Take public investment as a lead to attract private capital flows

Footwear manufacturing and processing factory of Yen Chau Shoe Joint Stock Company, Yen Chau commune.

Public investment resilience

According to the plan, in 2025 Son La strives for a GRDP growth rate of 8%, with total social investment capital for the year of about 23,000 billion VND, of which public investment accounts for over 6,600 billion VND. Public investment is identified by the province as the "key" to creating trust for businesses. Mr. Nguyen Van Phong, Deputy Director of the Department of Finance, said: Each public capital spent can attract 4-5 private capital. Accordingly, the province has directed synchronous solutions, established working groups to remove difficulties for key projects, focused on investing in completing socio -economic infrastructure, infrastructure of industrial parks and clusters, attracting businesses to invest in potential and strong fields, such as: high-tech agriculture, tourism services, renewable energy.

Up to now, the province has reviewed and planned 15 industrial clusters into the Son La Provincial Planning for the period 2021-2030, with a vision to 2050. Special attention has been paid to investment in transport infrastructure towards expanding regional connectivity. Son La has completed the National Highway 6 bypass, started construction of the Hoa Binh - Moc Chau expressway, accelerated the project to upgrade the road connecting National Highway 37 with 279D, and promoted socialized investment in Na San Airport.

In parallel, implementing the movement of building rural roads associated with building new rural areas, up to now, more than 857 km of roads have been solidified. Electricity, water and telecommunications systems have been expanded to remote areas - an important foundation to welcome businesses. By July 2025, Son La will have 60 hydropower plants with a capacity of 3,790 MW, an average output of 12 billion kWh/year; many factories processing agricultural products, fertilizers, coffee, vegetables and fruits have been put into operation.

From 2023 to July 2025, the province has approved the investment policy of 53 projects, with a total registered capital of more than 31,400 billion VND. A number of large-scale factories have been started and inaugurated, such as: Yen Chau Shoe Joint Stock Company's footwear manufacturing and processing factory; Mavin Mai Son animal feed and agricultural product processing factory complex. In September, it is expected that BHL Modified Starch Processing Factory, BHL Son La Agricultural Product Processing Joint Stock Company, and Mai Son Industrial Park will be inaugurated. These projects will increase production capacity and create jobs for thousands of local workers.

Thanks to administrative procedure reform, accelerating site clearance, and completing traffic, electricity, and water infrastructure, the Yen Chau Shoe Joint Stock Company's footwear manufacturing and processing factory in Yen Chau commune has been inaugurated. The project has a total investment of nearly 50 billion VND, and the factory is expected to employ about 2,000 workers, with an average income of 4-6 million VND/person/month. Currently, the factory has installed 300 modern machines and equipment and is in stable production, creating regular jobs for over 450 workers.

Mr. Doan Xuan Ngoc, Chairman of Yen Chau Commune People's Committee, said: During the implementation process, Son La Provincial People's Committee, Yen Chau Commune and the provincial departments and branches actively supported and removed difficulties in land, construction and environmental procedures, helping the project to be completed on schedule. Along with construction, labor recruitment and training were organized throughout the communes. Many workers were sent to training at production facilities in Phu Yen and Hanoi.

Operating in the field of agricultural processing, Ms. Chu Thi Kim Doanh, Director of BHL Son La Agricultural Processing Joint Stock Company, Mai Son Industrial Park, Chieng Mung Commune, shared: If there were no highways, electricity and water infrastructure invested synchronously, it would certainly be difficult for us to make the decision to expand the factory in Son La. Public investment has created confidence for businesses to confidently invest long-term capital.

Bach Long Glass Bridge Moc Chau Island Tourist Area attracts many tourists to visit and experience.

Developing tourism infrastructure, in the period of 2021-2025, Son La province allocated nearly 1,150 billion VND for 14 projects; the whole province attracted 13 investment projects in the fields of tourism, services, trade, agriculture, with registered capital of 14,515 billion VND. The whole province has 641 accommodation establishments, including 29 hotels and resorts from 1 to 5 stars. In the first 7 months of 2025, Son La welcomed more than 3.26 million visitors, with revenue of about 3,825 billion VND. These impressive figures show that public investment in infrastructure, promotion, and tourism promotion creates "leverage" for private enterprises to boldly invest in hotels, homestays, and services.

Solutions to promote public investment

Mr. Nguyen Van Phong, Deputy Director of the Department of Finance, proposed three groups of solutions to promote public investment to lead private enterprise investment: Accelerate disbursement of public capital, focusing on key infrastructure such as the Hoa Binh - Moc Chau Expressway, Mai Son Industrial Park, and routes connecting raw material areas. Improve the investment environment, simplify procedures, apply digital technology, and enhance dialogue with businesses. Encourage public-private partnership (PPP), ensuring harmony of interests between the State, businesses, and people.

Production shift at Phuc Sinh Son La Joint Stock Company, Chieng Mung commune.

Son La province focuses on promoting the mobilization and effective use of social resources to create momentum for rapid and sustainable economic development. Effectively exploit the province's potential and comparative advantages, especially in the following areas: High-tech agriculture, agricultural processing industry, eco-cultural tourism, logistics services. Develop economic sectors with high added value, associated with innovation, digital transformation and development of green economy and circular economy. Promote the implementation of public investment plans, striving to complete 100% of the assigned plan.

Continue to build and perfect the system of mechanisms and policies suitable for the requirements of regional development and connectivity; review and adjust the planning of Son La province for the period of 2021 - 2030, with a vision to 2050. Accelerate the implementation of projects: Hoa Binh - Moc Chau Expressway, Son La section; Moc Chau urban - inner city main axis... Continue to monitor the progress of the Ministry of Construction submitting to the Government and the Politburo for approval the Project on orientation to mobilize socialized capital for investment in airport infrastructure to proactively update the "Project on socialization of investment and exploitation of Na San Airport". Coordinate with the Civil Aviation Authority of Vietnam and the Ministry of Construction in the work of developing the detailed planning of Na San Airport, period 2021 - 2030, with a vision to 2050 as a basis for attracting investment to implement the project under the form of PPP contracts.

In practice, public investment is an important lever to lead and unleash private resources. The synergy between public and private capital continues to help Son La make breakthroughs in infrastructure, industry, services, and agriculture. Each completed infrastructure project and investment project will realize the target of 8% GRDP growth in 2025, creating the premise for double-digit growth in the following years.

Source: https://baosonla.vn/phong-su/lay-dau-tu-cong-dan-dat-thu-hut-dong-von-tu-nhan-JnjrgqrNR.html