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Recognized contributions
According to statistics, the province currently has over 3,550 operating businesses, the majority of which are small and medium-sized enterprises (SMEs). Given the challenging conditions in this mountainous region regarding infrastructure, technology, and markets, the presence and stability of SMEs demonstrate a significant effort within the province's economic strength.
In addition to contributing to production, businesses also create tens of thousands of jobs, promote urbanization, and play a key role in realizing the goals of economic restructuring towards a rapid increase in the proportion of industry and services.
The province's socio-economic report for the first quarter of 2025 shows a GRDP growth rate of 9.58%, ranking 12th nationwide and 5th out of 14 provinces in the Northern Midlands and Mountains region. These impressive figures are significantly contributed by the SME community, businesses that have been striving to overcome difficulties, adapt flexibly, and play a "dual engine" role in driving growth.
However, reality also shows that SMEs are facing many challenges such as: difficult access to credit, limited production space, low-quality workforce, outdated technology, and lack of market expansion capabilities. In this context, the Government's issuance of Directive No. 10 dated March 25, 2025, on promoting the development of SMEs is a timely and strategic decision.
"Institutional leverage"
With the spirit of "actions speak louder than words," Yen Bai province has quickly issued a specific action plan and implemented comprehensive solutions across the entire political system, considering this as an "institutional lever" to improve the quality of the investment and business environment and foster new development drivers for the province.
Immediately after Directive No. 10 was issued, the Provincial People's Committee developed Plan No. 75 dated April 10, 2025, to implement it specifically, aiming to have at least 5,000 effectively operating businesses by 2030. To realize this goal, the province determined that it must change its approach: instead of "requesting and granting," it must shift to "serving and accompanying"; instead of "managing," it must shift to "creating." This mindset is clearly reflected in the guiding principle of "6 clear points": "clear person, clear task, clear responsibility, clear authority, clear time, clear results" - a declaration of institutional reform linked to the specific political responsibility of each level, each sector, and each official.
The focus of the plan is administrative reform, creating maximum convenience for citizens and businesses. The province aims to reduce the processing time for administrative procedures by at least 30%, cut compliance costs by at least 30%, and abolish unnecessary business conditions. The strong shift from "pre-approval" to "post-approval" is a crucial change in mindset, affirming the government's trust in businesses, respect for autonomy, and promotion of dynamism and innovation in the private sector.
Authorities at all levels must consider the difficulties of businesses as their own. The province organizes numerous dialogue conferences, and models such as "Businessmen's Coffee" and "Weekends with the People and Businesses" become regular channels for interaction to resolve obstacles, thereby building strong trust between the government and the business community. This is not just an administrative action but a political commitment – affirming the role of a service-oriented government.
Practical action
Along with administrative reform, infrastructure development is considered a strategic task to increase the competitiveness of the entire province. By 2025, Yen Bai strives to disburse over 95% of public investment capital, prioritizing transportation projects, regional connectivity, industrial park infrastructure, and logistics – fundamental elements to attract investment, especially from large enterprises, creating a ripple effect and "leading - activating" the development of SMEs according to the "together we go, together we develop" model.
Leaders of New Urban Architecture Co., Ltd. introduce their products to consumers.
Beyond developing existing infrastructure, Yen Bai province has proactively proposed strategies for developing new industries such as semiconductors, electronic chips, and digital technology, opening up new economic opportunities, stimulating private investment, and creating chances for SMEs to participate in global supply chains. This bold approach demonstrates the forward-thinking vision and innovative mindset of the provincial leadership in creating a "new generation business ecosystem" aimed at high added value, sustainability, and environmental friendliness.
One of the inherent bottlenecks for SMEs is a lack of capital. To facilitate the flow of credit, Yen Bai province has directed the State Bank of Vietnam's Regional Branch 4 to lead programs supporting access to finance, focusing credit on production, export, digital transformation, innovation, and the green economy. Credit institutions are encouraged to reduce costs and promote lending based on future assets – a practical solution for startups or businesses lacking traditional collateral.
Specifically, outstanding loans for agricultural and rural development under Government Decrees No. 55 and No. 116 reached over VND 22,870 billion by April 30, 2025, an increase of 7.4%; estimated to reach VND 22,950 billion by May 31, 2025, an increase of 7.8%, accounting for over 44% of total outstanding loans. Outstanding loans for the export sector reached VND 954 billion by April 30, 2025, an increase of over 36%, accounting for 1.9% of total outstanding loans; estimated to reach VND 965 billion by May 31, 2025, an increase of 37.7%.
Furthermore, Yen Bai focuses on training human resources to meet the needs of businesses. Models linking training, recruitment, and employment, such as "Training on demand" and "Job fairs," have been creating a sustainable foundation for long-term development. Simultaneously, the province is promoting digital transformation, e-commerce, brand development, and trade promotion to help businesses expand their markets and participate more deeply in global value chains.
A prominent highlight in Yen Bai's strategy of supporting businesses is the increasingly substantive role of the Provincial Business Association. From its position as a "member representative," the Association is now also entrusted with the roles of policy critique, law enforcement monitoring, training organization, building business culture, and promoting international integration…
The government expects the Association to not only be a place to "convey messages" but also a center for connecting the business community, forming a team of entrepreneurs with courage, capacity, and a spirit of innovation. This will strengthen the "internal power" of the private economic sector, making a significant contribution to realizing the province's sustainable and comprehensive development goals.
The implementation plan for Directive 10 sends a strong message from the Yen Bai provincial government: businesses are the center and driving force of development. With a long-term vision, decisive action, and synchronized solutions, this plan will be a "lever" to help SMEs make a strong breakthrough in the coming time. Only when a truly favorable, transparent, and efficient investment and business environment is created can SMEs become the pioneering force in realizing Yen Bai province's development aspirations – rapid, sustainable, and inclusive development.
Hong Duyen
Source: https://baoyenbai.com.vn/12/351669/Quyet-tam-chinh-tri-and-hanh-dong-thuc-tien.aspx
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