Institutional breakthroughs to make the private economy one of the most important driving forces in Vietnam’s economy

Abstract

This article analyzes the strategic role of the private economic sector in the Vietnamese economy, especially in the context of the Party’s determination in Resolution No. 68-NQ/TW dated May 4, 2025, of the Politburo that the private economy is one of the most important driving forces. Based on the theoretical foundation of Marxist political economy, combined with modern institutional theories, the author clarifies the urgency of institutional breakthroughs to stimulate innovation in the private sector. This article assesses the current development situation, points out institutional barriers, and thereby proposes solutions to build a fair, modern, and creative institutional environment to promote the private economy to fulfill a central role in the country's growth and sustainable development.