Resolution 68: Breakthrough in institutions, protection of property rights and freedom of business of the private economy

Phạm Trần |

On 5.5, General Secretary To Lam on behalf of the Politburo signed Resolution No. 68-NQ/TW on the development of the private economy, emphasizing new policies to facilitate the "pioneering force of the economy". One of the contents of the private business community is to perfect the institution to protect property rights and business freedom of the private economy.

Before the Resolution 68 was issued, the Politburo also issued Resolution 66-NQ/TW on renovating the work of building and enforcing laws to meet the country's development requirements in the new era. In particular, highlighting the requirements: "Building and perfecting the law on the organization and operation of judicial agencies, providing judicial assistance in accordance with the goals and orientations for judicial reform. Promoting strong development of legal service system, legal aid, legal aid, registration of security measures so that people and businesses can easily access law, legal risk management.

Building and perfecting laws related to the private economy is also one of the new points in Resolution 68. In this Resolution, the Politburo requested institutional reform, protection of property rights and freedom of business of the private economy. In particular, promoting reforms and perfecting institutions and policies. Innovation in thinking, law making and enforcement according to market mechanisms, reducing administrative intervention, the "ask - give" mechanism. Ensure the freedom to do business in un prohibited legal professions.

At the same time, perfecting the law, removing barriers, creating an open, transparent and low-cost business environment. Transform, digitize, and automate administrative procedures. By 2025, reduce at least 30% of the time for processing procedures, 30% of compliance costs, and 30% of business conditions. Strive for a business environment in the top 3 in ASEAN and top 30 in the world by 2028.

Strongly shift from pre-inspection to post-inspection, amend the Law on Assets, promote electronic litigation. Establish a mechanism to respond to problems. Ensure no discrimination in access to resources. Completing fair tax and fee policies as well as legal frameworks for new economic models (Fintech, AI, virtual assets...), sandbox testing mechanisms and data laws...

There is a special support policy for small and medium-sized enterprises, abolishing card fees, and exempting corporate income tax for the first 3 years. Promote the development of the domestic market, e-commerce, support businesses in building brands, prioritize small and medium-sized enterprises participating in public procurement...

Along with that, Resolution 68 requires amending regulations on criminal and civil law, criminal proceedings, civil proceedings to ensure principles when handling violations and incidents related to socio-economic issues, prioritizing the application of civil, economic, and administrative measures first, allowing businesses and entrepreneurs to proactively overcome violations and damages.

In cases where the practical application of the law may lead to criminal proceedings or not criminal proceedings, the decision is not to apply criminal proceedings. In cases where criminal proceedings are at the level of criminal proceedings, priority will be given to measures to remedy economic consequences first and will be an important basis for considering further handling measures.

Not reciting legal regulations to handle disadvantages for businesses. For cases lacking evidence and unclear evidence, conclusions must be reached soon, to avoid affecting the reputation and normal production and business activities of enterprises and entrepreneurs. Ensure the principle of presumption of innocence in the investigation and trial of cases.

Thus, it is not necessary to legalize economic relations and ensure the principle of presumption of innocence in the investigation and trial of cases, especially cases related to the private economy mentioned in both Resolution 66 and Resolution 68 of the Politburo. In particular, many contents are specified in Resolution 68. This is a prominent highlight, a breakthrough to further develop the private economy.

Phạm Trần
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