The first breakthrough of Resolution 68 is the elimination of long-standing prejudices and suspicions about the role of the private economy. For the first time, this sector is identified as the most important driving force of the national economy. In addition, the resolution also sets out very specific policies such as tax exemption for the first three years, eliminating business license fees, creating conditions for small and micro enterprises to participate in fields that are 'forbidden zones' reserved for state-owned enterprises such as defense industry, security and justice.
One of the policies that has been particularly welcomed by businesses is the clear separation between personal and legal liability in economic violations. The Resolution has established a policy of prioritizing the application of administrative, civil and economic measures to violations before considering criminal solutions. Criminal solutions are only applied after economic remedies and compensation measures have been ineffective. This helps to minimize legal risks, create a safer business environment and is consistent with international practices.
This policy is expected to help the private sector feel secure in its operations, avoiding the criminalization of non-serious economic violations. This is also an important highlight to help Vietnam's business environment become more friendly and attractive to domestic and foreign investors.
Immediately after Resolution 68 was issued, the Government quickly began implementing it with specific actions. In just a few days, the guiding decrees were drafted and submitted to the National Assembly for early implementation. This demonstrates the Government's strong determination to ensure that the policies of the resolution are implemented effectively, not just stopping at the policy level. Resolution 68 has opened a new page for Vietnam's private economy. This is a necessary investment to enhance competitiveness and bring private enterprises into higher-tech playgrounds, deeper in the global value chain.
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