Private sector policy shifts can mean a market lift

How could Resolution 68 serve as a catalyst to boost operational efficiency and competitiveness for private enterprises?

Resolution 68 marks a significant shift in how Vietnam positions the private sector, no longer as a supporting force, but as a core engine of economic growth. For business owners and investors, this signals a clear intent to create more room for private enterprises to thrive by cutting red tape, levelling the playing field, and opening access to critical resources like land, credit, and skilled labour.

One of the most immediate areas of impact could be regulatory reform. Enterprises often face overlapping procedures and slow administrative processing, which erode efficiency. If Resolution 68 is followed by actual policy streamlining and stronger inter-ministerial coordination, businesses, especially small- and medium-sized enterprises (SMEs), can expect shorter time-to-market, better responsiveness from authorities, and lower compliance burdens.

Competitiveness will also benefit from a stronger push towards public-private dialogue. If the government delivers on its promise to listen more actively to the business community, it could lead to more practical, tailored reforms rather than top-down, one-size-fits-all approaches.

For foreign investors, this shift to transparency and private-sector partnership makes Vietnam an even more compelling market to allocate long-term capital.

What are the key expectations of private enterprises in the securities, taxation, and insurance sectors regarding Resolution 68?

In the securities sector, companies are hoping for more than just deeper capital markets - they want easier and faster access. Listing procedures are still seen as overly complex and heavily manual, especially for startups and growth-stage companies.

There’s hope that Resolution 68 will catalyse reforms that make it easier for private enterprises to tap into domestic capital, possibly through secondary boards tailored for SMEs or revised listing criteria that reflect realities of fast-growing tech firms.

In terms of taxation, what businesses need most is predictability. The constant changes in tax policies, especially when announced without sufficient lead time, make long-term planning difficult. Enterprises are also looking for more efficient digital tax administration tools, beyond just e-invoicing.

If Resolution 68 results in clearer tax guidelines and consistent implementation at both central and local levels, it could greatly reduce compliance costs and the risk of unintentional violations.

For insurance, the expectations are twofold: more flexible regulations to support digital models, and better protection tools for SMEs. Smaller firms often don’t have access to affordable business interruption or liability coverage, making them more vulnerable to shocks.

Vietnam’s capital market has witnessed significant volatility in recent months. How are these macroeconomic headwinds shaping investor sentiment and deal-making activities in Vietnam?

Despite volatility, investor sentiment in Vietnam remains cautiously optimistic. Global headwinds have made investors more selective, placing greater emphasis on fundamentals, unit economics, and governance.

While deal velocity has slowed compared to the peak years, quality opportunities, especially in digital transformation, consumer, and SME-focused solutions, are still attracting capital. Local and regional funds are adapting with longer due diligence cycles and more structured terms, but appetite is intact.

Vietnam’s macroeconomic resilience, young demographics, and strong digital consumption trends continue to serve as underlying tailwinds. Foreign investors increasingly view Vietnam as a long-term strategic market, particularly as supply chain diversification efforts accelerate across the region.

Local and regional funds are adapting with longer due diligence cycles and more structured terms, but appetite is intact, and many are doubling down on Vietnam exposure in anticipation of a broader recovery.

Do you think the current monetary environment is fuelling greater opportunities for startups, and do you foresee a realistic pipeline of tech firms that can go public in the next few years?

The current monetary policy is creating a more favourable environment for businesses in general. As credit expands, there’s growing demand for solutions in alternative credit scoring, digital loan distribution, and embedded finance, particularly for underserved SMEs and individual consumers.

The release of the fintech sandbox is also a positive step, as it provides a more structured and supportive framework for fintech innovation in Vietnam. This creates a window of opportunity for startups to serve traditionally overlooked segments, helping to bridge gaps in financial access and drive financial inclusion.

For foreign investors, these trends present attractive entry points into a fast-digitising financial services market. The recent release of the fintech sandbox is also a positive step, as it provides a more structured and supportive framework for fintech innovation in Vietnam. Regulatory openness, coupled with strong domestic demand for better financial tools, signals Vietnam’s readiness to support scalable fintech models backed by international capital.

A handful of tech startups are on a credible path to initial public offering (IPO) in the next 3-5 years, particularly those with strong governance, solid revenue scale, strong profitability, and regional ambition.

However, challenges remain: regulatory complexity, the need for sustainable profitability, accounting readiness, and capital market transparency are major hurdles. Many founders are still building towards those thresholds, and support from experienced investors, particularly international ones, will be key in helping them get IPO-ready.

Vietnam has adopted the unprecedented Resolution No.68-NQ/TW, fully opening the doors for the private sector and demonstrating the country’s strongest determination to elevate Vietnam to new heights.

The Politburo on May 4 issued Resolution No.68-NQ/TW, a landmark directive poised to redefine the landscape for private enterprise in Vietnam.

A new, sweeping policy directive could mark the most significant shift in the country’s economic orientation since the economic reforms of the 1980s. Richard D. McClellan, founder of RMAC Advisory, has a look at Vietnam's bold vision for private sector development, foreign investment, and more.