Business development: Growing in number, strengthening in quality

Implementing Resolution No. 68-NQ/TW dated May 4, 2025 of the Politburo on private economic development, the Provincial Party Committee has issued an Action Program targeting approximately 10,000 enterprises province-wide by 2030. Rapid, sustainable, efficient, and high-quality development of the private sector has been identified as a key, urgent task with long-term strategic significance.

As of January 27, 2026, the province had 6,439 enterprises with total registered capital exceeding VND 93 trillion. These enterprises have created stable jobs for tens of thousands of workers, contributing about 40% to the province’s economic growth and around 35% of the state budget revenue in 2025.

Speaking at the 2026 task implementation conference of the Department of Finance, Chairman of the Provincial People’s Committee Phan Huy Ngoc emphasized that to reach the target of 10,000 enterprises by 2030, the province must develop an average of more than 1,000 new enterprises annually during the 2026–2030 period. Although challenging, this target is achievable with effective mechanisms and policies encouraging cooperatives and household businesses to transform into enterprises.

Benefiting from provincial incentive mechanisms, the Nam Dam Medicinal Herb Cooperative aims to develop into an enterprise.

Following the provincial merger, the development space has expanded significantly. Together with Resolution 68, which identifies the private economy as one of the four pillars driving the country into a new era, the number of newly established enterprises in the province has increased. In 2025, the province recorded 786 newly registered enterprises, reaching 132% of the annual plan, an increase of 72% compared to 2024, with registered capital exceeding VND 3 trillion. Additionally, 209 enterprises resumed operations. The province currently has more than 1,600 cooperatives and over 34,000 household businesses, many of which operate at a scale suitable for conversion into enterprises.

Despite these achievements, the private economic sector still faces numerous limitations. More than 98% of enterprises are classified as small and medium-sized; only about 72% of registered enterprises are actually operating; fragmentation, spontaneity, and weak linkages among enterprises remain common; and access to credit, land, production premises, and support policies is still constrained.

To address these issues, the province is focusing on institutional reform breakthroughs, including cutting at least 30% of administrative procedure processing time, shifting decisively from “pre-inspection” to “post-inspection,” and enhancing transparency in land-use planning, infrastructure projects, and investment incentive policies. Priority will be given to credit for small and medium-sized enterprises and startups, supporting household businesses in upgrading to enterprise models, and ensuring a fair and competitive business environment.

Notably, on December 10, 2025, the Provincial People’s Council issued Resolution No. 20, stipulating several policies to support small and medium-sized enterprises during the 2026–2030 period. These include support for the delivery of administrative procedure results via public postal services, assistance with legal seal engraving, and funding for digital signatures during the first three years after establishment.

With comprehensive incentive mechanisms aligned with Resolution 68, alongside Resolution No. 79-NQ/TW on state economic development and the synchronized engagement of the entire political system under the “six clear principles,” the provincial business community is expected to grow stronger and become a key driving force for achieving economic growth targets in the new development phase.

Duy Tuan