HÀ NỘI — Việt Nam has recorded stronger business confidence, a sharp rise in enterprise formation and growing contributions from the private sector one year after the launch of Resolution 68-NQ/TW, a landmark policy aimed at promoting private-sector development, Deputy Finance Minister Nguyễn Đức Tâm said.

The resolution has boosted business confidence and created momentum for private firms to expand, improve competitiveness and play a greater role in driving economic growth, according to Tâm.

The ministry’s report on the first year of implementation shows that the resolution has delivered tangible results, including a sharp increase in the number of newly established and reactivated businesses, positive developments in the stock market, record trade performance and rising contributions from the private sector to State budget revenues.

As of May 18, Việt Nam had more than 1.062 million active enterprises nationwide.

Since May 2025, the country has recorded an average of 18,000 newly established businesses each month, up 37.8 per cent from the January-April average that year. More than 8,300 enterprises also resumed operations each month on average.

In 2025, nearly 297,500 businesses were newly established or returned to the market, an increase of 27.4 per cent compared with 2024. Additional capital registered by the private sector reached nearly VNĐ6.4 quadrillion (US$245 billion), up 77.8 per cent year-on-year.

The momentum continued into the first four months of 2026, with 77,817 newly established enterprises registering total capital of more than VNĐ730 trillion and creating nearly 400,000 jobs.

These figures represented increases of 50.7 per cent in the number of businesses and nearly 50 per cent in registered capital compared with the same period last year.

More than 41,000 enterprises resumed operations during the period, up 8.6 per cent year-on-year, bringing the total number of newly established and returning businesses to nearly 120,000, an increase of 32.8 per cent.

The stock market has also benefited from improved investor sentiment and preparations to upgrade Việt Nam's market status.

The benchmark VN-Index climbed to nearly 1,925 points on May 15, while average daily trading value reached around VNĐ32.7 trillion, up 12.1 per cent from the previous year's average.

By the end of April, total stock market capitalisation had reached a record VNĐ10.5 quadrillion, equivalent to about 82 per cent of Việt Nam's 2025 gross domestic product (GDP).

The number of investor accounts surged to nearly 13 million, more than 29 per cent higher than at the end of 2024.

Capital raised through the stock market and private corporate bond market reached approximately VNĐ744.5 trillion in 2025, up 42.9 per cent from the previous year. Government bond issuance totalled VNĐ138.7 trillion in the first five months of 2026, equivalent to 27.7 per cent of the annual target.

Trade performance has also been a standout. Total import-export turnover reached a record $930 billion in 2025, up from $786.3 billion in 2024, placing Việt Nam among the world's 15 largest trading economies. Exports rose by 17 per cent to $475 billion last year.

Growth remained strong in early 2026, with total trade turnover in the first five months estimated at more than $345 billion, up nearly 25 per cent from a year earlier.

The improvement in business activity has also supported State budget revenues. Tax collections from the non-state sector reached an estimated VNĐ502.6 trillion in 2025, equivalent to 135.7 per cent of the target and significantly above plan.

Revenue from household and individual businesses recorded its strongest growth rate of the 2021-25 period, rising more than 36.3 per cent compared with 2024.

During the first five months of 2026, budget revenue from the non-state sector reached nearly 68 per cent of the annual target, up 43.6 per cent year-on-year.

Resolution 68 has also helped mobilise private capital for strategic national projects, attracting major domestic conglomerates to invest in key infrastructure developments.

Businesses at the centre

The resolution's impact extends beyond short-term improvements in business formation, investment and trade indicators, helping to reshape the structure of Việt Nam's private sector and strengthen its role in achieving the country's long-term growth objectives, according to Tâm.

The Government has placed institutional reform at the centre of its strategy to support private-sector development, focusing on efforts to streamline administrative procedures, reduce business conditions and shift regulatory oversight from pre-licensing approvals to post-audit supervision.

Pointing out that access to land remains one of the biggest constraints facing private enterprises, particularly small and medium-sized enterprises (SMEs), the Ministry of Finance is drafting amendments to the Law on Support for SMEs. The proposed changes would strengthen support for business access to land and production facilities while requiring local authorities to improve transparency and allocate land resources more effectively.

The ministry is also preparing to launch a programme to train 10,000 chief executive officers by 2030, aimed at strengthening management capacity among private-sector leaders and equipping them with skills in digital transformation, green growth and international competitiveness.

In 2026, the ministry is reviewing regulations governing the private sector, with a particular focus on comprehensive amendments to the Law on Support for SMEs, as well as improvements to regulations on investment, taxation, fees, corporate bonds, the SME Development Fund and credit guarantee funds for SMEs.

These measures are intended to reduce compliance costs, broaden access to financing channels, strengthen corporate governance and create greater scope for business expansion. — VNS