Creating momentum for private economic development in the new period

(Baothanhhoa.vn) - Resolution No. 68-NQ/TW dated May 4, 2025 of the Politburo on private economic development (PED) is considered one of the four important breakthrough pillars, opening a new era for Vietnam's development. Thoroughly grasping the spirit of the Resolution, the Standing Committee of Thanh Hoa Provincial Party Committee has issued a specific Action Plan, demonstrating high political determination, proactiveness and strategic vision for the PED to truly become a strong, key driving force, actively contributing to the socio-economic development of the province.

Sao Mai Group Branch - Lam Kinh Resort & Spa (LAMORI Resort & Spa) and XpRienzb Vietnam Management Consulting Company (XVMC) signed a strategic cooperation agreement towards the sustainable development of the tourism industry.

In recent years, consistently implementing the Party and State's policy on private economic development, the Provincial Party Committee, People's Council and People's Committee of Thanh Hoa province have issued and deployed many practical support mechanisms and policies, contributing to promoting the strong development of the private economic sector, making a positive contribution to socio-economic growth. Notable among them are Resolution No. 214/2022/NQ-HDND on enterprise development for the period 2022-2026 and the Enterprise Development Project for the period 2021-2025. Along with the issuance of mechanisms, the Provincial People's Committee and relevant agencies have implemented many solutions in administrative reform, improving the investment environment, strictly implementing the principle of "4 increases, 2 decreases, 3 nos" (enhancing the application of information technology, enhancing publicity and transparency, enhancing dialogue, enhancing coordination; minimizing administrative procedures, minimizing unofficial costs; no hassle, no harassment, no difficulty).

In the 2017-2024 period, the private economy contributed an average of about 58.69% of the province's GRDP (in 2024 alone, it reached about 54.21%), mobilized over 60% of total social investment capital (in 2024, it is estimated to reach 90.55 trillion VND, accounting for 65% of total social investment capital, 1.73 times higher than in 2017) and paid to the State budget an estimated 73.9 trillion VND (in 2024, nearly 13 trillion VND, accounting for 36.5% of total domestic revenue, 2.4 times higher than in 2017). From 2017 to now, the whole province has 28,750 newly registered enterprises with a total charter capital of VND 255,938 billion, the average charter capital reached VND 8.9 billion/enterprise, an increase of VND 3.6 billion compared to 2017... The scale of enterprises is constantly expanding, especially the reach of 304 enterprises exporting to 68 countries and territories, reaching a value of about 6.3 billion USD. KTTN also creates stable jobs for more than 1.16 million workers, with an average income in 2024 reaching VND 8.8 million/person/month, an increase of VND 4.1 million compared to 2017.

Mr. Cao Tien Doan, Chairman of Thanh Hoa Provincial Business Association, said: "Thanh Hoa private economic sector has made great strides, becoming an important driving force for the province's development. However, for private economic sector to truly grow and become a solid pillar, we need to frankly acknowledge internal difficulties and external challenges. Private enterprises still face "barriers" in accessing capital, especially long-term capital for technology investment. Although administrative procedure compliance costs have decreased, there are still some points that are not really transparent at some levels and sectors. Moreover, finding and "retaining" high-quality human resources in the context of fierce competition is also a difficult problem. We hope that support policies need to be more specific, go into depth, focus on removing each bottleneck, especially creating the most favorable conditions for the business environment, minimizing legal risks and unofficial costs so that businesses can confidently invest and develop sustainably."

However, it must be frankly acknowledged that Thanh Hoa's private sector still has inherent limitations that need to be fundamentally and promptly resolved to avoid hindering the overall development momentum. The contribution of private sector to the province's economic growth is not really commensurate with its existing potential and advantages. Operational efficiency is not high when the majority of enterprises are still small and micro-sized (26,227 enterprises with capital under 10 billion VND, accounting for 91.2%), leading to limited ability to mobilize capital to expand production and business, low competitiveness, and difficulty in accessing capital, land and technology. In reality, attracting medium and long-term capital for high-tech projects is still a major "bottleneck", causing difficulties in modernizing production. The level of value chain linkage is still weak, especially between large enterprises, FDI enterprises and small and micro enterprises, reducing spillover effects and missing opportunities to participate more deeply in the global supply chain.

In the context that Thanh Hoa has been realizing its new growth pole in the North in the spirit of Resolution No. 58-NQ/TW of the Politburo, the strong development of the private economic sector is not only an urgent requirement but also a drastic breakthrough solution, based on practical foundations and strategic vision to perfect institutions and policies in a synchronous and substantial manner to create a transparent and equal business environment, maximally encouraging the development of the private economic sector. Improving the quality of human resources for the private economic sector, encouraging young people to start businesses and enhancing the capacity for connection and innovation in the business community. Promoting administrative reform and regularly dialogue and listening to opinions from the business community through conferences, forums, and channels for receiving feedback to promptly remove difficulties and obstacles arising in practice are key factors to build trust and create motivation for the private economic sector to develop.

With the highest political determination, along with strong support from authorities at all levels as well as sectors and the business community, Thanh Hoa Economic Zone will certainly continue to develop rapidly, becoming the main driving force to promote economic growth, making an important contribution to the journey of building a rich, civilized and modern Thanh Hoa province.

Article and photos: Minh Hieu

Source: https://baothanhhoa.vn/tao-da-phat-trien-kinh-te-tu-nhan-trong-giai-doan-moi-255982.htm