In Vietnam’s Hoa Binh Province, the private economic sector plays a crucial role in economic restructuring, job creation, and poverty reduction. With the issuance of Resolution 68, the private sector has been officially recognized as a strategic driving force for national economic development. For the first time in Vietnam’s economic history, the private sector is now considered a cornerstone of the country’s development framework, alongside state and collective economies. This marks a significant shift in perspective, acknowledging the sector’s growth in size and quality over nearly 40 years of reform. The resolution aims to inspire the business community and remove long-standing barriers to private sector growth. Following the resolution, supportive policies and legal frameworks have been introduced, signaling a strong commitment from the government to foster a favorable environment for private enterprises. Local businesses and authorities in Hoa Binh and across Vietnam view this as a historic opportunity for private sector advancement. However, translating these policies into tangible outcomes will require substantial internal strength and collaboration between the government and the private sector.
— new from Vietnam.vn
