Strengthening Vietnam’s private sector legal framework: Institutional breakthroughs and sustainable development directions
Palabras clave:
Private Economy, Business Law, Institutional Reform, International Integration, Sustainable DevelopmentResumen
The article examines the changes in the law governing the private economy in Vietnam. From a position of being constrained, the private sector has become a crucial driving force in propelling the market economy towards socialism, making significant contributions to GDP, the state budget, and creating jobs for a large portion of the workforce. The study clarifies the legal reform process, supporting policies, the role and contribution of the private sector, and points out barriers and challenges in the development process. The article also analyzes institutional breakthroughs, new legal documents, and development trends in the context of digital transformation, international integration, and sustainable development requirements. On that basis, the author proposes solutions to improve the legal framework and improve the business environment in order to maximize the potential of the private economic sector, towards the goal of Vietnam becoming a developed and high-income country by 2045.
Descargas
Referencias
ANH, H. (2026), The foundation for a new growth cycle. Available at: https://nhandan.vn/nen-tang-cho-mot-chu-ky-tang-truong-moi-post941239.html (accessed on 14 February 2026).
COMMUNIST PARTY OF VIETNAM. (2025). Draft documents to be submitted to the XIV Congress of the Party. H. National Political Truth Publishing House, p. 272.
DURAND, M. (2015), The OECD Better Life Initiative: How's Life? And the Measurement of Well-Being, Review of Income and Wealth, Series 61, Number 1, March 2015, https://doi.org/10.1111/roiw.12156
General Statistics Office (2018), Results of the 2017 Economic Census, Statistical Publishing House, Hanoi. p. 22. Available at: https://www.nso.gov.vn/en/data-and-statistics/2019/03/results-of-the-2017-economic-census (accessed on 10 December 2025).
GILLESPIE, J. S. (2008). Localizing Global Rules: Public Participation in Lawmaking in Vietnam, Law and Social Inquiry, 33(3). https://doi.org/10.1111/j.1747-4469.2008.00118.x
HA, V., DUNG, H. (2025). Rethinking and removing bottlenecks in the development of the private economy. Available at: https://dangcongsan.org.vn/hoidonglyluan/xay-dung-dang/doi-moi-tu-duy-thao-go-diem-nghen-phat-trien-kinh-te-tu-nhan.html (accessed on 10 December 2025).
HAKKALA, K., KOKKO, A. (2007). The State and the Private Sector in Vietnam, Available at: https://files01.core.ac.uk/download/pdf/7092064.pdf (accessed on 10 December 2025).
HANOI FOREIGN TRADE UNIVERSITY (2012), Development of Vietnam's private economic sector: Ideas and practices. Polytechnic Dictionary Publishing House, Hanoi. 32.
HIEN, N. T. T. (2024). Solutions to improve labor productivity in Vietnam. Finance Journal, (6)2, 219. Available at: https://tapchikinhtetaichinh.vn/gioi-thieu-tap-chi-in/tap-chi-tai-chinh-ky-2-thang-62024.paper (accessed on 10 December 2025).
HIEU, P. D. (2017). "Simplifying business investment conditions to reduce costs and procedures for businesses". Journal of Finance, 11/2017, pp. 15-18. Available at: https://vjol.info.vn/index.php/TC/article/download/44002/35486/ (accessed on 10 December 2025).
HOA. P. N. (2025). Private Economy: The Most Important Driver of the Economy, Banking Journal, Available at: https://tapchinganhang.gov.vn/kinh-te-tu-nhan-dong-luc-quan-trong-nhat-cua-nen-kinh-te-16033.html (accessed on 10 December 2025).
HOAN. H. V., MINH, H. Đ. (2020). Promoting Innovation Capacity in the Private Sector to Promote Rapid and Sustainable Development, Communist Journal, Available at: https://www.tapchicongsan.org.vn/web/guest/kinh-te/-/2018/816329/phat-huy-nang-luc-doi-moi-sang-tao-trong-khu-vuc-kinh-te-tu-nhan-nham-thuc-day-phat-trien-nhanh-va-ben-vung.aspx (accessed on 10 December 2025).
