Private economy grows from policy decisions to remove bottlenecks

After the Politburo issued Resolution No. 68-NQ/TW on private economic development, Nghe An has seen growth in the number of newly established enterprises, registered capital, and the number of individual business households. This is a testament to the locality's efforts in removing barriers and creating a favorable environment for the private economic sector to promote its role as the "most important driving force" of the national economy.

Producing garments for export at Minh Anh - Kim Lien Joint Stock Company, Bac Vinh Industrial Park ( Nghe An ). Illustrative photo: Danh Lam/VNA

Restore the quantity and quality of capital

In recent years, Nghe An province's enterprises have had positive developments in both quantity and quality. The structure, scale and field of operation have changed in line with the economic restructuring. The efficiency and competitiveness of enterprises have been improved. Currently, Nghe An has nearly 17,500 operating enterprises. In the 3 quarters of 2025 alone, the whole province has newly established 2,452 enterprises (up 48.7% over the same period) with a total registered capital of 29,685 billion VND; 616 enterprises have resumed operations.

In addition to enterprises, the number of individual business households has also increased sharply in district centers and communes/wards with rapid urbanization. The trend of individual business households with revenue of over 1 billion VND/year converting to enterprises to enjoy support policies under Resolution 68 is also a positive signal showing the shift of economic structure towards formalization.

To implement Resolution 68, the People's Committee of Nghe An province has issued an Action Program and Implementation Plan, focusing on reviewing and simplifying administrative procedures. The province has implemented many training programs to support business knowledge and electronic invoice conversion for thousands of businesses, mainly small and medium enterprises; increased meetings and dialogues with businesses. The establishment of specialized working groups to support the quick settlement of investment, business, land and site clearance procedures has demonstrated the strong support of the government.

Despite the bright spots, Nghe An private economy is still facing many major challenges, mainly revolving around institutional barriers, resources and internal capacity of enterprises. That is the difficulty in accessing land and production premises. This is a difficult problem, especially for small and medium enterprises that need to expand their scale. The problem of site clearance and land-related procedures is often prolonged, affecting investment progress.

Ms. Phan Thi Lien - Director of HADALIFA Nutrition Company Limited, Cua Lo Ward shared that for agricultural production enterprises, they want the province to plan growing areas and issue certificates because the Company's nutritional cereal products when exported abroad must have a growing area code and traceability of origin. At the same time, the province needs to create conditions for enterprises to lease land to invest in production for 20-50 years so that enterprises can boldly and confidently build and expand large-scale factories or have training programs to help enterprises improve awareness and knowledge about safe food production; access digital technology , social networking platforms to promote products abroad, and at the same time purify the market, issue Halal certification to access the Muslim market.

Mr. Phan Xuan Dien - Director of Pu Mat Pharmaceutical Joint Stock Company said that access to loans, especially long-term capital for technology investment projects or large-scale production expansion, is still a challenge for most private enterprises. Many enterprises currently lack high-quality human resources, especially in fields requiring technology and deep expertise. The rate of application of science - technology, innovation, digital transformation and green transformation in enterprises is still low.

Despite the rapid increase in number, most of Nghe An enterprises are small-scale (about 97%); the level of management and technology application is still limited, competitiveness and integration are weak; there is a lack of connection and cooperation between domestic enterprises and enterprises from other provinces and FDI enterprises. Many enterprises, especially those originating from individual business households, are still limited in modern management capacity, business strategy and ability to adapt to the fluctuating market.

Create new momentum for businesses

Resolution No. 68-NQ/TW has created a clearer legal and policy framework, affirming the position of the private economy. Business representatives said that the Resolution not only has an orientational meaning but also opens up opportunities for the province to review and resolve long-standing problems. Businesses hope that local authorities will concretize the Resolution with practical actions, creating a truly equal and favorable business environment.

Nghe An Provincial People's Committee has directed the development of a specific Action Plan to implement Resolution 68, focusing on removing bottlenecks in administrative procedure reform. It commits to cutting at least 30% of the time and cost of complying with administrative procedures in 2025; strictly prohibiting duplicate and prolonged inspections and examinations and ensuring the principle of only one inspection per year (except in cases where there is evidence of violations).

Nghe An province is also studying to allocate clean land funds with infrastructure investment for small and medium enterprises and innovative start-ups (about 20 hectares or 5% of land fund in industrial parks and clusters). At the same time, consider reducing land rent by 30% for 5 years for enterprises that enjoy incentives; build supply value chains in industrial clusters, in which private enterprises play a key role, helping enterprises participate more deeply in the global production and supply chain...

Vice Chairman of Nghe An Provincial People's Committee Nguyen Van De affirmed that the government always accompanies and shares with businesses, continues to focus on directing the strong improvement of the investment and business environment; strictly implements the principle of "creative and serving government"; listens to and promptly resolves difficulties and obstacles for businesses, protects property rights, ensures investment safety and creates a transparent, fair, trustworthy and low-cost business environment. At the same time, the province will continue to pay attention to infrastructure investment, promote digital transformation, administrative reform, develop high-quality human resources, create the most favorable conditions for businesses to feel secure in production, business and long-term investment.

Enterprises need to proactively improve and enhance governance capacity, transparency and publicity, thereby attracting strategic capital. In addition, enterprises need to proactively take advantage of opportunities from the Resolution to invest in science and technology, innovation, and implement digital transformation and green transformation to improve efficiency and competitiveness.

Mr. Vo Van Thinh - Director of Thinh Agricultural Cooperative proposed that the province build a more effective credit guarantee fund for small and medium enterprises; implement interest rate support packages in a simpler and more accessible way; focus on supporting businesses in applying information technology, digital transformation and applying advanced management standards.

In Nghe An, the Provincial Young Entrepreneurs Association annually organizes many domestic and foreign trade promotion activities. This is an opportunity for businesses and startups to find partners and expand the market. Mr. Tran Vinh Quy - Vice President of the Nghe An Provincial Young Entrepreneurs Association said that the Association is coordinating with the Department of Industry and Trade to support businesses in purchasing equipment; implementing the movement of each young enterprise with 2 startups launched by the Vietnam Young Entrepreneurs Association to spread the effectiveness and help startups develop. In addition, the Association is committed to becoming a trusted companion, contributing to the strong growth of the innovative startup ecosystem.

Nghe An is facing a great opportunity for the private economy to make a breakthrough in the spirit of Resolution 68. To achieve this goal, it requires the consensus and high determination of the entire political system and the initiative and innovation from the business community itself.

Source: https://baotintuc.vn/kinh-te/kinh-te-tu-nhan-tang-truong-tu-quyet-sach-thao-go-diem-nghen-20251023070356501.htm