To boost private sector development, Phu Tho province has been implementing numerous solutions. (Source: Finance Magazine)

According to statistics, the province hosts nearly 30,000 private enterprises, accounting for over 95% of all businesses. To foster private sector growth, Phu Tho has been implementing various measures, including unlocking resources, facilitating access to capital and land for businesses, and accelerating administrative reform and digital technology application in business registration and establishment procedures.

With mechanisms and policies from both the central and provincial levels, alongside the dynamism, creativity, and aspiration for advancement, many private business owners in the province have boldly innovated technology, expanded production scale, increased revenue, and contributed to job creation and socio-economic development.

Government accompanies businesses

Following the issuance of Resolution No. 68-NQ/TW by the Politburo, the provinces of Vinh Phuc, Phu Tho, and Hoa Binh (former) quickly developed specific action plans with clear targets, looking ahead to 2045.

Specifically, the former Vinh Phuc province aimed to have around 20,000 private enterprises and 80,000 individual business households by 2030, with the private sector contributing approximately 35% to GRDP; and by 2045, to have 50,000 enterprises contributing 45% to GRDP, developing strong private brands in the northern region.

The former Phu Tho province set a goal of having over 19,000 enterprises by 2030, with the private sector contributing about 62-65% to GRDP; and by 2045, striving to reach 30,000 enterprises contributing 67-70% to GRDP.

The former Hoa Binh province aimed for 7,500 private enterprises by 2030, contributing over 55% to GRDP; and by 2045, reaching 11,300 enterprises contributing over 60% to GRDP, establishing strong private enterprises in high-tech agriculture, eco-tourism, and sustainable mineral processing.

After the merger, Phu Tho directed departments, sectors, and localities to enhance administrative reform, improve institutional quality and policies, and effectively ensure and protect property rights, freedom of business, and fair competition for the private economy.

Facilitating private sector access to resources like land, human capital, and high-quality labour. The provincial People's Committee will regularly meet and dialogue with investors and businesses to promptly support and resolve difficulties; implement plans and projects for foreign investment cooperation strategies, and attract strategic investors to the province.

Workers at Binh Xuyen Industrial Park, Phu Tho province. (Photo: LG)

Additionally, strengthening connections between private FDI enterprises and domestic businesses, gradually forming and developing large enterprises and private economic groups; providing substantial and effective support for small, micro, and household businesses to grow. Emphasizing business ethics, promoting social responsibility, and vigorously fostering entrepreneurship to make the private sector a driving force for the province's economic growth.

Furthermore, the province aims to reduce administrative processing time by 30% and compliance costs by 30%; increase the rate of level 4 online public services; encourage household businesses to transition into enterprises, expand scale, and enhance competitiveness.

Phu Tho has set a clear target: By 2030, with a vision to 2045, the private sector will contribute 62–65% to GRDP and provide 85% of employment in the area.

The province has identified eight key task groups, with four pillars considered "keys" for development: Completing the institutional framework, reforming procedures, reducing costs and risks for businesses; developing infrastructure, land funds, credit, human resources, expanding development space; encouraging innovation, digitization, greening, and enhancing enterprise capacity; connecting and protecting businesses, building a safe and transparent business environment.

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

Therefore, the spirit of "government accompanying businesses" has become a highlight in implementing Resolution 68 in Phu Tho. The province regularly organizes direct dialogues between leaders and businesses, focusing on resolving land, tax, capital, and investment procedure issues. Many recommendations are addressed on the spot, demonstrating a receptive and service-oriented spirit.

Khai Quang Industrial Park, Phú Thọ province. (Photo: Khánh Linh)

A valuable driving force of the private economy

The First Congress of the Phu Tho Provincial Party Committee, term 2025-2030, has determined that by 2030, Phu Tho will be one of the growth poles of the Capital region; becoming a center for industrial, commercial, logistics, tourism, healthcare, high-quality training development, and organizing major cultural festivals linked to national roots and a center for national and international events.

The province identifies private economic development as a crucial driver of the economy, aiming for over 45,000 active enterprises by 2030; with an average growth rate of the private sector exceeding 12% per year.

On the business side, Chairman of the Phu Tho Provincial Business Association, Nguyen Van Hung, affirmed that the Phu Tho Provincial Business Association is committed to closely accompanying the Provincial Party Committee, People's Council, and People's Committee, concretizing the Party and State's policies, especially Resolution 68 on private economic development into each sector and enterprise.

Simultaneously, enhancing linkage, innovation, and sustainable development, improving productivity, product quality, and competitiveness of enterprises. Building a standard business culture and entrepreneur ethics, emphasizing social responsibility, creating stable jobs, increasing income for workers, and contributing more to the State budget.

Promoting the role of a bridge between businesses and the government, promptly reflecting the thoughts and aspirations of businesses, and advising policies to build an effective and substantial investment environment.

The close coordination between local government and businesses will be a precious driving force, making the private sector truly a new growth engine, contributing to Phu Tho's breakthrough on a new journey.