HUYEN, B. V. (2020). Regarding the determination of strategic breakthroughs in Vietnam’s socio-economic development strategy for the period 2021-2030, Available at: https://www.tapchicongsan.org.vn/web/english/focus/detail/-/asset_publisher/FMhwM2oQCZEZ/content/regarding-the-determination-of-strategic-breakthroughs-in-vietnam-s-socio-economic-development-strategy-for-the-period-2021-2030 (accessed on 10 December 2025).
HUYEN, N. T. (2026), The Overlap between the Investment Law and the Land Law for Investment Policy Approval, Legal Journal, Available at: https://phaply.net.vn/su-chong-cheo-giua-luat-dau-tu-va-luat-dat-dai-doi-voi-chap-thuan-chu-truong-dau-tu-a261259.html# (accessed on 12 March 2026).
INVESTMENT NEWSPAPER (2025), Accounting for nearly 98% of the total number of businesses, where do small and medium-sized enterprises (SMEs) stand in the economy?. Available at: https://baodautu.vn/chiem-gan-98-tong-so-doanh-nghiep-doanh-nghiep-nho-va-vua-dang-o-dau-trong-nen-kinh-te-d249574.html (accessed on 10 December 2025).
KHAI, H.V. (2023). Investigating the Impact of Global Policy and Political Shifts on Vietnamese Businesses. Journal of Finance and Accounting, 7(3), 1-8. https://doi.org/10.53819/81018102t2138
LAM, T. (2025). Private Economic Development - Levers for a Prosperous Vietnam, Communist Journal, (1.059), 5.
LE, S. (2025), Business Licensing in Vietnam: A Legal Guide for Foreign Investors. Available at: https://corporatecounsels.vn/business-licensing-in-vietnam-a-legal-guide-for-foreign-investors/ (accessed on 10 December 2025).
LIEN, M. T. H. (2019). The State Creates Development - Theory and Practical Prospects in Vietnam, Doctoral Thesis in Law, Ho Chi Minh National Academy of Politics, Hanoi, 43.
LUAN, Đ. V. (2025). The Communist Party of Vietnam's Perception of the Private Economy in the Period of Renovation, Available at: https://lyluanchinhtri.vn/nhan-thuc-cua-dang-cong-san-viet-nam-ve-kinh-te-tu-nhan-trong-thoi-ky-doi-moi-9221.html (accessed on 10 December 2025).
LUAN, M. (2026). Key foreign policy highlights of Vietnam in 2025. Available at: https://vov.vn/chinh-polit/nhung-diem-nhan-doi-ngoai-cua-viet-nam-nam-2025-post1258139.vov (accessed on 20 January 2026).
MULLER, H. S. (2007). Private-sector development in a transition economy: The case of Vietnam, Development in Practice, 15(3–4), 349–361. https://doi.org/10.1080/09614520500076001
NGOC, N. T. M., BUU, H. L. (2024), The Law on Enterprises' Investment Incentives for Foreign Investment in Vietnam, Journal of Economics, Finance and Management Studies, 07(06), 3361-3365, https://doi.org/10.47191/jefms/v7-i6-30
NHI, V. P. (2025), By 2025, the whole country will have approximately 134,000 cooperatives. Available at: https://baochinhphu.vn/den-nam-2025-ca-nuoc-co-khoang-134000-to-hop-tac-102296706.htm (accessed on 10 December 2025).
PARTY CENTRAL COMMITTEE. (2025). Draft Political Report of the XIII term at the XIV National Congress of the Party, on October 14, 2025. Available at: https://xaydungchinhsach.chinhphu.vn/toan-van-du-thao-bao-cao-chinh-tri-cua-ban-chap-hanh-trung-uong-dang-khoa-xiii-tai-dai-hoi-xiv-cua-dang-119251015171703632.htm (accessed on 10 December 2025).
Pham Phuc Vinh, Hoang Xuan Son (2022), Factors influencing and developing the private economy in Vietnam (1991-2016), Journal of Political Theory. Available at: https://lyluanchinhtri.vn/cac-nhan-to-tac-dong-va-su-phat-trien-cua-kinh-te-tu-nhan-o-viet-nam-1991-2016-1221.html (accessed on 10 December 2025).
