China's Private Sector Promotion Law and Some Suggestions for Vietnam

In 2025, China enacted the Private Sector Promotion Law - the first law aimed at promoting sustainable, healthy, and high-quality private economic development. As socialist countries, Vietnam and China share similarities in economics, society, law and institutions, making the study of China's Private Sector Promotion Law highly significant for Vietnam. This article examines the development of private sector policies in China, the context and the basic content of the Private Sector Promotion Law; and compares these with Vietnam's private sector policies to offer suggestions for improving Vietnam's private sector legislation, thereby creating momentum for rapid and sustainable economic development in the new era.