'Breaking down barriers' to private economic development - Part 2: '3 companions, 5 supports'

Up to now, Hanh Phuc - Xuan Phuong Industrial Park (Phu Binh) has completed over 90% of its infrastructure and is expected to be operational in the third quarter of 2025.

Promote administrative reform, attract investment

To accompany and support businesses in sustainable development, in 2021, the Provincial People's Committee submitted to the Provincial People's Council Resolution No. 09/NQ-HDND on approving the Project to support small and medium enterprises (SMEs), improving the competitiveness of enterprises in Thai Nguyen province in the period of 2021-2025. This is the basis for the province to implement programs and activities to support business development, especially SMEs.

In line with the Project's 10 solution groups, focusing on promoting administrative reform and supporting SMEs to enter the market, departments, branches and sectors regularly review and evaluate administrative procedures to propose and recommend reductions, simplifications and promote the provision of online public services to reduce businesses' travel time and costs.

Currently, the specialized agency has shortened the time to return business registration results from 3 days to 2 days; investment policy approval results from 35 days to 25 days; procedures for granting investment registration certificates from 15 days to 10 days. The appraisal of land needs (such as conditions for land allocation and land lease without auctioning land use rights) has been simplified.

According to Mr. Chu Van Khanh, Director of the Investment Promotion and Consulting Center (Department of Finance): In 2024, the Center coordinated with relevant units to organize many activities to introduce investment locations and land locations to implement investment projects for Lotte Vietnam Commercial Center Joint Stock Company (LOTTE Mart), FPT Education Organization, Mega Maket supermarket project...

The Provincial Tax Department has successfully deployed electronic invoices for all enterprises in the area, reaching a rate of 100%; effectively implementing Directive No. 14/CT-UBND of the Provincial People's Committee on strengthening the implementation of electronic tax (eTax Mobile) to support individual taxpayers on mobile devices. - Mr. Chu Van Khanh

Leaders of provincial departments and branches regularly grasp the operating situation to remove difficulties for businesses.

Thanks to policy reforms, investment attraction in the province has been opened up, ensuring the operation of the private economic sector (PES) according to market mechanisms. In 2024, the province's investment attraction has improved a lot: Regarding attracting non-budgetary investment using domestic investment capital, the whole province has issued investment policy decisions and approved investors for 22 projects, with a total capital of over 3,423 billion VND; issued decisions approving investors for 27 projects, with a total capital of over 19,581 billion VND; issued investment registration certificates for 12 projects, with a total capital of over 5,066 billion VND, including the Project on investment in construction and business of infrastructure of Song Cong II Industrial Park (IP) - Phase 2 with a capital of over 3,985 billion VND; Adjusted capital increase for 13 projects, with total capital of over 1,734 billion VND...

Construction and development of infrastructure

In recent years, Thai Nguyen province has paid attention to implementing well the planning, infrastructure construction, and creating clean land funds to attract investment enterprises. Implementing the Provincial Planning for the period 2021-2030, with a vision to 2050 approved by the Prime Minister in Decision No. 222/QD TTg dated March 14, 2023, Thai Nguyen plans to develop 11 industrial parks with a total area of ​​4,245 hectares. To date, 5 industrial parks (Yen Binh, Diem Thuy, Song Cong I, Song Cong II, Nam Pho Yen) have come into operation.

In early March 2025, Song Cong II Industrial Park - Phase 2 started construction of infrastructure. To date, the occupancy rate at 6 established industrial parks in the province has reached 71.93% (meeting the minimum average occupancy rate of 60% as prescribed in Clause 6, Article 9 of Decree No. 35/2022/ND-CP dated May 28, 2022 of the Government).

Mr. Ha Van Duong, Head of the Provincial Industrial Park Management Board, said: Currently, the Management Board is actively coordinating with relevant units in the work of submitting for appraisal the decision to approve the investment policy and investors to implement the project of building and operating the infrastructure of new industrial parks, such as: Thuong Dinh, Yen Binh 2, Yen Binh 3, Phu Binh Industrial Park - Urban - Service; submitting to competent authorities for approval of the general planning of Tay Pho Yen Industrial Park - Urban - Service.