PHONG, N. M. (2026). Firm belief, great aspiration: Lesson 3: National development goals - vision in the new era, Available at: https://www.qdnd.vn/kinh-te/cac-van-de/niem-tin-vung-khat-vong-lon-bai-3-muc-tieu-phat-trien-dat-nuoc-tam-nhin-trong-ky-nguyen-moi-1020366 (accessed on 18 January 2026).
PHUC, L., CONG, Đ. (2024), Amendments to the Land Law need to be consistent with some important new points of the Investment Law. Available at: https://phaply.net.vn/sua-luat-dat-dai-can-thong-nhat-voi-mot-so-diem-moi-quan-trong-cua-luat-dau-tu-a257405.html (accessed on 10 December 2025).
PHUONG, N. V. (2025), The "Four Pillars" unlock the institutional potential to realize the nation's aspirations for progress. Available at: https://www.tapchicongsan.org.vn/web/guest/kinh-te/-/2018/1114802/%E2%80%9Cbo-tu-tru-cot%E2%80%9D-khoi-thong-mach-nguon-the-che-de-hien-thuc-hoa-khat-vong-vuon-minh-cua-dan-toc.aspx (accessed on 10 December 2025).
REINER, C., STARITZ, C. (2013), Private sector development and industrial policy: Why, how and for whom?, In: ÖFSE (Hg.) Österreichische Entwicklungspolitik, Analysen ▪ Berichte ▪ Informationen mit dem Schwerpunktthema "Private Sector Development – Ein neuer Businessplan für Entwicklung?", Wien, 53-61. Available at: https://www.oefse.at/fileadmin/content/Downloads/Publikationen/Oepol/Artikel2013/6_Reiner_Staritz.pdf (accessed on 10 December 2025).
SEN, A. (1999), Development as Freedom, Oxford University Press, pp. 35-53, Available at: https://raggeduniversity.co.uk/wp-content/uploads/2025/01/1_x_senDevelopmentas Freedom-_compressed.pdf (accessed on 10 December 2025).
STIGLITZ, J. E., SEN, A., FITOUSSI, J. P. (2009), Report by the Commission on the Measurement of Economic Performance and Social Progress, Available at: https://ec.europa.eu/eurostat/documents/8131721/8131772/Stiglitz-Sen-Fitoussi-Commission-report.pdf (accessed on 10 December 2025).
THE NATIONAL ASSEMBLY (2013). Constitution, Article 4. Available at: https://constitutionnet.org/sites/default/files/tranlation_of_vietnams_new_constitution_enuk_2.pdf (accessed on 22 December 2025).
THE NATIONAL ASSEMBLY. Law on Artificial Intelligence Law 2025 (No. 134/2025/QH15). Available at: https://thuvienphapluat.vn/van-ban/Cong-nghe-thong-tin/Luat-Tri-tue-nhan-tao-2025-so-134-2025-QH15-679013.aspx (accessed on 10 December 2025).
THE NATIONAL ASSEMBLY. Law on Digital Technology Industry 2025 (No. 71/2025/QH15). Available at: https://thuvienphapluat.vn/van-ban/EN/Cong-nghe-thong-tin/Law-71-2025-QH15-Digital-Technology-Industry/668801/tieng-anh.aspx (accessed on 10 December 2025).
THE NATIONAL ASSEMBLY. Law on Digital Transformation 2025 (No. 148/2025/QH15). Available at: https://thuvienphapluat.vn/van-ban/EN/Cong-nghe-thong-tin/Law-148-2025-QH15-digital-transformation/689736/tieng-anh.aspx (accessed on 10 December 2025).
THE NATIONAL ASSEMBLY. Law on Enterprises 2020 (No. 59/2020/QH14). Available at: https://english.luatvietnam.vn/law-on-enterprises-no-59-2020-qh14-dated-june-17-2020-of-the-national-assembly-186272-doc1.html (accessed on 10 December 2025).
THE NATIONAL ASSEMBLY. Law on High Technology 2025 (No. 133/2025/QH15). Available at: https://thuvienphapluat.vn/van-ban/EN/Linh-vuc-khac/Law-133-2025-QH15-on-High-technology/695415/tieng-anh.aspx (accessed on 10 December 2025).
