Resolution 68-NQ/TW on private sector development, recently issued by the Politburo, affirms the private sector as the vanguard force in national innovation and digital transformation. For Ho Chi Minh City (HCMC)—the urban center leading in growth and competitiveness—this resolution is a timely institutional catalyst to realize its vision of becoming a top regional hub for finance and innovation.
Accelerating Innovation and Digital Transformation in HCMC
Resolution 68 sets out an ambitious goal: by 2030, Vietnam will rank among the top three ASEAN countries in innovation, and by 2045, the private sector will contribute over 60% of GDP, with technological capabilities among the top in Asia. HCMC is expected to spearhead this effort, thanks to its strong base of tech enterprises, ongoing digital infrastructure investments, and a vibrant innovation-startup culture.
To activate this momentum, Resolution 68 expands the use of regulatory sandboxes—a flexible policy tool to pilot new technology models. These sandboxes allow businesses to launch new products and services without being constrained by traditional legal frameworks, under risk-controlled supervision. With its infrastructure and reform-minded leadership, HCMC is well-positioned to be the first to implement sandboxes in fintech, AI, blockchain, big data, and smart cities. From there, the city’s innovation ecosystem can make a significant qualitative leap.
In addition to sandboxes, the resolution introduces several fiscal incentives: businesses can deduct 200% of R&D expenses from taxable income; up to 20% of taxable income can be allocated to science and technology funds; and income tax exemptions/reductions are available for innovation specialists. These policies will encourage large companies like VNG, FPT, MoMo, and emerging startups to invest more in technology and retain high-quality talent.
HCMC has also set a goal to be among the top 50 global innovation ecosystems by 2030. To achieve this, coordinated implementation of sandboxes, tax incentives, and modern digital infrastructure is essential. More importantly, it requires building long-term trust between businesses and the city government—something Resolution 68 emphasizes: the State as enabler, enterprises as the core.
Advancing Legal Frameworks for Digital Assets, Fintech, and New Economic Models
Unlike previous policies, Resolution 68 explicitly calls for the completion of legal frameworks for emerging sectors such as digital currencies, virtual assets, fintech, and artificial intelligence. This paves the way for HCMC to implement major initiatives like an international financial center, digital asset exchanges, and cross-border digital banking models.
It’s important to highlight that the biggest challenge in developing fintech-finance models is the legal vacuum. Therefore, the Politburo’s official directive to establish legal frameworks for digital currencies, fintech, and digital assets marks a turning point. HCMC should proactively propose pilot programs for these sectors within local sandboxes. This would create opportunities for models like token exchanges, digital banks, and decentralized insurance services to be practically implemented.
Simultaneously, mechanisms to attract strategic investors to HCMC’s Financial Center must be effective. Under the current proposal, investors developing financial infrastructure with capital over USD 2 billion would receive a 7% corporate income tax rate for 33 years, 20 years of land rental exemption, and import tax exemptions for machinery. These are vital conditions to attract global finance and fintech corporations to set up their headquarters in HCMC.
Granting licenses to foreign financial institutions to operate under an offshore model (separate from the domestic financial market) will help HCMC gradually form an international financial zone, similar to Hong Kong or Singapore. However, the city must closely coordinate with ministries to ensure clear legal boundaries, anti-money laundering measures, and systemic safety.
Laying the Foundation for Long-term Development
Resolution 68 provides a ripe opportunity for HCMC to leap into digital business models and innovative financial ecosystems. However, the city government must proactively propose new pilot policies and coordinate with ministries to establish suitable testing frameworks. The focus should begin with sandboxes for fintech, digital asset exchanges, and regulatory mechanisms for the international financial center.
The business community in HCMC also needs to prepare both mindset and capability—particularly in technology, risk management, and international connectivity. When trust between the State and enterprises is strengthened through a transparent legal corridor, innovative business ideas will have the foundation for sustainable development.
HCMC is facing a historic opportunity to establish itself as a national digital economy leader. Resolution 68 is not just a policy—it is a chance to shape the future. If leveraged effectively, it will serve as the cornerstone for HCMC’s transition into a high-quality, comprehensive, and sustainable growth phase, advancing alongside the country into a new era.
(*) President of the Vietnam Institute for Digital Economic Development (VIDE)