Hanoi creates a favorable environment for the private economy to break through

Vice Chairman of the Hanoi People's Committee Truong Viet Dung affirmed that the city is synchronously implementing solutions on institutions, digital infrastructure, credit and land to concretize the spirit of Resolution 68 of the Politburo on private economic development.

Speaking to reporters of the News and Ethnicity newspaper (VNA) on the sidelines of the 18th Hanoi Party Congress for the 2020-2025 term, Vice Chairman of the Hanoi People's Committee Truong Viet Dung affirmed that the goal of the above solutions is to turn the private economic sector into the most important driving force for development, making a greater contribution to GRDP growth and the competitiveness of the capital.

Concretize Resolution 68 with actions and numbers

In the context of Resolution 68-NQ/TW of the Politburo affirming that the private economy is "the most important driving force of the economy", how will Hanoi concretize this spirit in the next term, sir?

Along with science and technology (S&T), innovation (I&C) and digital transformation, the City identifies the private economy as an important component, creating vitality and competitiveness of Hanoi. The City has identified developing this sector to become one of the most important driving forces of growth. In that spirit, Hanoi is determined to have 300,000 - 350,000 effectively operating enterprises by 2030 (about 35 enterprises/1,000 people - equivalent to Malaysia), contributing to improving the competitiveness and production and business scale of the economy. Strive for the private economic sector to contribute 50% of GRDP by 2025, increasing to 55 - 60% in the period 2026 - 2030, with at least 3 large enterprises participating in the global value chain.

With the target of GRDP increasing by 8.0% or more in 2025 (about 63.5 billion USD in scale), the City has identified three main directions: Integrating private economic development into economic development plans and programs; Promoting digital transformation, innovation, strengthening the linkage between institutes - schools - enterprises to improve productivity; Encouraging private enterprises to participate in the global value chain, with an increasingly developing system of supporting enterprises.

This approach helps turn the spirit of Resolution 68 into concrete actions, measurable by actual results.

Vice Chairman of Hanoi People's Committee Truong Viet Dung.

What specific steps has Hanoi taken to encourage and facilitate private enterprise development in recent times?

Immediately after Resolution 68 was issued, the Hanoi Party Committee issued Plan 348 with 88 key tasks; on that basis, the City People's Committee issued Plan 196, assigning 105 specific tasks to each unit, based on the "5 clear" principle: Clear people, clear work, clear responsibilities, clear time and clear results.

At the same time, Hanoi has issued more than 80 policies to support small and medium enterprises in the 2026-2030 period, focusing on improving governance, developing production infrastructure, building a creative startup ecosystem, tax incentives, and financial support for key technology sectors. The city also promotes comprehensive digital transformation, shortens procedure processing time, and applies the "green lane" mechanism to important sectors.

In the first 9 months of 2025, Hanoi established about 25,000 new enterprises with registered capital of more than VND 240,000 billion (up 28% over the same period); the rate of operating enterprises reached 24.7 enterprises/1,000 people. By the end of 2025, there will be about 230,000 operating enterprises (97.2% are private enterprises), contributing about 48% of GRDP, creating nearly 80% of new jobs (200,000 jobs) annually.

The growth rate of private sector investment capital reached 7.3%/year, accounting for 57.8% of total social investment capital (equivalent to about 360 trillion VND). The city currently has about 350,000 households (more than 10,000 households have revenue of over 1 billion VND/year, making an important contribution to trade and services). However, like other provinces and cities across the country, the scale of enterprises and business households is still small (more than 80% of enterprises have capital of less than 10 billion VND), lack of technological resources, and have not participated deeply in the global supply chain.

These figures show that market confidence is strengthened, the investment and business environment is increasingly favorable, and the private economic sector is playing an increasingly prominent role in the capital's growth.

Increase resilience, clear bottlenecks

From management practice, what do you think are the biggest strengths and weaknesses of the private economic sector today?

Hanoi’s private enterprises have many bright spots: Dynamic, quick to seize opportunities, strong entrepreneurial spirit and high adaptability. Many enterprises have products that meet international standards, contributing to positioning the image of Hanoi as creative - dynamic - integrated.

However, the majority are still small and medium-sized enterprises, limited in medium and long-term capital, uneven management capacity, and weak chain linkages. Therefore, the City focuses on four main "levers": Supporting technological innovation and digital transformation; Developing high-quality human resources, linked to digital skill standards; Promoting linkages between industry clusters and supporting industries; Perfecting the mechanism to encourage green investment, raising governance standards according to international practices.

These solutions aim to increase overall productivity and resilience for businesses, helping them to stand firm and reach further in the global value chain.

The Vice Chairman of the Hanoi People's Committee said that the city is committed to strong administrative reform to facilitate the private economic breakthrough.

Businesses often complain that procedures are complicated, costs are high, and access to capital and land is difficult. What practical solutions does the city have to remove these “bottlenecks”?

The city is committed to strong administrative reform, measurable by specific results: Reducing business registration time from 3 days to 2 days, dissolution from 5 days to 3.5 days. Standardizing the "one-stop - one-time declaration" process, expanding online public services throughout the process. Applying "green channels" to key public investment projects. Publicizing clean land funds, transparent auctions, coordinating with banks to deploy preferential credit packages.

The city aims to reduce the number of dissolved enterprises to below 30%, with the digital economy accounting for 20% of GRDP (equivalent to 12.5 billion USD) by the end of 2025, creating new development momentum for the private sector.

What is the City's message to the private business community, sir?

The City Government is committed to accompanying, creating and serving, listening to businesses' opinions, and promptly resolving difficulties. In the coming time, Hanoi will maintain specialized meetings on Saturday mornings to listen directly to each industry and field, ensuring that policies are put into practice.

I believe that, with the mindset of the Capital and the actions of Hanoi, together with the government's determination to innovate and the spirit of self-reliance, daring to think and dare to do of businesses, Hanoi's private economic sector will make a spectacular breakthrough, becoming the most important growth driver, contributing to the goal of building a green, smart, and modern Capital.

Thank you very much!

Source: https://baotintuc.vn/thoi-su/ha-noi-kien-tao-moi-truong-thuan-loi-de-kinh-te-tu-nhan-but-pha-20251017153057921.htm