Private economy: Breakthrough momentum and aspiration to reach new heights

Hanoi is determined to strongly reform and innovate, creating the most favorable conditions for the private economy to make a breakthrough, worthy of being an important driving force, contributing to realizing the aspiration for national development.

Many development advantages, quality goes hand in hand with quantity

According to the Hanoi People's Committee, in the first 8 months of 2025, Hanoi has established more than 18,000 new enterprises with a total registered capital of over 180,000 billion VND. The household business sector has also accelerated strongly when the number of households converting to enterprises increased 3-4 times compared to before, with an expected total of about 10,000 households for the whole year. Vice Chairman of the Hanoi People's Committee Truong Viet Dung said that Hanoi aims to have about 230,000 actual enterprises in operation by the end of 2025, equivalent to a rate of 27 enterprises per 1,000 people. Along with that, the private economic sector will contribute 50-55% of the gross local product (GRDP), estimated at about 31.8 - 35 billion USD, creating jobs for 55 - 60% of the workforce.

Mr. Truong Viet Dung cited many clear examples of the vitality of the private sector in the capital, such as Bat Trang pottery village with young artisans combining traditional crafts and 3D printing technology, creating products for export to Europe. At Hoa Lac High-Tech Park, a team of engineers researches artificial intelligence solutions for public health , gradually conquering the international market. According to Mr. Truong Viet Dung, all of these create a picture of the resilience of the business community, from small and medium enterprises to large corporations. They are the ones who create the "blood vessels" that nurture the new economic identity of Hanoi.

In the first 8 months of 2025, Hanoi established more than 18,000 new enterprises. (Photo: TL)

According to Prof. Dr. Hoang Van Cuong, Vice Chairman of the State Council of Professors, Member of the 15th National Assembly, Member of the Prime Minister's Policy Advisory Council, Hanoi has many advantages for the development of private enterprises such as geopolitical and diplomatic positions, being the development center of the entire Northern region. Hanoi's market is the second largest in the country with a population of over 10 million people, mostly high-income earners, along with good human resources and great potential for science and technology. However, Prof. Dr. Hoang Van Cuong noted that private enterprises in Hanoi should not only pursue quantity but also focus on attracting and developing quality, pioneering in the application and transfer of science and technology.

Accompanying and creating the most favorable environment

According to Vice Chairman of Hanoi People's Committee Truong Viet Dung, immediately after Resolution 68-NQ/TW of the Politburo was issued, Hanoi City promptly took action to put the policies of the Party and State into practice. On July 3, 2025, the Hanoi Party Committee issued Action Plan No. 348-KH/TU, setting out specific goals for 2025, the 2026-2030 period and vision to 2045, along with 88 key tasks to develop the private economy in accordance with the characteristics of the Capital. On that basis, Hanoi People's Committee issued Plan No. 196/KH-UBND, assigning 105 tasks to departments, branches, sectors and People's Committees of districts, communes and wards, according to the principle of "5 clear": clear people, clear work, clear responsibilities, clear time and clear results.

Hanoi has had many solutions to support the business community such as: drastically cutting administrative procedures; supplementing and perfecting planning and being open, transparent and equal in calling for investment in projects. At the same time, promoting three strategic breakthroughs including: more open institutions, more seamless infrastructure, human resources that better meet new development requirements; enhancing dialogue and listening to businesses. The city also issued more than 80 policies to support small and medium-sized enterprises in the period of 2026 - 2030, focusing on governance, production infrastructure, supporting the innovative startup ecosystem, tax incentives and financial support for businesses in key fields of science and technology.

Previously, on August 4, speaking at a meeting with the National Steering Committee for the implementation of Resolution No. 68-NQ/TW of the Politburo, Chairman of the Hanoi People's Committee Tran Sy Thanh shared that Hanoi has promoted decentralization and authorization to localities, issued many policies to support small and medium-sized enterprises, especially training, consulting and start-up support programs, and implemented focused promotion programs to stimulate domestic demand. Hanoi has supported the establishment and support of thousands of enterprises in digital transformation. Training courses on business start-up and digital transformation have also been organized.

Chairman of the Hanoi People's Committee Tran Sy Thanh affirmed: "Developing the private economic sector is not only a simple economic development task, but also a political requirement to realize the aspiration for national development". Hanoi is determined to reform and innovate so that the private economic sector can make a breakthrough, worthy of being an important driving force, affirming its commitment to accompany the business community and entrepreneurs with the spirit of being ready to create and serve for the common interest.

Source: https://thoidai.com.vn/kinh-te-tu-nhan-dong-luc-but-pha-va-khat-vong-vuon-tam-216151.html