Part 1: 'Bright spots' of the private economy in the Northern Midlands and Mountains

Private economy in the Northern Midlands and Mountains region grows with the country

Editor's note: Recently, the Party and the State have issued many directives on the private economy. Most recently, General Secretary To Lam wrote an article: "Private economic development - Leverage for a prosperous Vietnam" marking a turning point in the awareness of the important role of the private economy, while also providing a strategic vision for the country's development orientation.

The Northern Midlands and Mountains region is characterized by difficult geography; it is home to many ethnic minorities with limited education. In recent years, the Party and State have devoted many resources to investing in the development of this region. Along with that, the private enterprises and private economy of the region are also growing stronger, contributing very positively to the overall development of the region and the whole country.

The desire to contribute of many businesses

The Northern midland and mountainous region currently has 15 provinces including: Bac Giang, Lang Son, Cao Bang, Bac Kan, Thai Nguyen, Ha Giang, Vinh Phuc, Phu Tho, Yen Bai, Tuyen Quang, Dien Bien, Lao Cai, Lai Chau, Son La and Hoa Binh.

In 2024, according to statistics from the Ministry of Planning and Investment (now the Ministry of Finance), despite facing many difficulties and challenges, especially the impact of storm No. 3, the socio-economic development situation of localities in this region recorded a strong recovery, the highest economic growth rate (GRDP) in the country at over 9%. It is forecasted that in 2025, the GRDP of the TD&MNPB region will continue to grow strongly, with some provinces developing over 10%.

In 2024, some provinces in the Northern midland and mountainous region will have large budget revenues such as Vinh Phuc with more than 31,000 billion VND, Bac Giang about 21,000 billion VND, Thai Nguyen more than 20,000 billion VND, Lao Cai nearly 13,000 billion VND, Lang Son more than 10,000 billion VND...

To achieve the above impressive development figures, in addition to state-owned enterprises, the private business community in this region has made very positive contributions. Many enterprises that are the "leading cranes" of Vietnam's private economy have come here to "nest", such as Lam Thao Superphosphate and Chemical Joint Stock Company (Phu Tho), Masan High-Tech Materials (Masan Nui Phao - Thai Nguyen), Viet Duc Steel Pipe Joint Stock Company (Vinh Phuc), Sun Group Corporation, T&T Group, Geleximco, Bitexco... These are all enterprises with big brands, not only of national scale but also strongly expanding internationally, making great contributions to the local budget, creating jobs for tens of thousands of workers.

Along with large enterprises across the country sharing the same business area, the number of enterprises in localities in the Northern Midlands and Mountains region is also increasingly large and growing, operating in many fields such as industrial production, mining, services, import-export, tourism...

According to Ms. Nguyen Thi Minh Hien, President of the Lao Cai Young Entrepreneurs Association, despite many difficulties in the process of operation, the team of entrepreneurs and enterprises in Lao Cai province in particular and enterprises in the Northern Midlands and Mountains region in general are always full of enthusiasm, have the desire to get rich, are dynamic, independent, self-reliant and self-reliant. In the coming time, the business community will also be proactive and increasingly affirm its pioneering role, being the leading force in promoting economic growth, creating jobs and improving the quality of life for workers.

Ms. Nguyen Thi Minh Hien, Chairwoman of Lao Cai Province Young Entrepreneurs Association. (Photo: Nguyen Hai)

Talking about the private sector, the female Chairwoman of the Lao Cai Province Young Entrepreneurs Association shared: “Recently, General Secretary To Lam wrote an article titled “Developing the private sector - a lever for a prosperous Vietnam”, assessing the successes of the country’s nearly 40-year renovation journey with the very important contributions of the private sector, along with the upcoming Resolutions of the Politburo on the private sector that will encourage, support and orient the development of the private sector, creating a breakthrough, opening up an era of growth for Vietnamese private enterprises. I believe that the General Secretary’s recognition is also a driving force for enterprises and entrepreneurs nationwide in general and enterprises in Lao Cai, the Northern Midlands and Mountains region in particular to rise strongly, becoming one of the important pillars in the socio-economic development of the locality”.

Room for private enterprise development

According to Mr. Nguyen Huy Long, Chairman of Lao Cai Provincial Business Association, despite having to go through difficulties due to the prolonged Covid-19 pandemic and last year being severely damaged by Storm No. 3, the activities of enterprises in Lao Cai are recovering positively. The number of enterprises and newly registered capital continue to increase in areas that need to attract investment. Most of the enterprises after restructuring have achieved quite comprehensive production and business results in all areas towards sustainable development.

