Private economic development needs strong application of science and technology and innovation
In the context of private economic development being an important driving force of the socialist-oriented market economy, the Politburo issued Resolution No. 68-NQ/TW dated May 4, 2025 to strongly promote this development.
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The resolution focuses on key contents including guiding viewpoints, goals, tasks and solutions, with a special emphasis on promoting the application of science and technology, innovation, digital transformation and green transformation. Completing the legal framework for new economic models related to technologies, such as finance, AI, e-commerce and blockchain is identified as an urgent task, along with tax and investment support policies to encourage research, innovation and creative startups.
The Resolution also sets out specific support policies to promote business development and international integration, such as corporate and personal income tax exemptions and reductions, a maximum deduction of 20% of income to establish a technology development fund, as well as prioritizing investment resources in innovation centers serving research, testing and technology transfer. The long-term goal by 2030 is to reach about 2 million operating enterprises, contributing more than 55% of GDP, while by 2045, Vietnam strives to have at least 3 million enterprises, contributing more than 60% of GDP, maintaining a central role in the global supply chain and being highly competitive in the region and internationally.
Implementing these resolutions is also an important part of the comprehensive development strategy of the Party and State, aiming to ensure the rapid and sustainable development of the private economy, contributing to improving competitiveness and growth. Over the past four months, major resolutions, such as the Politburo's "Strategic Quartet" have demonstrated clear political determination in institutionalizing and popularizing these policies, contributing to moving Vietnam towards an increasingly dynamic, modern and deeply internationally integrated economy.
Information and Communication Magazine