'Breaking down barriers' to private economic development - Part 4: Keeping up with the integration era

Provincial leaders visited Tan Duong Industrial Park (Dinh Hoa) invested by Thagaco International Joint Stock Company.

Solid foundation

Reality has proven that private economic development (PE) promotes economic growth, creates jobs, increases income for workers and innovates, technology... contributing to the mobilization and effective use of social resources. In particular, it helps increase local budget revenue and improve the effectiveness and efficiency of domestic enterprises in the process of international integration. Thai Nguyen has many advantages to develop PE when the province always encourages economic sectors to develop. Accordingly, the province has built mechanisms, policies, and investment incentives to support small and medium enterprises in technology, equipment, human resource training, investment environment information, product consumption markets, industrial and handicraft development, and craft villages in rural areas.

Instructions on customs declaration procedures and customs clearance of import and export goods for businesses at Song Cong Customs Team under Thai Nguyen Customs Branch.

Mr. Nguyen Linh, Vice Chairman of the Provincial People's Committee, affirmed: Over the past years, the private sector in Thai Nguyen has developed in terms of scale, quantity and quality. Since then, it has made an important contribution to promoting the socio-economic development of Thai Nguyen, creating jobs for workers, improving people's lives, and ensuring political and social stability. At the same time, it has contributed to shifting the economy towards industrialization and modernization; creating cohesion between localities in the province and promoting the development of handicrafts, traditional craft villages, and implementing the industrialization and modernization of agriculture and rural areas. From such a solid foundation, the private sector has every opportunity to develop more strongly.

“Upgrade” both quality and quantity

Thai Nguyen province has also set a goal of promoting the business community to develop significantly in both quantity and quality based on internal strength combined with external advantages by the end of 2025, creating development momentum for the period 2026-2030. In particular, the main goal is to strongly mobilize social resources to participate in promoting the development of enterprises in the province. Support enterprises in the province to innovate in production and business activities; promote existing advantages, improve competitiveness; awareness of compliance with legal regulations. Coordinate and effectively organize the implementation of tasks and solutions to develop an increasingly strong business community.

Along with that is the development of a team of entrepreneurs in the province that is strong in both quantity and quality, with a reasonable structure, vision, intelligence, entrepreneurial spirit, legitimate enrichment, dynamism, creativity, advanced management capacity, law compliance, ethics, business culture with national identity; with social responsibility, environmental protection awareness, making worthy contributions to the socio-economic development goals of Thai Nguyen province, contributing to promoting industrialization, modernization and international integration, contributing to the construction and development of the country.

These goals will continue to be "upgraded" to 2030 and vision to 2045. In particular, the goal is not only to develop the scale, capacity, and qualifications of the business community to meet the goals of industrialization, modernization, and international integration, but also to strive to form a number of large domestic and international enterprises; a number of large enterprises with leading roles in key sectors and fields of the province, mastering a number of value chains in the industrial and agricultural sectors, with the capacity to compete domestically and internationally. In particular, having income, position, and prestige domestically, regionally, and internationally; a part of enterprises participating in the global supply chain and value chain.

Glory Golf Course is located close to the international standard Thai Nguyen - Bac Giang - Vinh Phuc regional connection road and is expected to be put into use in the second quarter of 2025. This will be a lever to promote the development of the private economy in the province when there is a connection.

Mr. Le Kim Phuc, Director of the Department of Finance, said: In the next 5 years, Thai Nguyen strives to have an average of over 800 newly established enterprises each year; develop many strong private economic organizations with potential and competitiveness in the domestic and international markets. In particular, strive to increase the contribution of the private economic sector to GRDP to reach about 46-48% by 2025; and about 50-52% of the province's GRDP by 2030.

Accordingly, labor productivity increases by about 5%/year; annually, about 30-40% of private enterprises have innovation activities; narrowing the gap in technology level, human resource quality and competitiveness of private enterprises; striving to have many enterprises of the province participate in production networks, regional and global value chains. - Mr. Le Kim Phuc

Creating development momentum in the new phase

The article “Developing the private economy - Leverage for a prosperous Vietnam” by General Secretary To Lam marks a turning point in the awareness of the important role of the private economy. At the same time, it carries a strategic vision for the country's development orientation. This is not only a strong political statement, but also a call to maximize the power of the private economy, making Vietnam a developed country by 2045. The General Secretary affirmed that the private economy is not only a component of the economy but also the leading driving force for growth and innovation.

Fully and effectively implementing the Party's guidelines, the State's policies and laws on the development of the private economy to create a favorable and equal business environment among economic sectors will continue to be implemented by Thai Nguyen to create momentum for the private economy to develop in the integration period. In particular, supporting enterprises in the province to innovate in production and business activities; promoting existing advantages, improving competitiveness; and awareness of compliance with legal regulations. In addition, placing the private economy in a worthy position, having a proper investment and development strategy in the chain and developing enterprises according to global strategic thinking, integration and sustainable development.

Particularly in resolving difficulties in capital loans for enterprises, in the coming time, Mr. Le Quang Huy, Director of the State Bank of Region 5, affirmed: We will continue to direct credit institutions (CIs) in the area to synchronously implement solutions to reduce lending interest rates, reform procedures, implement preferential credit programs for enterprises, direct CIs to review and reduce procedures, increase unsecured loans based on feasible plans and debt repayment capacity to improve the business environment, enhance competitiveness, and support enterprise development.

In addition, enterprises also need to be proactive in their production and business plans, improve their management and operation capacity, improve their financial capacity, and be transparent in their information, and be strategic partners of some credit institutions to increase their ability to access capital without collateral. The State Bank of Region 5 also requested departments and branches to speed up the issuance of land use right certificates and property ownership certificates attached to land to create conditions for people and enterprises to access bank capital.

Operating under the market mechanism, the Party's leadership plays a very important role in the development of the private economy. Therefore, in the coming time, Thai Nguyen will continue to strengthen the Party building work in the private economy sector, especially developing party bases in enterprises. At the same time, promoting the role of enterprises, honoring innovative, creative enterprises and entrepreneurs, doing business effectively, producing products with high competitiveness in the domestic and international markets, complying with the provisions of the law and making many contributions to the development of the local economy and society...

Source: https://baothainguyen.vn/kinh-te/202504/xe-rao-can-phat-trien-kinh-te-tu-nhan-ky-4-bat-nhip-thoi-hoi-nhap-bfc0dea/