No longer a supporting sector or one to be encouraged, the private sector is recognized as a driving force, a catalyst for growth, job creation, and enhanced local competitiveness.
The impetus for the private sector comes from the synergy between groundbreaking macroeconomic policies from the central government and the decisive efforts of the Dak Lak provincial government to implement them, through institutional and procedural reforms and a collaborative approach with businesses.
In May 2025, the Politburo issued Resolution No. 68-NQ/TW on the development of the private sector, identifying this sector as "the most important driving force of the national economy." This is considered a turning point in development thinking, as the private sector is not only encouraged but placed at the center of the long-term growth strategy.
Beyond strategic direction, the National Assembly and the Government have quickly concretized the spirit of Resolution No. 68 with a series of mechanisms and policies to directly support businesses. Notably, this includes a policy of exempting newly established businesses from corporate income tax for up to three years, reducing tax by 50% for the following four years for innovative businesses; and abolishing lump-sum tax for household businesses from 2026 to create momentum for the shift from individual business to formal enterprise models.
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| After much effort from the investor and local authorities, the Cloud Reserve Central Tuy Hoa project was officially launched on December 19th. Photo : H. Nhu |
These policies are considered by the business community to have "hit the right bottlenecks," especially given that the majority of private enterprises in localities like Dak Lak are small and medium-sized, with limited resilience and high compliance costs. For Dak Lak province, Resolution No. 68 is not only seen as a general policy but also as an opportunity to restructure growth drivers. Immediately after Resolution No. 68 was issued, the province developed and issued a specific action plan, clearly assigning responsibilities to each department, sector, and locality. The focus was placed on reforming administrative procedures and shortening the time for processing investment applications...
According to Deputy Secretary of the Provincial Party Committee and Chairman of the Provincial People's Committee Ta Anh Tuan, Dak Lak province has implemented many solutions to overcome difficulties for businesses, cooperatives, and investors. Specifically, the province has focused on implementing tasks and solutions to reform investment and business procedures by reducing the number of procedures, processing time, and minimizing costs and risks for businesses. Simultaneously, it has improved the quality of policy and regulation development that impacts people and businesses, as well as the quality of legal document enforcement. In addition, the province has focused on implementing tasks and solutions to improve the provincial competitiveness index and support businesses in recovering production and development…
"The provincial leadership's perspective is to always be connected with and work alongside the people and businesses, creating the most favorable conditions for businesses to develop sustainably."
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The aforementioned policy changes have quickly been reflected in economic indicators. According to statistics, by the end of 2025, approximately 3,200 new businesses were established in the province, with a total registered capital of 36,000 billion VND. Simultaneously, 588 businesses that had temporarily ceased operations resumed business activities. To date, the total number of businesses and branches operating in the province is 20,354. Significantly, the quality of investment capital has shown signs of improvement, with many businesses choosing to expand production and invest in advanced technology instead of maintaining their current scale. The private sector continues to contribute a large proportion to the total local budget revenue, creating jobs for tens of thousands of workers.
A prime example of this reform spirit is the Cloud Reserve Central Tuy Hoa project, officially launched at the end of December 2025. The project attracted attention because the time from land auction to construction permit issuance took only 28 days (from November 14th to December 12th, 2025) – significantly shorter than the usual process which takes 3 to 6 months. This figure not only has technical significance but also reflects the local government's determination to reform administrative procedures, while sending a clear message about its commitment to strategic investors. Ms. Do Thanh Hoa, General Director of Cloud Gate Group – the project's investor, shared: “The company received very timely support and cooperation from the local government to facilitate the project's commencement. This is a crucial motivation for us to complete the project on schedule, with quality, and most importantly, to deliver on the values we have committed to our customers and the local community.”
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| Workers at Luc Thiem Dak Lak Garment Co., Ltd. (Tan An Industrial Cluster, Tan An Ward). Photo: K. Le |
The spirit of reform has also spread to units directly working with businesses. The Phu Yen Economic Zone Management Board has reduced the processing time for administrative procedures under its authority by approximately 30%, focusing on investment, construction, and labor. The effectiveness of this approach is clearly demonstrated by the case of Concept Eyewear Manufacture Vietnam Company in Hoa Hiep Industrial Park. With the support of the Phu Yen Economic Zone Management Board, the company has been able to expand its production scale from 80,000-100,000 products/month to 250,000-300,000 products/month, creating jobs for hundreds of workers. Not only has production increased, but the company's products also meet the stringent standards of the US, European, and French markets. Mr. Hanayoshi, a business representative, stated that timely support in terms of procedures and infrastructure is a key factor in helping businesses confidently expand investment and enhance their competitiveness in the international market.
However, economic experts also believe that for this "boost" to translate into sustainable growth, Dak Lak still needs to address long-term challenges such as improving the quality of human resources, enhancing access to capital for small and medium-sized enterprises, and strengthening value chain linkages.
Source: https://baodaklak.vn/kinh-te/202512/cu-huych-cho-kinh-te-tu-nhan-1060366/
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