Along with that, the province has promoted the development of industrial clusters (ICs). Up to now, 27/41 ICs have been established in the area with a total area of ​​1,073 hectares and a total registered capital of VND 10,898 billion; 13 ICs have come into operation, attracting 74 secondary enterprises to invest in production and business. In 2024, the total revenue of enterprises investing in ICs will reach nearly VND 11,000 billion, creating jobs for nearly 12,000 workers. The average occupancy rate at operating ICs is 56%.

In Phu Binh district, 8 industrial parks are planned, currently Kha Son industrial park has come into operation; 2 industrial parks Hanh Phuc - Xuan Phuong and Bao Ly - Xuan Phuong are urgently completing infrastructure to attract secondary enterprises to invest. These industrial parks are planned to be located on both sides of Ring Road V. The location of the industrial park is 70km from Hanoi capital, 50km from Noi Bai international airport, 176km from Hai Phong seaport and 150km from Huu Nghi border gate (Lang Son), very favorable for developing the logistics industry.

Currently, the Provincial People's Committee is resolutely directing investors to accelerate the completion of key transport infrastructure projects, such as the connecting road connecting Thai Nguyen - Bac Giang - Vinh Phuc provinces, and the Ring Road V connecting Phu Binh district to Tan Yen district (Bac Giang). These two roads are about to be completed, which will be the basis for the province to attract large enterprises to implement investment projects in the area.

In order for “1 dong invested in transport infrastructure to generate 3 to 6 dong of economic growth”, in 2025, the province plans to spend more than 1,300 billion dong from the state budget to invest in transport infrastructure. This is a favorable condition for the private economy in the province to accelerate and make a breakthrough…

Increase access to resources

In order for the private economic sector to become an important driving force for economic growth, in recent times, private enterprises in the province have been given equal conditions in accessing bank loans, improving production and business efficiency.

Diem Thuy Industrial Cluster (Phu Binh) was invested and built to meet the production and business development needs of enterprises in the province.

Mr. Le Quang Huy, Director of State Bank Region 5, said: Implementing Resolution No. 10-NQ/TW dated June 3, 2017 of the 12th Party Central Committee on developing the private economy into an important driving force of the socialist-oriented market economy, closely following the direction of the State Bank of Vietnam, we have directed credit institutions in the area to proactively balance financial capacity to apply reasonable lending interest rates.

At the same time, focus all resources to reduce lending interest rates, restructure debt repayment terms, maintain debt groups, and provide new loans with preferential interest rates to support and accompany businesses, promptly meet capital needs for production, business, and priority areas, to support socio-economic development, and ensure social security in the area. - Mr. Le Quang Huy

By the end of 2024, outstanding loans in the province reached VND 118,369 billion, an increase of 23.18% compared to the end of 2023 (in the period 2021-2024, credit growth in the province reached over 15%, higher than the plan set by the Provincial People's Committee of 12% and higher than the credit growth rate of the whole industry).

By the end of February 2025, outstanding loans reached VND 120,083 billion, an increase of 1.45% compared to the end of 2024. In the first 2 months of 2025, credit turnover for SMEs in the province reached VND 3,396 billion; outstanding loans reached VND 19,698 billion, accounting for 16.4% of the total outstanding loans in the whole area, with over 1,710 SMEs with outstanding loans...

The private economic sector plays an important role in contributing to the budget and promoting the socio-economic development of the province. However, in order for the private economic sector to be the driving force for development, the province needs to continue to remove “barriers”, clear “bottlenecks”, and have more mechanisms and policies strong enough to support the development of enterprises.

Classifying enterprises by registered capital (data compiled on the National Enterprise Registration Information System), 88.57% of enterprises in Thai Nguyen province have registered capital of 10 billion VND or less, 4.85% have capital of 10-20 billion VND, 3.25% have capital of 20-50 billion VND, 1.71% have capital of 50-100 billion VND and 1.62% have capital of over 100 billion VND. Thus, according to enterprise scale, the province is mainly composed of small and medium enterprises (accounting for 88.57%).

(To be continued)

Source: https://baothainguyen.vn/kinh-te/202504/xe-rao-can-phat-trien-kinh-te-tu-nhan-ky-2-3-dong-hanh-5-ho-tro-1ef3273/