Legal assurance, innovation support key to private sector’s development
The National Assembly (NA)’s Standing Committee on May 14 afternoon deliberated on a draft resolution aimed at unleashing the potential of the private sector, with NA Chairman Tran Thanh Man underscoring the State’s support in legal frameworks, digital transformation, and innovation for the sector’s growth.
According to the Government's proposal, the draft resolution seeks to institutionalise the Politburo's Resolution No. 68-NQ/TW on private economic development, expected to create a new lever and foundation for the sector’s production capacity. The main focus areas that the Government recommended comprised improving the business climate, easing access to land and production sites, providing financial, credit, and public procurement support, facilitating innovation, digital transformation, and workforce development, and promoting the formation of medium and large-sized enterprises.
The draft, comprising seven chapters and 17 articles, outlines principles for business inspections, licensing and certification, including limiting checks to once yearly except in case of evident violations, and shifts toward remote, electronic monitoring rather than physical inspections for compliant businesses.
Man called for concise content of the draft, focusing on breakthroughs that could tangibly propel the private sector’s development.
Laying stress on the significance of a shift in governance mindset, from control to facilitation, he stated that the State should neither stand outside the market nor intervene too deeply in business operations. He highlighted the need for consistency with existing laws and those under amendment, including the Law on Investment, the Law on Corporate Income Tax, and the Law on Science, Technology and Innovation.
Finally, he noted that financial backing will be essential to realise the resolution’s goals. From infrastructure investments to rent subsidies for high-tech firms, from tax incentives to credit support for small- and medium-sized enterprises and, the policies will require significant fiscal resources.
The NA Chairman also called for careful scrutiny of beneficiaries and eligibility conditions.
PM demands swiftly institutionalising Party's resolution on private sector
Prime Minister Pham Minh Chinh stressed the urgent need to concretise and institutionalise the Party’s policies outlined in Resolution No. 68-NQ/TW on developing the private economic sector, while chairing a Government meeting on the matter on May 7.
