Step by step forming an ecosystem for private enterprise development

With the view that "enterprises are the driving force for economic development", Vinh Phuc is gradually building an ecosystem to support businesses to develop a sustainable and effective private enterprise ecosystem, contributing significantly to the province's economic growth.

One of the key factors that helps private enterprises develop is the timely and flexible support of the provincial government. In recent years, the province has promoted administrative procedure reform, shortened the time for granting investment licenses and establishing enterprises, and strongly applied information technology in state management, creating maximum convenience for enterprises.

Hoang Anh Agritech Joint Stock Company - an effective private enterprise.

In May 2025, implementing Resolution No. 66 of the Government on the Program to reduce and simplify administrative procedures related to production and business activities, the Provincial People's Committee requested local departments and branches to review and implement in 2025 a reduction of 30% of conditions, 30% of time and 30% of compliance costs for administrative procedures related to production and business; 100% of procedures related to enterprises must be performed online, smoothly, transparently, minimizing paperwork; 100% of procedures must be performed regardless of administrative boundaries; 100% of internal procedures in each agency and between state administrative agencies must be reviewed and reduced in accordance with streamlining and reorganizing the apparatus, ensuring smoothness and efficiency.

By 2026, 100% of unnecessary, contradictory, overlapping, general, non-specific, and unclear conditions will be reduced and simplified; processing time will be reduced by 50% and compliance costs will be reduced by 50% compared to 2024.

The transport infrastructure system, industrial parks (IPs), and industrial clusters in the province are planned and invested synchronously, creating favorable conditions for private enterprises to develop production and business. IPs such as Khai Quang, Ba Thien, Thang Long Vinh Phuc ... not only attract foreign direct investment (FDI) enterprises but also serve as a fulcrum for private enterprises in the province to connect, learn and expand production scale. The province also focuses on investing in developing digital infrastructure, digital transformation, supporting enterprises to apply technology in management, sales, market connection and improving competitiveness.

To improve the quality of human resources, the province coordinates with training institutions to meet the increasing demands of businesses. Many vocational training, skills improvement, and job connection programs have been implemented, aiming to build a young, skilled workforce, ready to accompany businesses in the digital transformation and international integration period. The province has established a Credit Guarantee Fund for small and medium enterprises, helping businesses without collateral to still be able to borrow capital.

In particular, the province also expands the non-bank capital market by encouraging enterprises to issue bonds, attracting investment from international financial funds such as IFC, JICA, KOICA and cooperating with non-bank financial institutions to provide more flexible financial sources for enterprises.

Every year, the private economic sector actively contributes to increasing budget revenue and creating jobs for workers. Specifically, in 2024, this sector contributed VND 53,800 billion to the province's GRDP, 1.8 times higher than in 2017, accounting for 31.07% of the province's total GRDP and contributing 1.98% to the province's overall economic growth.

Vinh Phuc Pharmaceutical Joint Stock Company invested in a large-capacity injection production line to meet the maximum quantity of drugs needed for medical examination and treatment.

In recent years, the province's private economic sector has grown and developed rapidly. In general, in the period of 2017 - 2024, in the province, only the private economic sector's budget revenue growth rate had a positive growth rate of 11.28%/year, higher than the State sector (the State sector was -1.94%/year), the foreign sector (-4.53%/year) and the whole economy (-1.03%/year). This shows that the province's economy has gradually reduced its dependence on a number of foreign-invested enterprises.

With a synchronous development strategy, Vinh Phuc is gradually perfecting an efficient, sustainable private enterprise ecosystem that is capable of adapting to market fluctuations, contributing to realizing the province's double-digit economic growth target.

Article and photos: Mai Lien

Source: http://baovinhphuc.com.vn/Multimedia/Images/Id/130082/Each step to build a private enterprise