The private sector is the main driver of economic dynamism in Vietnam, contributing more than 40% of GDP and employing most of the workforce. However, institutional inefficiencies, regulatory instability, and weak ownership continue to limit this sector's effectiveness.

Resolution No. 68-NQ/TW has clearly pointed out how the private sector is still facing many barriers that inhibit development, with neither a breakthrough in scale and competitiveness nor having met the requirements and expectations of being the core force of the national economy.

At the ministerial dialogue session of the Vietnam Private Economy Forum 2025, organized by the Vietnam Young Entrepreneurs Association in mid-September, many delegates focused on clarifying related problems and proposed many breakthrough solutions. The sessions contribute to the successful implementation of Resolution No.68, as well as Resolution 66 on renewing the work of law formulation and enforcement.

According to Vice Chairman of the Vietnam Young Entrepreneurs Association, Vice Chairman of the Vietnam Association of Science and Technology Enterprises Nguyen Hong Phong, the current legal framework has many limitations, causing many innovation-related fields to fall into a "legal void".

For example, some new technology fields are slow to be updated in the list of registration and commercialization, leading to the situation that many young enterprises and start-ups in agricultural probiotics must take a "detour", registering products as "new fertilizers", causing them many more years for initial testing.

The ministerial dialogue session of the Vietnam Private Economy Forum 2025 organized by the Vietnam Young Entrepreneurs Association was held in mid-September 2025 in Hanoi (Photo: Nhan Dan Online).

Statistics from the Vietnam Confederation of Commerce and Industry (VCCI) show that in 2023, only about 20% of business proposals were responded to during the law-making process, while this figure in the OECD (Organization for Economic Co-operation and Development) is 60%.

In 2005, the Law on Electronic Transactions was just issued, but many guiding documents immediately became outdated, especially when a series of new concepts such as cross-border e-commerce, fintech (financial technology), blockchain (blockchain technology)... constantly appeared. The amended version of the Law on Electronic Transactions was only officially approved by the National Assembly in 2023.

Among the three categories, including institutions, infrastructure, and human resources, General Secretary To Lam pointed out that the current institution is the "bottleneck of the bottleneck". For trade transactions, good institutions will increase economic efficiency, reduce the cost of transactions and production.

However, according to VCCI Head of the Legal Department Dau Anh Tuan, a real estate project is currently affected by nine codes and dozens of circulars guiding the implementation, not to mention a series of other procedures with inconsistent, even overlapping content.

According to Dr. Le Truong Son, Rector of Ho Chi Minh City University of Law, removing barriers that inhibit the development of the private sector, for young entrepreneurs to promote their potential, internal resources and creativity, will need stability and transparency, synchronization and effectiveness of the law. It is also important to improve the legal system in the direction of improving economic efficiency.

On the other hand, the solutions need to focus on supporting young entrepreneurs to integrate, improve institutions for a green and circular economy; investment in infrastructure and strategic logistics; strengthen periodic dialogues between ministries and sectors and businesses, young entrepreneurs and start-ups.

In the context that many new philosophies and methods of production and business are emerging worldwide with the birth of digital assets and modern intellectual products, the lack of specificity in policies and related legal gaps needs to be filled soon.

That will be the foundation to build a constructive institution where private enterprises, especially young enterprises, can confidently reach out, becoming a strong driving force for the sustainable development of the country, in line with the spirit of "The law must accompany and pave the way for life".

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