Removing 'bottlenecks' to create momentum for breakthrough in the capital's private economy

Towards the goal of having 300,000 private enterprises by 2030, Hanoi needs to focus on removing "bottlenecks" in institutions and the investment environment.

This is considered a prerequisite for unlocking resources and creating momentum for breakthroughs in the private sector – a crucial pillar in the capital's new growth model.

Improve the investment environment

For the 2025-2030 term, Hanoi aims for an average annual GRDP growth rate of 11% or higher, with the private sector making significant contributions. According to Nguyen Van Phong, Deputy Secretary of the Hanoi Party Committee, achieving a growth rate of 11% or higher is a very significant challenge and a very high target. Therefore, without breakthrough solutions in both thinking and action, it will be very difficult to achieve.

The Hanoi Party Committee aims to develop the private sector into the most important driving force of the capital's economy. By 2030, Hanoi plans to have approximately 300,000 private enterprises, making a strong contribution to growth, employment, and social welfare. Hanoi also plans to establish city-level technology enterprises in the fields of science , innovation, and digital transformation, acting as "guides" for the private sector in its green and digital transformation journey.

Deputy Secretary of the City Party Committee Nguyen Van Phong visits, extends New Year greetings, and encourages workers. Photo: Dinh Hiep.

Speaking at a scientific conference themed "Unlocking Resources - Breaking Through the Development of the Capital's Private Economy," Professor Hoang Van Cuong, former Vice Rector of the National Economics University, argued that Hanoi must create a truly attractive investment environment for businesses to be willing to invest in projects. "There are many projects in Hanoi that are attractive to businesses. If there is a good mechanism, even the 14 urban railway lines would attract investment," said Professor Hoang Van Cuong.

According to Dr. Nguyen Minh Thao of the Institute for Policy and Strategy Research, Hanoi's GRDP growth tends to be higher than the national average, but it has not yet achieved a breakthrough. In particular, micro and small enterprises account for a large proportion of Hanoi's business sector. Business development in Hanoi is showing signs of slowing down.

To develop the private economy, Mr. Nguyen Minh Thao proposed that Hanoi urgently implement tasks and solutions in accordance with the Central Committee's resolution, while simultaneously creating a transparent, stable, safe, and easily enforceable business environment; placing citizens and businesses at the center. Regarding public services, it is necessary to upgrade services supporting businesses; establish mechanisms for dialogue, receiving and addressing difficulties and suggestions from businesses and citizens.

A pillar for enhancing the competitiveness of the private sector.

Dr. Nguyen Dinh Cung, former Director of the Central Institute for Economic Management Research, emphasized the crucial role of private sector development in the development of the capital city. To achieve this, the city must first significantly improve its investment and business environment.

“We all agree that this solution is not costly but has a significant impact on mobilizing investment capital for business development, especially for private enterprises, and is the most anticipated by the business community. The focus of administrative procedure reform is to remove all barriers so that businesses and individuals can innovate, freely conduct business in anything that is not prohibited by law,” emphasized Dr. Nguyen Dinh Cung.

Hanoi is focusing on removing administrative barriers to create momentum for businesses.

In that spirit, Dr. Nguyen Dinh Cung also suggested that the city minimize interference and eliminate administrative barriers, the "request-and-grant" mechanism, and the "if you can't manage it, ban it" mentality. At the same time, the city should create all favorable conditions for resolving administrative procedures; clearly assign responsibilities and decentralization between different levels and sectors of each agency and unit, and clearly define the responsibility of the head of each agency in resolving administrative procedures.

Also at the conference, Mr. Nguyen Trung Chinh, Chairman of the Board of Directors of CMC Technology Group Joint Stock Company, said that the digital economy is expected to account for 40% of the city's GRDP in the next 20 years, in line with the direction of Resolution 57-NQ/TƯ on breakthrough development of science, technology, innovation and digital transformation.

Mr. Nguyen Trung Chinh believes that, to achieve that goal, Hanoi needs to consider digital transformation as a central focus and pillar for development, helping to improve productivity, management efficiency, and competitiveness for the private sector – the mainstay of the capital's economy.

In particular, Hanoi needs to develop an "AI Development Strategy," integrating it into the Capital's Digital Economy and Digital Society Development Strategy until 2030, with a vision to 2045; at the same time, it needs to develop a comprehensive innovation ecosystem, enhancing the scientific and technological capacity and innovation of the Capital.

Source: https://baotintuc.vn/kinh-te/go-nut-that-tao-dong-luc-but-pha-kinh-te-tu-nhan-thu-do-20251015105442186.htm