Significant shifts already felt in private economic mindset

Private economic development is assisting enterprise growth, fuelling the country’s efforts to hit its desired economic targets.

- By Dat Nguyen

The second meeting of a steering committee to implement private economic development plans took place last week in Hanoi, revealing that laudable outcomes have already been brought about this year.

The Government Office cited the Ministry of Finance (MoF) as having assessed that nearly six months after the promulgation of the Resolution No.68-NQ/TW, Vietnam has witnessed highly positive developments and a significant shift in public and institutional perceptions regarding private sector economic development.

"From central to local levels, across associations, citizens, and the business community, there has been a marked change in mindset. The spirit of entrepreneurship has been strongly encouraged and widely spread throughout society," the Government Office stated.

These reforms highlight a profound transformation within state agencies, shifting from a “ask and give” mindset to one of “facilitation, support, and service”.

"Many ministries, sectors, and localities have taken concrete actions to review and remove legal, tax, credit, land, digital transformation, and human resource barriers,” the Government Office said.

Over 2,900 procedures related to production and business activities, accounting for 60 per cent of the total, have been reduced or simplified. In addition, more than 2,250 business conditions across conditional sectors have been eliminated, representing 31 per cent. Compliance costs have been reduced by $1.37 billion a year.