“In 2024, the state agency granted business registration certificates to 700 enterprises and 60 affiliated units with a total registered capital of VND6,700 billion. Currently, Lao Cai has about 4,300 operating enterprises,” said Mr. Long, adding that thanks to the tireless efforts of the business community, it has contributed significantly to promoting the socio-economic development of Lao Cai province, contributing significantly to the total budget revenue in the province reaching nearly VND13,000 billion last year, the highest record ever.

Mr. Nguyen Huy Long, Chairman of Lao Cai Provincial Business Association.

Mr. Nguyen Ngoc Son, Permanent Vice Chairman of the Son La Provincial Business Association, said that in recent years, the business community in Son La province has continuously developed in both quantity and quality, promoting the spirit of self-reliance, overcoming all difficulties and making important contributions to the socio-economic development of the province. Currently, Son La has nearly 3,700 enterprises operating, creating jobs for over 100,000 workers. Through policies on attracting investment and supporting production and business, many enterprises have focused on innovating technology, equipment, applying digital transformation technical advances to improve productivity, product quality, affirming quality reputation, and creating a solid position in the market.

According to Mr. Son, Son La in particular and the Northern midland and mountainous region in general have potential and advantages when being favored by nature, having many fertile lands, cool climate to form tourist areas, high-tech agricultural production areas... "Thanks to exploiting these advantages, enterprises in Son La province have continuously grown", Mr. Son said and informed that the development of the business team has made an important contribution to mobilizing social resources for investment, development, building new rural areas, eliminating hunger and reducing poverty.

According to the leader of the Yen Bai Provincial Business Association, this locality possesses diverse, rich and unique tourism potential. Nature has endowed Yen Bai with majestic landscapes, especially famous landscapes such as Mu Cang Chai terraced fields, Thac Ba Lake, Giang Stream, Tram Tau hot spring and high mountain peaks such as Ta Xua, Ta Chi Nhu, Lung Cung. These majestic places have long been ideal destinations for tourists who love to explore and experience.

Mr. Nguyen Viet Hung, Director of Hung Viet Travel and Trading Company Limited (Hung Viet Travel), Yen Bai province, said that the natural and cultural advantages of Yen Bai are resources for businesses to develop types of experiential tourism, eco-tourism and community tourism. In particular, the attention and support from local authorities in developing infrastructure and promoting tourism are also favorable factors to promote sustainable growth of businesses, expand operations, and contribute to preserving and promoting existing potential values.

Director of Hung Viet Travel added that the development potential of local enterprises in Yen Bai in particular and in the TD&MNPB region in general is still very large and has a lot of room. "We will strengthen links with domestic and foreign travel companies, using digital platforms to promote the image of Yen Bai tourism more widely," Director Hung shared about the future development direction.

“The company will continue to coordinate with local people, train tourism skills, create sustainable livelihoods, thereby improving service quality and contributing to socio-economic development,” Mr. Hung added.

Mr. Hoang Manh Duy, Deputy Executive Director of Moc Chau Island Tourist Area (Son La). (Photo: Van Dinh)

Mr. Hoang Manh Duy, Deputy Director of Moc Chau Island Tourist Area (Son La) said that with the advantages here such as majestic nature, mild climate, many agricultural products, attracting tourists to Moc Chau in recent times has been very exciting, especially in the first months of the year, bringing the locality development and positive signs of the tourism industry. Tourism development has led to the development of many other private service industries.

According to Mr. Duy, recently, Moc Chau Island Tourist Area has had many activities to stimulate tourism development and attract tourists. In addition to entertainment activities at the tourist area, the Company has integrated cultural content to bring visitors unique traditional festivals such as: Rain Praying Festival, national intangible cultural heritage of the Thai Trang, Muong Sang, Moc Chau. Or annual events such as Bach Long Enduro glass bridge, Off-road motorbike racing... New and unique tourism activities and products have increasingly attracted tourists, from which the enterprise has also "grown" stronger.

(To be continued)

Economic development orientation of the Northern Midlands and Mountains region

Decision No. 369/QD-TTg dated May 4, 2024 of the Prime Minister approving the Planning of the Northern midland and mountainous region for the period 2021 - 2030, with a vision to 2050, emphasizes: The Northern midland and mountainous region develops its economy on the basis of strengthening intra-regional, inter-regional and international linkages; strongly improving the investment and business environment; gradually transforming the growth model, restructuring the regional economy towards a green economy and a circular economy. Strongly developing the processing, manufacturing and energy industries; high-value agriculture, applying modern technology, organic, and specialty products; border gate economy, tourism, forest economy associated with forest protection and development...

Minh Huu - Quoc Dinh - Xuan Hong - Nguyen Hai

Source: https://baophapluat.vn/ky-1-nhung-diem-sang-kinh-te-tu-nhan-tai-vung-trung-du-va-mien-nui-phia-bac-post544051.html