THE NATIONAL ASSEMBLY. Law on Investment 2020 (No. 61/2020/QH14). Available at: https://lenguyenlawfirm.com/en/law-on-investment-2020/ (accessed on 10 December 2025).
THE NATIONAL ASSEMBLY. Law on Public-Private Partnership (PPP) Investment (No. 64/2020/QH14). Available at: https://thuvienphapluat.vn/van-ban/EN/Dau-tu/Law-64-2020-QH14-on-Public-Private-Partnership-Investment/449829/tieng-anh.aspx (accessed on 10 December 2025).
THE NATIONAL ASSEMBLY. Law on Science, Technology and Innovation 2025 (No. 93/2025/QH15). Available at: https://thuvienphapluat.vn/van-ban/EN/Linh-vuc-khac/Law-93-2025-QH15-Science-Technology-and-Innovation/672385/tieng-anh.aspx (accessed on 10 December 2025).
THE NATIONAL ASSEMBLY. Law on Standards and Technical Regulations 2025 (No. 70/2025/QH15). Available at: https://thuvienphapluat.vn/van-ban/EN/Linh-vuc-khac/Law-70-2025-QH15-amendments-to-the-Law-on-Standards-and-Technical-regulations/674897/tieng-anh.aspx (accessed on 10 December 2025).
THE NATIONAL ASSEMBLY. Law on Technology Transfer 2025 (No. 115/2025/QH15). Available at: https://thuvienphapluat.vn/van-ban/EN/Thuong-mai/Law-115-2025-QH15-amendments-to-Law-on-technology-transfer/694482/tieng-anh.aspx (accessed on 10 December 2025).
THE NATIONAL ASSEMBLY. Resolution 198/2025/QH15 (No. 17/05/2025). Available at: https://thuvienphapluat.vn/van-ban/EN/Doanh-nghiep/Resolution-198-2025-QH15-special-mechanisms-and-policies-for-the-private-sector-development/659738/tieng-anh.aspx (accessed on 10 December 2025).
THE POLITBURO. (2024). Resolution No. 57-NQ/TW dated December 22, 2024, of the Politburo on breakthroughs in the development of science, technology, innovation, and national digital transformation. Available at: https://thuvienphapluat.vn/van-ban/EN/Cong-nghe-thong-tin/Resolution-57-NQ-TW-2024-breakthroughs-in-the-development-of-science-technology-innovation/643336/tieng-anh.aspx (accessed on 10 December 2025).
THE POLITBURO. (2025). Resolution 66-NQ/TW dated April 30, 2025, of the Politburo on Regarding Innovating Law-Making and Law Enforcement in Response to the Vietnam's Development Demands in the New Era. Available at: https://thuvienphapluat.vn/van-ban/EN/Bo-may-hanh-chinh/Resolution-66-NQ-TW-2025-innovating-law-making-in-response-to-the-Vietnam-s-development/656374/tieng-anh.aspx (accessed on 10 December 2025).
THE POLITBURO. (2025). Resolution No. 68-NQ/TW dated 4-5-2025 on private economic development. Available at: https://aslgate.com/wp-content/uploads/2025/05/Resolution-No.-68-NQ-TW-on-private-economic-development.pdf (accessed on 10 December 2025).
THE POLITBURO. (2025). Resolution No. 71-NQ/TW dated August 22, 2025, on breakthroughs in education and training development. Available at: https://xerpa.info/en/articles/vn-policy-71-nq-tw (accessed on 10 December 2025).
THUY, N. T. T (2019), Some inadequacies in business conditions in accordance with current Vietnamese law and complete solutions, Journal of Industry and Trade, Available at: https://tapchicongthuong.vn/mot-so-bat-cap-ve-dieu-kien-kinh-doanh-theo-quy-dinh-cua-phap-luat-viet-nam-hien-hanh-va-giai-phap-hoan-thien-59147.htm (accessed on 10 December 2025).
TODARO, M. P. & SMITH, S.C. (2020), Economic Development (thirteenth edition), Pearson Education Limited, pp. 9. Available at: https://www.pearson.com/en-us/subject-catalog/p/Todaro-Economic-Development-13th-Edition/P200000005609?view =educator&srsltid=AfmBOop20BqXqPYCotGQKUd4gHCzA6hpxjpGNVItx72h904NnCF26y6T (accessed on 10 December 2025).
