.

In Vietnam, the multi-sector economy was officially recognized in the documents of the 6th National Congress of the Party; the encouragement and enabling of private economic development were affirmed at the 7th Congress and further emphasized at the 8th Congress; significant progress was achieved at the 9th Congress when our Party affirmed that the private capitalist economy is a constituent part with long-term importance in the socialist-oriented market economy. For the first time, a specialized Resolution on “Continuing to Renovate Mechanisms and Policies to Encourage and Facilitate the Development of the Private Economy” was promulgated. At the 10th Congress, the Party stressed the important role of the private economy as one of the driving forces of the economy and specifically regulated the issue of Party members engaging in private business. At the 12th and 13th Congresses, the Party firmly and decisively affirmed the role of the private economy as an important driving force of the national economy. From being marginalized, struggling to survive under the centralized bureaucratic subsidized mechanism, and discriminated against not only in social perception but also in State mechanisms and policies, the private economy has risen strongly during the renovation period, contributing increasingly to the State budget, creating employment, leveraging local and national potentials and advantages, contributing significantly to socio-economic development, strengthening national defense and security, affirming its role as an important driving force in international integration.

It can be seen that, with a proper vision and sound policies, in the socialist-oriented market economy, the development of the private economy is a vital choice to promote material production, generate social transformation, create a “leap” in technological level and vocational training, increase capital absorption capacity, foster labor productivity growth, and build the material and technical foundation for socialism. In order to develop the private economy, the most important and fundamental issue is to continue to improve the socialist-oriented market economy institution, with breakthrough changes in thinking, perception, and action, thereby constituting the basic characteristic of the socialist-oriented market economy under State management and under the leadership of the Party, as compared to the socialist-oriented market economy under State management in the past.

3. On May 4, 2025, the Politburo promulgated Resolution No. 68-NQ/TW on the development of the private economy, with unprecedented objectives, viewpoints, tasks, and breakthrough solutions; shaping a new perspective of the Party on the development of the private economy in the socialist-oriented market economy under State management and Party leadership; and promoting the robust development of the private economy as a new driving force for economic growth in the time ahead. To successfully implement Resolution No. 68, it is necessary to focus on carrying out the following urgent tasks:

First, resolutely and effectively implement measures to promptly bring the Party’s Resolution into practical life. At the 9th Session of the 15th National Assembly, the Assembly will discuss and adopt a Resolution on private economic development with specific, feasible, and effective mechanisms and policies. A National Steering Committee for the implementation of Resolution 68, chaired by the Prime Minister, shall be established, with monthly reviews and supervision of implementation by ministries, sectors, and localities, absolutely avoiding confusion or fragmented practices that undermine the effectiveness of central policy. Implementation results must be made public regularly, serving as one of the criteria for evaluating capacity and task performance, particularly for leaders. A strong shift in administrative mindset from control to companionship must be promoted, viewing enterprises as “partners to be served” rather than “objects to be managed,” ensuring the principle of “words matched with actions” consistently across the political system. The Government must promptly issue a Directive requiring ministries, sectors, and localities to shift all administrative processes to post-checking, except for certain special areas (security, national defense, etc.); provide specific guidance on the official duties of Party and government leaders in supporting enterprises, linked to emulation and commendation work; standardize all investment licensing processes through electronic models, shortening the time for publishing results.

Second, urgently institutionalize the Party’s viewpoints into law and ensure strict implementation across the political system, enterprises, and citizens. Develop a Law on the Development of the Private Economy and amend or supplement relevant legal provisions to fully institutionalize the guidelines stated in Resolution No. 68. Establish a fair competition system, clearly identifying acts negatively affecting market access and discriminatory practices in market competition against the private economy. Create mechanisms to promote investment and financial support, requiring financial institutions to establish credit assessment systems suitable for the private economy. Encourage scientific and technological development, with private enterprises leading in large national projects, and establish national innovation research infrastructure. Establish a system to protect the rights and interests of market participants, clearly distinguishing economic disputes from criminal offenses, strictly prohibiting the abuse of law in market management. Introduce measures to support administrative services and policies for the private economy, standardize administrative procedures and policies. Amend the Criminal Code, clearly separating fraudulent or profiteering acts from ordinary administrative errors.

Third, pay special attention to supporting small and micro enterprises, fostering a society with entrepreneurial spirit and aspiration for ownership, particularly in the field of innovation. Immediately implement a preferential credit package exclusively for small and medium-sized enterprises, through the State credit guarantee fund. Reserve 5–10% of land in high-tech industrial parks for startups to lease at preferential rates. Expand the national legal sandbox model, allowing real-world experiments with fintech, AI, and digital agriculture under clear legal protection frameworks. Establish free or subsidized legal advisory centers for small and medium enterprises in localities.

Fourth, build a team of entrepreneurs who truly become “soldiers” on the economic front, substantively participating in policy-making. Protect, support, encourage, and honor entrepreneurs with patriotism, national spirit, legal compliance, aspiration to enrich themselves and contribute to national prosperity, knowledge and managerial capacity in the market economy, responsibility toward workers and the community. Create favorable conditions for entrepreneurs to engage in policy consultation, contributing to the formulation and implementation of development strategies. Ministries, when drafting laws and decrees, must thoroughly listen to the opinions of the people and enterprises, particularly experienced entrepreneurs. Provide financial and technical support to build strong, independent professional associations with capacity for policy consultation. Encourage the establishment of a national council of private entrepreneurs to directly advise the Government on long-term economic and industrial strategies.

Vietnam has a tradition of resilience, deep patriotism, solid theoretical and practical foundations, and a comprehensive political–legal basis. With aspiration, determination, and unity of the entire political system, enterprises, entrepreneurs, and the people in pursuing the goal of “stability, high-quality development, and improvement of all aspects of people’s lives,” we will certainly successfully implement the Resolution, promptly elevating the private economy to its deserving position as the most important driving force, a pillar ensuring the strong development of the national economy, and realizing the aspiration to build a socialist Vietnam that is prosperous, strong, democratic, just, and civilized.

[1] Hồ Chí Minh, Complete Works, National Political Publishing House, Hanoi, 2011, vol. 9, p. 446.

[2] Documents of the Party Congress during the Period of Renewal, Part II, National Political Publishing House, Hanoi, 2019, p. 502.

[3] Karl Marx and Friedrich Engels, Complete Works, National Political Publishing House, Hanoi, 2002, vol. 19, p. 166.

[4] Karl Marx and Friedrich Engels, ibid., vol. 23, p. 269.

[5] V.I. Lenin, Complete Works, National Political Publishing House, Hanoi, 2005, vol. 39, p. 25.

[6] Karl Marx and Friedrich Engels, ibid., vol. 19, p. 36.