Business sector thrives upon pro-corporate legislative victories in 2025
In recent months, the private sector in Vietnam has faced numerous challenges, with approximately 61% of businesses temporarily suspending operations. According to reports, these businesses indicate a cautious outlook rather than permanent closure.
The reasons for this suspension are manifold. Numerous obstacles remain for businesses, including cumbersome administrative procedures, limited access to credit, and high operating costs. These challenges are particularly acute for small and micro businesses, as reflected by the high number of closures – about 144,400 businesses have exited the market from January to July.
However, there is hope on the horizon. The Vietnamese government has taken steps to support the growth of the private economy. For instance, the upcoming Vietnam Private Economic Forum 2019 in Hanoi aims to facilitate private sector development.
Meanwhile, policy measures in Germany have shown promising results. The German government has implemented a 2025 immediate program to reduce bureaucracy, simplifying rules and documentation to cut costs by about 16 billion euros. Additionally, they have made administrative services and business startups digital and faster (within 24 hours), and allowed companies to deduct 30% of their equipment investments annually from 2025 to 2027. There are also calls for more flexible working hours laws to increase labor flexibility.
To further boost private sector development, the Asian Development Bank has announced a new $4.6 million technical assistance package. This package aims to help the government strengthen public-private partnerships and private sector development.
In light of these challenges and support measures, Resolution No.68-NQ/TW, which focuses on growth, innovation, and integration, is a key driving force. The action programme should focus on implementing its solutions and targets to ensure a sustainable and thriving private sector in Vietnam.
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