That is the assessment of Deputy Minister of Finance Nguyen Duc Tam in an interview with Lao Dong Newspaper about the breakthroughs in thinking and planning economic development policies in the new situation of Resolution 68.
After nearly half a year of implementation, how does the Deputy Minister assess the impact of Resolution No. 68 on the business community?
- Resolution No. 68 sets a huge target for the strong growth of the private economy, striving to have 2 million enterprises operating in the economy and 20 enterprises operating/people's eyes by 2030. There are at least 20 large enterprises participating in the global value chain. The average growth rate of the private economy reaches about 10/12% per year. The contribution of the private economy to GDP is about 55−58%; Employment is created for about 84−85% of the total number of employees. By 2045, strive to have at least 3 million enterprises operating in the economy; contributing about 60% of GDP. The private economy has high competitiveness in the region and internationally.
Resolution No. 68 was issued to create a new vitality, arousing the spirit of entrepreneurship and strengthening business confidence. From May 2025, when the Politburo issued Resolution No. 68, there will be an average of more than 18.5 thousand newly established enterprises per month, an increase of 43% compared to the average of the first 4 months of 2025. On average, the number of enterprises entering and re-entering the market has grown strongly after Resolution No. 68 was issued, reaching nearly 32,000 enterprises/month, an increase of more than 28.4% compared to the average of the first 4 months of 2025 (24,900 enterprises/month).
To achieve the target of 2 million enterprises by 2030, the business household area is considered an important potential. What is the key factor to encourage them to switch to the business model, Mr. Deputy Minister?
- Currently, the whole country has about 5.2 million business households, this is a huge potential area to achieve the business development target. If only a small part of these are boldly converted to a business model, the target of 2 million businesses is completely feasible.
However, reality shows that many business households are still hesitant to convert. There are 3 main causes of this condition. Firstly, the cost of law compliance between business households and enterprises is still quite large. Second, business households do not clearly understand the legal regulations on enterprises and are not familiar with accounting and book management, so they are afraid of conversion. Third, business households were previously subject to contract tax, book keeping, invoice, and accounting documents much simpler than businesses.
To remove those barriers, Resolution No. 68 has issued an important policy that from 2026, the form of contract tax will be abolished, moving towards transparency of business household operations, while creating motivation to encourage them to convert. When becoming a business, they will enjoy many preferential and support policies such as credit access incentives, land, training, technology and tax incentives in the spirit of Resolution No. 198.
The Ministry of Finance has completed the draft Decree guiding Resolution No. 198, submitted to the Government for consideration, approval and hopes that after this Decree is issued, policies to support newly established enterprises and support business households to convert to enterprises will have a positive impact on the conversion process of business households.
Mr. Deputy Minister, have the Ministry of Finance taken any specific steps to support business households to confidently convert to businesses?
- To support business households to convert to enterprises, the Ministry of Finance focuses on two main groups of solutions: perfecting the legal framework, policies and implementing practical support measures.
The Ministry of Finance is urgently studying and amending the Law on Tax Administration and the Law on Personal Income Tax, towards a new management model - simple, transparent and easy to implement declaration; simplifying books, invoices, and documents, ensuring that business households are not under too much pressure when converting, studying and developing a Law on Individual Business to minimize the gap in management organization and financial and accounting regimes between business households and enterprises. In addition, the Ministry of Finance is submitting to the Government a Decree guiding Resolution No. 198, with practical support: providing free accounting software, short-term training courses, supporting online business registration, shortening conversion time.
To implement synchronously, the Ministry of Finance is urgently upgrading technical infrastructure to implement the policy of abolishing contract taxes for business households from January 1, 2026; Strengthening digital transformation in tax management: Applying electronic invoices generated from cash registers to help collect correctly and fully, while reducing time and costs for business households; Providing free electronic tax declaration and payment systems, electronic invoice software, accounting software, especially prioritizing support for business households in difficulty in the early stages; Promoting internal digital transformation, improving the quality of public services & tax management capacity, and enhancing data connection.
Propaganda work to raise awareness and management capacity for business households has also been focused on by the Finance sector in general and the Tax sector in particular in recent times. In addition, the Tax sector has "honested hands" with businesses in preparing electronic invoices, tax declarations, and using accounting software.
In addition, the Ministry of Finance is innovating online inspection and supervision work, based on risk classification, reducing pressure, increasing transparency and creating a more friendly environment for businesses.
Thank you, Deputy Minister!