TUAN, Đ. T. A. (2025). Private Economic Development: Innovating Thinking to Enter a New Era, Available at: https://thesaigontimes.vn/phat-trien-kinh-te-tu-nhan-doi-moi-tu-duy-de-buoc-vao-ky-nguyen-moi/ (accessed on 10 December 2025).
TUAN, Đ. T. A. (2025). Private Economic Development: Renewing Thinking to Enter a New Era. Available at: https://thesaigontimes.vn/phat-trien-kinh-te-tu-nhan-doi-moi-tu-duy-de-buoc-vao-ky-nguyen-moi/ (accessed on 10 December 2025).
TUAN, N. (2025). Private enterprises still develop passively, facing many barriers. Available at: https://vietnamnet.vn/doanh-nghiep-tu-nhan-van-phat-trien-thu-dong-doi-mat-voi-nhieu-rao-can-2383454.html (accessed on 10 December 2025).
TUAN, V. (2025). The private economy is a lever for Vietnam's prosperity. Available at: https://vnexpress.net/kinh-te-tu-nhan-la-don-bay-cho-viet-nam-thinh-vuong-4862430.html (accessed on 10 December 2025).
UNDP (2023), Multidimensional Poverty in Viet Nam. Available at: https://www.undp.org/vietnam/publications/multidimensional-poverty-viet-nam (accessed on 10 December 2025).
VINH, V. X., PHONG, N. D. (2018). Vietnam and Other Asian Countries in the Process of Globalization, Asian Journal of Law and Economics (De Gruyter), 9 (1), 1-6. Available at: https://www.degruyterbrill.com/document/doi/10.1515/ajle-2018-2001/html (accessed on 10 December 2025).
VY, N. N. T., NHAN, D. T. T., THU, Q. L., WONG, W. K. (2023). Impact of globalisation on innovation of small and medium enterprises in Vietnam, Asian Academy of Management Journal, 28(1), 81–112. https://doi.org/10.21315/aamj2023.28.1.4
WORLD BANK (1995). The Emerging Legal Framework for Private Sector Development in Viet Nam's Transitional Economy, Available at: https://documents1.worldbank.org/curated/en/139341468778518177/pdf/multi0page.pdf (accessed on 10 December 2025).
WORLD BANK (2021). Country private sector diagnostic: Creating markets in Vietnam: Bolstering the Private Sector during COVID-19 and Beyond: Relief, Restructuring, and Resilient Recovery, 10. Available at: https://documents.worldbank.org/pt/publication/documents-reports/documentdetail/099800208092223549 (accessed on 10 December 2025).
WORLD BANK (2022), Vietnam: Laying the Foundation for Sustainable, Inclusive Growth. Available at: https://documents1.worldbank.org/curated/en/756951468132584821 /pdf/519710BRI0ida110Box345548B01PUBLIC1.pdf (accessed on 10 December 2025).
Descargas
Publicado
Número
Sección
Licencia
Derechos de autor 2026 Nguyen Van Lam
Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial 4.0.
Aquellos autores/as que tengan publicaciones con esta revista, aceptan los términos siguientes:- Los/las autores/as ceden todos sus derechos de autor a la revista Cadernos de Dereito Actual, la cual se encargará de difundir y citar siempre a su autor.
- Los autores/as se comprometen a no enviar el artículo o publicarlo en otra revista.
- Se permite y recomienda a los/las autores/as difundir su obra a través de Internet (p. ej.: en archivos telemáticos institucionales o en su página web) antes y durante el proceso de envío, lo cual puede producir intercambios interesantes y aumentar las citas de la obra publicada, siempre que se haga referencia a Cadernos de Dereito Actual.
- Cadernos de Dereito Actual no se hace responsable por ninguno de los artículos publicados en caso de que el/la autor/autora hay incurrido en plagio o alguna política desleal a la hora de redactar y/o enviar su artículo. Cualquier responsabilidad civil o penal corresponderá, siempre, al autor/autora del artículo.
Todos los contenidos publicados en la revista están protegidos bajo una licencia "Creative Commons - Reconocimiento - No Comercial". Toda persona tiene derecho a acceder libremente a los contenidos de la revista.
