Creating a 'double lever' for economic development

Following the merger of Tuyen Quang and Ha Giang provinces into Tuyen Quang province, it is evident that the combination of the leading role of state-owned enterprises and the dynamism of private enterprises is creating a "double leverage" for Tuyen Quang's economic development. From policies removing barriers to entrepreneurship to improving the efficiency of state capital management, the province is striving to improve the investment environment to attract resources from all economic sectors…

Production activities at MSA YB Co., Ltd. ( Tuyen Quang ). Photo: Minh Tam/TTXVN

Strengthening confidence

In the first quarter of 2026 alone, Tuyen Quang province saw the establishment of 327 new businesses, a 144% increase compared to the same period in 2025; and 120 businesses resuming operations, a 30% increase compared to the same period in 2025. Significantly, not only did the number of businesses increase, but the capital scale of newly established businesses also rose noticeably, reflecting a trend towards systematic investment and expansion of production and business across various sectors. The total registered capital of newly established businesses exceeded 1,902 billion VND, a 366% increase compared to the same period in 2025. To date, the province has 6,588 businesses with a total registered capital of over 95,421 billion VND.

According to Mr. Nguyen Phuong Nam, Vice Chairman of the Tuyen Quang Provincial Business Association, the strong increase in newly established businesses is of paramount importance to the local economic development. This signals that the confidence of the business community is being strengthened, contributing to expanding production and business scale, creating more jobs, and increasing revenue for the budget. Especially in the context of the province's determination to achieve double-digit growth in 2026, the business sector, particularly newly established businesses, is a crucial addition that increases production capacity, boosts consumption, activates supply chains, and creates momentum for economic growth.

At a recent meeting with the Provincial Steering Committee for Private Economic Development, Provincial Party Secretary Hau A Lenh, Head of the Steering Committee for Private Economic Development in Tuyen Quang province, emphasized the need to continue reforming perceptions and identifying the private economy as one of the important driving forces for the province's economic growth. Based on this, all levels and sectors should proactively concretize the Central Government's guidelines, especially the spirit of Resolution No. 68-NQ/TW dated May 4, 2025, of the Politburo on private economic development, into mechanisms and policies suitable to practical conditions; focusing on resolving difficulties and obstacles for businesses in a substantive and effective manner.

At the same time, it is necessary to emphasize the responsibility of leaders in directly leading and supporting businesses; clearly assigning responsibilities, tasks, and expected results in implementation. Support for the development of the private economy needs to shift from general support to focused and targeted support linked to improving the quality and competitiveness of businesses.

Notably, the Head of the Steering Committee also issued the 2026 work program, demonstrating a strong determination and concrete steps to create a favorable environment, unlock resources, and enhance the role of private enterprises in the province's socio-economic development. This program emphasizes strengthening the leadership and guidance of Party committees and authorities at all levels; and close coordination among departments, sectors, and localities in implementing tasks and solutions for the development of the private economy. Furthermore, supporting and assisting businesses is identified as a regular and continuous task with the spirit of "putting businesses at the center of service."

Meanwhile, the state-owned economic sector continues to play a crucial role in essential areas such as public services, energy, infrastructure, and finance, making a significant contribution to GRDP growth, ensuring social security, and stabilizing the local economy.

Representatives from the Tuyen Quang Department of Finance stated that state-owned enterprises (100% state-owned) and those with over 50% state ownership under the management of the Provincial People's Committee are operating efficiently, preserving state capital invested in the enterprises, and fulfilling their obligations to the state budget. Furthermore, they comply with regulations, ensure employment for workers, and submit reports as required. However, reality shows that this sector still has shortcomings and limitations such as: some enterprises are slow to innovate technology, have inefficient management, and their production and business efficiency is not commensurate with the resources they possess…

Currently, Tuyen Quang province is decisively directing the restructuring of state-owned enterprises in accordance with the central government's guidelines, linked to the province's infrastructure and industrial development strategy. Specifically, it is focusing on perfecting the institutional framework and mechanisms for managing state capital, clearly separating the functions of state management and the functions of representing the owner. This is considered a breakthrough to improve the efficiency of the state-owned economic sector.

Alongside prioritizing investment in key, essential, and highly spillover sectors such as strategic infrastructure and energy, and strongly promoting innovation and digital transformation in state-owned enterprises, the province is accelerating the restructuring of this sector in conjunction with reforming governance models and applying modern governance standards in accordance with international practices, aiming for all state-owned corporations and companies to adopt advanced governance principles…

Expectations for the emulation movement

With the aim of fostering innovation and the aspiration for advancement among the business community and entrepreneurs, promoting the rapid, sustainable, and efficient development of private enterprises; and simultaneously enhancing the leading and pioneering role of state-owned enterprises in restructuring the economy, Tuyen Quang is implementing the emulation movement "Strongly developing private enterprises and improving the efficiency of state-owned enterprises" in the province.

According to Mr. Phan Huy Ngoc, Deputy Secretary of the Provincial Party Committee and Chairman of the People's Committee of Tuyen Quang province, the movement will last from now until 2030, divided into two phases: Phase I from 2026 to June 11, 2028; and Phase II from July 2028 to 2030, aiming to concretize the Central Government's major policies on the development of private and state-owned economies, creating momentum to promote rapid and sustainable growth, and enhancing the province's competitiveness in the new period.

Notably, the content focuses on innovating management thinking towards a development-oriented approach, accompanying and supporting businesses; improving a transparent, favorable, and open investment and business environment; removing obstacles and unlocking resources in land, capital, human resources, and science and technology for business development; promoting support for innovative startups, digital transformation, and green transformation; and fostering production linkages, value chains, and the deeper participation of private enterprises in domestic and global supply chains.

The movement also aims to improve production and business efficiency, promote the application of science and technology, artificial intelligence, and emerging technologies; build modern management models, enhance competitiveness, develop brands, fulfill social responsibilities, care for the lives of workers, and build a team of entrepreneurs who are courageous, intelligent, ethical, and possess a strong business culture.

Chairman of the People's Committee of Tuyen Quang province, Phan Huy Ngoc, emphasized that by 2030, the province aims for an average annual growth rate of 10.5% in Gross Regional Domestic Product (GRDP); a minimum of 20% of GRDP will be contributed by the digital economy; and labor productivity will increase by an average of 6-7% per year. The province will have approximately 10,000 operating businesses; the private sector will grow at an average rate of 10-12% per year, contributing about 35-40% to the state budget, 55-58% to the province's GRDP, and providing employment for about 85% of the total workforce. Simultaneously, the province will effectively implement the program to develop 1,000 exemplary businesses that are pioneers in innovation, digital transformation, green transformation, circular economy, and the development of high-tech industries…

Source: https://baotintuc.vn/kinh-te/tao-don-bay-kep-cho-phat-trien-kinh-te-20260507120054138.htm