Phu Tho private economy grows strongly

When the Politburo issued Resolution No. 68-NQ/TW on private economic development, that spirit of innovation was quickly spread and materialized in Phu Tho - the homeland that is changing strongly in the development flow of the country.

With the determination to shift the management mindset from “control” to “serving and supporting businesses”, Phu Tho province is creating a dynamic and transparent investment environment, unleashing the great potential of the private economic sector – an important pillar of growth.

Green tea products of Long Coc Safe Tea Cooperative, Tan Son District, Phu Tho Province meet 4-star "OCOP" standards. Photo: Vu Sinh/VNA

Creating new momentum for the private economic sector

Resolution 68 is not only an important political step but also a strong affirmation of the Party on the driving role of the private economic sector in the country's development process. To bring that spirit into life, Phu Tho soon issued an action plan with specific goals: reducing 30% of administrative procedure processing time, 30% of legal compliance costs; increasing the rate of online public services at level 4; encouraging business households to transform into enterprises, expand scale, and increase competitiveness.

Mr. Nguyen Ngoc Lan, Vice Chairman of the Phu Tho Province Young Entrepreneurs Association, shared: “Resolution 68 is an important milestone in innovation in development thinking. The spirit of the Resolution has quickly spread, creating new confidence and momentum for the business community. The government is increasingly friendly, supportive and serves more practically.”

From that major orientation, the province’s investment and business environment has been improved day by day. Administrative procedures have been streamlined, investment licensing processes, land access, and infrastructure have been guided enthusiastically and transparently. Many businesses said that implementing the “one-stop shop” mechanism has helped save a significant amount of time and money.

However, the implementation process still has bottlenecks, especially in site clearance, land valuation and connecting infrastructure, causing the progress of some projects to be slow. In addition, frequent changes in legal regulations also make it difficult for businesses to adapt; the capacity of grassroots staff is uneven; input costs and access to capital remain major barriers.

Mr. Nguyen Phuong Nam, Director of Thanh Son Construction Forestry Joint Stock Company, Thanh Son Commune, said that Resolution 68 has removed many bottlenecks for private enterprises such as supporting 2% interest rate per year for investment loans, allocating land funds in industrial parks, tax exemptions for creative startups, and cutting 30% of administrative procedures. This is the foundation to help businesses feel secure in investing and developing sustainably.

Currently, Phu Tho has more than 8,000 private enterprises and about 15,000 individual business households operating effectively. Many households have boldly converted to business models to take advantage of the State's support policies. The number of newly established enterprises in the first half of 2025 increased compared to the same period last year, reflecting a strong return of confidence in the business community.

In industrial parks such as Thuy Van, Trung Ha, Cam Khe, many small and medium enterprises have recorded that tax, customs and construction permit procedures are processed faster and costs are significantly reduced. The business community expects that with the spirit of Resolution 68, Phu Tho will continue to be a solid support for production development, especially in the fields of supporting industries, agricultural processing, tourism - services and renewable energy.

Awakening inner strength, accompanying businesses

Not only stopping at perfecting the mechanism, Phu Tho sets a clear goal: by 2030, with a vision to 2045, the private economic sector will contribute 62-65% of GRDP and create 85% of jobs in the area. The province has identified 8 key groups of tasks, of which four pillars are considered the "key" to development, including: Perfecting institutions, reforming procedures, reducing costs and risks for businesses; developing infrastructure, land funds, credit, human resources, expanding development space; encouraging innovation, digitalization, greening, enhancing business capacity; connecting and protecting businesses, building a safe and transparent business environment.

Chairman of Phu Tho Provincial People's Committee Tran Duy Dong affirmed that improving the investment and business environment is not only an administrative requirement, but also a political responsibility of each department and branch. The ultimate goal is to create the most favorable conditions for businesses to develop, contribute to the budget and create jobs for the people.

The spirit of “government accompanying enterprises” has become a bright spot in the implementation of Resolution 68 in Phu Tho. The province regularly organizes direct dialogues between leaders and enterprises, focusing on removing obstacles in land, tax, capital and investment procedures. Many recommendations are handled on the spot, demonstrating the receptiveness and service spirit.

Weaving high-quality canvas products for export by Green Global Joint Stock Company in Lam Thao industrial park, Phu Tho province. Photo: Vu Sinh/VNA

According to Ms. Vuong Thi Bay, Director of the Department of Finance of Phu Tho province, concretizing Resolution 68 in association with attracting strategic investors is one of the key tasks. Party committees and organizations at all levels have issued specialized resolutions, aiming at projects applying high technology, green development, and innovation, in line with the orientation of the Resolution.

The province is currently implementing the Project “Attracting strategic investors until 2030”, preparing land funds for new-generation FDI, prioritizing investment in infrastructure connecting the Phu Tho – Vinh Phuc – Hoa Binh region, developing industrial parks and logistics to international standards, and promoting digital transformation in investment management. At the same time, the province strengthens supervision and strictly handles environmental violations, corruption, transfer pricing, ensuring sustainable and transparent development.

These efforts are creating a new vitality for the business community. However, besides the results achieved, there are still many challenges. Small businesses and converted business households still have difficulty accessing capital, input and premises costs are high, and management capacity is limited. Some support mechanisms are slow to come into practice due to the entanglement between central regulations and local conditions.

To overcome the above difficulties, Phu Tho province has determined to make information transparent, publicize data on time to process documents, compliance costs; promote digital transformation in state management; and at the same time support businesses in applying new technologies, improving competitiveness. Phu Tho sets a target that by 2025-2030, the private economic sector will contribute over 50% of GRDP, becoming the main force in growth and creating sustainable jobs.

Chairman of Phu Tho Provincial People's Committee Tran Duy Dong said that the province focuses on creating a transparent and favorable investment environment, while developing synchronous and modern strategic infrastructure, reducing logistics costs and improving competitiveness. The province prioritizes attracting investment in high-tech industry, smart agriculture, green economy and circular economy; encourages the application of digital technology in management and production. Along with that, it focuses on training and linking businesses and educational institutions to develop high-quality human resources, building a team of entrepreneurs and businesses worthy of the integration and sustainable development period.

Meanwhile, Mr. Nguyen Ngoc Lan, Vice Chairman of the Phu Tho Young Entrepreneurs Association, expressed that in order for Resolution 68 to truly come into life, Phu Tho needs to institutionalize it more strongly at the provincial level, enhance implementation responsibilities, and at the same time create a transparent mechanism to measure the effectiveness of business support. When the government truly accompanies, businesses will be confident in long-term investment, bringing sustainable development to the locality...

From the resolution to life, the spirit of innovation and companionship of the Phu Tho government has been, is and will continue to be realized through specific and drastic actions. When the management mindset shifts from "asking - giving" to "serving - creating", when businesses are listened to, supported and trusted, the private economic sector will truly become a new growth engine, contributing to Phu Tho's breakthrough on the journey of industrialization and modernization, worthy of being an open land for investors with a spirit of creativity and sustainable development.

Source: https://baotintuc.vn/kinh-te/kinh-te-tu-nhan-phu-tho-vuon-minh-manh-me-20251012103445987.htm