Vietnam's private sector is entering a new phase of opportunity, an official said at a recent workshop hosted by the Vietnam Chamber of Commerce and Industry (VCCI) on financial inclusion and women's entrepreneurship in a green economy.

Policy push opens new space for private sector growth.

Tran Thanh Huong, Deputy Head of the Policy, Business Environment and International Cooperation Division at the Ministry of Finance (MoF)'s Department of Private Enterprise and Collective Economy Development, said business formation has jumped since the Politburo issued Resolution 68-NQ/TW on private sector development on May 1, 2025.

About 297,500 firms were newly established or resumed operations in 2025, and nearly 206,400 did so in the first eight months of 2026.

Vietnam now has more than 1.07 million operating enterprises with total registered capital above 32.5 quadrillion VND (1.25 trillion USD). Some 4,200 business households have converted to enterprises.

The figures suggest the resolution and incentives from ministries, agencies and localities are widening room for private sector, clearing barriers to production and trade, and spurring entrepreneurship.

VCCI Vice Chairman Hoang Quang Phong said the resolution gives citizens and companies more scope to act proactively in production and trade, while also supporting more sustainable socio-economic growth.

He said recent policies and resolutions have focused on cutting administrative barriers, improving the business environment and easing conditions for firms.

But boosting the quality and maturity of the corporate sector, rather than just the number of companies, will be the more important task ahead.

Huong said private firms still face headwinds, such as weaker purchasing power in key markets across Europe, the US and Asia, rising trade protectionism, higher energy and transport costs, and tighter rules on the origin and traceability of goods.

At home, a leaner administrative apparatus, a policy shift toward enabling development and the resolution's broad directions are reshaping the landscape.

Incentives are moving away from boosting firm numbers and toward growth quality, adaptability and long-term sustainability.

On May 25, the Prime Minister issued the Decision 926/QD-TTg, a 2026–2030 sustainable business support scheme.

It targets training in environmental, social and governance (ESG) practices, green transition consulting, a pool of experts and help for firms to access markets.

The scheme aims to support 25,000 companies, business households and cooperatives and build 20 model enterprises. It also seeks to pool more private resources, develop green finance, encourage innovation and link enterprises to sustainable supply chains.

Minister of Finance Ngo Van Tuan set out three principles, including maximise support for firms in production and trade, encouraging enterprises to grow in both scale and quality, and keep policies within the State budget's capacity.

Given the size of the SME sector, the ministry estimates the State budget will forgo about 10 trillion VND a year by exempting firms from corporate income tax in their first three years.

The drafting agency also proposed raising the revenue threshold for a simplified tax method, which applies the relevant rate to turnover for both value-added tax and corporate income tax, in order to cut compliance costs.

The draft law also writes support for business premises, set out in Resolution 68-NQ/TW and the National Assembly's Resolution 198/2025/QH15, into legislation. It introduces a voucher mechanism to help SMEs offset some service costs.

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