To "breakthrough" in the new era

Currently, there are about 13,200 enterprises in the province, of which small and micro enterprises account for the majority. In 2024, the province will have 1,400 newly established enterprises, but the number of dissolved and inactive enterprises is also equivalent to the above figure. This shows that the challenges that enterprises are facing are not small.

Mr. Tran Thieu Nha, Director of Phu Nhuan Jewelry Joint Stock Company (PNJ) Tay Nguyen - South Central Branch, said that in 2024 and the first quarter of 2025, we will witness many major fluctuations such as geopolitical conflicts continuing to drag on; inflation in many developed economies has not been fully controlled; the global supply chain has major adjustments.

The biggest barriers today are high capital costs, due to infrastructure investment costs, marketing, research and development; limited market, difficulty in reaching new customers and lack of effective distribution channels; lack of high-quality human resources not only in terms of expertise but also in terms of innovative thinking, ability to adapt to technology; at the same time, lack of access to cooperation opportunities, projects or trade connection opportunities from outside, Central...

For small start-up businesses, the pressure on cash flow, the ability to maintain operations and digital transformation are existential challenges. Therefore, specific support is needed to help businesses overcome these barriers. In addition, the current state mechanisms and policies still have many "bottlenecks", there are still mechanisms of asking - giving, cumbersome administrative procedures...

Workers work at Able Joy Dak Lak Garment Company Limited (Hoa Phu Industrial Park, Buon Ma Thuot City).

It is clear that the limitations on the development of private enterprises stem partly from the shortcomings of the institutional system and economic policies and the business environment. These "bottlenecks" not only restrain the growth rate of the private economic sector, causing its contribution to GDP to remain almost unchanged for more than a decade, but also prevent the economy from increasing its added value, escaping the middle-income trap, and slowing down the process of turning Vietnam into a high-income developed country by 2045 according to the Party's resolution and the people's expectations.

In order for the private economy to maximize its potential and become a driving force for the economy, in Directive No. 05/CT-TTg dated March 1, 2025 on key tasks and solutions to promote economic growth and accelerate disbursement of public investment capital, ensuring the national growth target of 8% or more in 2025, Prime Minister Pham Minh Chinh assigned the Ministry of Finance to urgently study, develop and submit to competent authorities for promulgation of resolutions on mechanisms and policies for breakthrough development of the private economic sector; identifying the viewpoint that the private economy must be one of the most important driving forces for growth, increasing labor productivity and competitiveness of the economy.

Along with that, in the solutions to improve institutions, mechanisms, policies, and legal regulations, the Ministry of Finance is assigned to conduct a comprehensive review of investment and business conditions, practice conditions, administrative procedures, and compliance costs of enterprises. At the same time, it must report to competent authorities to propose policies on exemption, reduction, and extension of taxes, fees, charges, and land rents, etc. to support people and enterprises, and promote production, business, tourism, and domestic consumption in 2025.

Recently, at the First Session of the Steering Committee for the Development of the Private Economic Sector Project, Deputy Prime Minister Nguyen Chi Dung emphasized that together with the Ministry of Finance, relevant ministries, branches and agencies must focus all their efforts, intelligence and time to complete the Draft Project for the Development of the Private Economic Sector. Accordingly, the completed Project must create a "push" for the private economy, ensure the removal of "bottlenecks" and barriers, and create excitement, trust and an open, attractive environment for the development of the private economic sector, which is the most important driving force for economic development.

To improve their position in the economy, in addition to the support and creation of a healthy, transparent and fair business environment by the state, enterprises need to innovate and adapt to the new context, which means that enterprises themselves must transform themselves.

According to a representative of the Dak Lak Young Entrepreneurs Association, artificial intelligence (AI), blockchain technology and big data are reshaping the way businesses operate. Meanwhile, the world economy is still in an unstable period, the trend of “localization” replacing “globalization” requires businesses to be more flexible. Private businesses need to improve their internal capacity, invest in technology and people.

Leverage AI and digital tools to optimize costs, improve services, and expand distribution channels. Develop a sustainable mindset to not only maximize profits but also contribute to the community and the environment. Instead of just considering AI as a tool, small businesses can leverage available AI platforms to improve operational efficiency without large investments.

Durian processing at a business in Cu M'gar district.

In addition, as General Secretary To Lam emphasized, the private economy must be developed on a sustainable basis, with business ethics and social responsibility. In the new era, business ethics and social responsibility are no longer slogans, but must become "compasses". Enterprises that want to develop sustainably must build trust with customers, partners, employees and the community. Enterprises can apply ESG models (environment, society, governance) to measure social responsibility. With this direction, the Dak Lak Young Entrepreneurs Association encourages enterprises to conduct business ethically, comply with the law, be transparent in management; participate in community activities, contribute to education, protect the environment; support local supply chains, and create development opportunities for smaller enterprises.

Resolution No. 66/NQ-CP, dated May 9, 2024, promulgating the Government's Action Program to implement Resolution No. 41-NQ/TW, dated October 10, 2023 of the Politburo on building and promoting the role of Vietnamese entrepreneurs in the new period, sets the target that by 2030 there will be at least 2 million enterprises and the business sector will contribute about 65 - 70% of the country's GDP, about 32 - 38% of total employment in the economy, and 98 - 99% of total import-export turnover.

Source: https://baodaklak.vn/kinh-te/202504/but-pha-trong-ky-nguyen-moi-dae1d60/