Vinh Phuc private enterprises firmly integrate

In the context of increasingly deep international economic integration, private enterprises in the province have proactively invested in modern machinery lines, promoted the application of science and technology, focused on training high-quality, flexible, creative human resources, improved product quality, and solid competitiveness for integration.

Vinh Yen Shoe Joint Stock Company is a reputable enterprise specializing in processing shoes for export to markets in Europe, America, Germany, Japan, and Korea.

Of the nearly 8,500 businesses operating effectively in the province today, more than 90% of them are small and medium-sized private enterprises. However, every year, this sector contributes positively to increasing budget revenue and creating jobs for a large number of workers in the province.

In 2024, the province's private economic sector will maintain jobs for about 400,000 workers, accounting for 66.1% of the province's total workforce; the average income will reach 8.2 million VND/person/month; especially contributing nearly 53.8 trillion VND to the province's GRDP, 1.8 times higher than in 2017, accounting for more than 31.07% of the province's total GRDP and contributing 1.98% to the province's overall economic growth. The average growth rate of the private economic sector in the 2017-2024 period will reach 7.1%, which is average compared to the national average.

A typical example is Cosmos Technology Company Limited (Cosmos Company), a 100% domestic-owned enterprise. The company was established in 2005, in Khai Quang Industrial Park (Vinh Yen), specializing in designing and processing molds/jigs, manufacturing stamping, welding, turning, bending components... (precision mechanical components) supplying leading automobile, motorbike, and household product manufacturers in Vietnam such as Honda Vietnam , Panasonic Vietnam, Goshi Thang Long Vietnam, Nissin Brake Vietnam.

Thanks to investing in modern freeze-dried medicine technology lines, Vinh Phuc Pharmaceutical Joint Stock Company - Vinphaco has exported pharmaceutical products to 10 countries and territories around the world .

Since its establishment, the company's leaders have always actively learned management styles and methods from countries with developed precision mechanical accessories manufacturing industries such as Europe, Japan, the United States, France...; regularly sending officers, technicians, and employees to study and apply them to the company's management work.

Along with that, the company always determines that product quality is the lifeblood of the business, so along with strict quality management and continuous improvement according to the quality management system ISO 9001:2015, IATF 16949:2016 and ISO1 4001:2015 which are strictly applied and continuously improved throughout the factory, the company fully invests in modern precision measuring equipment used in measuring accessories with absolute precision to check the suitability of the product.

At the stages of manufacturing precision mechanical components, the company equips modern equipment, ensuring labor safety for workers, while contributing to improving the quality of delivered products.

With prestige in terms of time, quality, and product price, Cosmos Technology Company Limited has been and is a reliable partner of domestic and export customers; each year providing millions of high-quality precision mechanical accessories to partners... becoming the leading supplier in Vietnam in the field of precision mechanical industry.

If in the first year of establishment (2005), the company only had 60 workers with a revenue of several tens of billions of VND/year, now the company has 2 factories located in Vinh Phuc and 1 factory in Phu Tho province, attracting more than 1,700 workers. From 2020 to now, despite the impact of the Covid-19 epidemic, the company has created enough jobs for more than 1,700 workers, of which 450 are from Vinh Phuc with an average income of 8.5 million VND/person/month. In the past 5 years, the company has paid 20 - 25 billion VND in taxes to the state budget each year.

To maintain its position as the leading manufacturer of injectable drugs and freeze-dried powders in Vietnam, in the context of fierce competition in product quality and price with domestic and foreign enterprises in the integration period, in recent years, Vinh Phuc Pharmaceutical Joint Stock Company - Vinphaco has constantly innovated, focused on investing in research and development, cooperated well with universities and research institutes, applied science, technology and engineering in researching new products, improving formulas and preparation techniques, improving the quality and treatment effectiveness of specific specialty drugs, and enhancing product competitiveness.

Since 2023, the company has cooperated with the Vietnam Lung Association to successfully conduct a clinical research project on the application of the drug Vinsalpium produced by the company in the treatment of chronic obstructive pulmonary disease (COPD). It has been proven that the drug Vinsalpium produced by the company ensures safety and effectiveness equivalent to the original imported drug from Europe, but at a lower price.

In 2024, the company will invest in a new production line using BFS technology for injections in plastic packaging, aerosols, and eye drops. Actively implementing digital transformation, deploying international standard ERP business management software SAP S/4HANA, officially operating from November 4, 2024.

Currently, the company's pharmaceutical products are present in more than 10 markets in ASEAN and Central Asia. In 2024, Vinphaco continues to be listed in the Top 100 Golden Star Enterprises of Vietnam. This is a national award held annually to honor the leading enterprises, brands, and products in Vietnam.

The company continues to innovate, promote the application of science and technology in production, improve the quality of human resources, research and produce many specialized drugs with high quality and treatment effectiveness, serving the medical examination and treatment for people in the country and for export.

Workers of Cosmos Technology Co., Ltd. produce high-quality precision mechanical parts on advanced, modern technological lines.

Recognizing the role of integration and product competition for private enterprises, the province has implemented many practical support policies such as: Science and technology enterprise development program, innovation support fund, start-up competitions, technology supply and demand connection program... Through on-site and direct investment promotion activities in a number of countries, seminars and cooperation with research institutes and universities, the province has created a favorable environment for enterprises to boldly innovate, invest in technology, and improve competitiveness.

Implementing Resolution No. 68 of the Politburo on private economic development, in early June 2025, the Provincial Party Standing Committee issued Action Plan No. 285, with 3 goals, 3 requirements, and 7 targets to strive for by 2030: Economic growth rate from the private economic sector in the province increases by an average of 12 - 13%/year; the proportion of the private economy accounts for 35 - 40%/year; the number of enterprises operating in the private economy is 20,000 enterprises with 80,000 business households; the labor productivity growth rate is 13 - 15%/year, much higher than the general target of the whole country. Accordingly, the province directs all levels, sectors, and localities to create favorable conditions and timely support policies for enterprises to integrate deeply and widely, bringing high economic efficiency.

With the support of the government and the unceasing efforts of the business community, Vinh Phuc private enterprises are gradually shaping an innovative, dynamic and highly competitive economic ecosystem, firmly integrating into the international economy in the century of national development.

Article and photos: Xuan Nguyen

Source: http://baovinhphuc.com.vn/Multimedia/Images/Id/130116/Doanh-nghiep-tu-nhan-Vinh-Phuc-vung-vang-hoi-nhap