Authorities in the south central province of Khanh Hoa plan to improve the quality and performance of businesses in the private sector, striving to have 30,000 businesses by 2025 and 35,000 by 2030.

Illustrative image (Photo: VNA) 

The provincial People's Committee issued a plan to implement the Prime Minister's Decision, dated 11 October last year, approving a sustainable development plan for private enterprises by 2025, with a vision to 2030.

It also targets the total balanced budget revenue from the private sector to be around 39 percent by 2025, and 44 percent by 2030.

The province targets its private economy to contribute about 97 percent to provincial export turnover by 2025 and about 98 percent by 2030.

To achieve the aforementioned goals, the provincial people's committee sets out six major task groups and solutions.

Particularly, the province will continue to promote the improvement of the business investment environment to ensure the maintenance of trust and enhance sustainable business investment of private sector businesses; at the same time, encouraging businesses to apply sustainable business models and cleaner production technology, efficient use of natural resources and environmental protection.

The province will also promote creative start-ups and effective implementation of policies to support small and medium-sized businesses.

It will help to improve labour productivity in enterprises, develop high quality human resources and improve management and corporate governance capabilities.

Especially, the province will encourage the private enterprises to apply science and technology, exploiting the opportunities of the fourth industrial revolution.

Finally, it will strengthen the role of business associations in supporting private sector businesses to develop effectively and sustainably.

Last year, there were nearly 1,900 newly-established enterprises in the province, with a total registered capital of 17.58 trillion VND (757.8 million USD), down by 1.12 percent and 8.85 percent over the same period last year, respectively.

In addition, 447 enterprises returned to operation, a year-on-year increase of 42.8 percent, bringing the total number of currently operating enterprises in 2019 to 2,305, up 5.16 percent.

Three hundred and one enterprises dissolved last year, a year-on-year decrease of 33.8 percent. The number of enterprises temporarily ceasing operations was 669, up 11.13 percent.