The resilience of the “internal engine”

Speaking to Business Forum Magazine, Mr. Vu Van Cuong, Deputy Director of the Bac Ninh Department of Finance noted that alongside the strong presence of billion-dollar FDI conglomerates, a bright and increasingly prominent feature of the province’s growth trajectory is the robust rise of the domestic private sector.

Data for 2025 paints a compelling picture: with nearly 50,000 active enterprises and total registered capital exceeding VND 765 trillion, the private sector has firmly established itself as a key growth engine. No longer a peripheral player, it is steadily assuming a central role in the province’s economic development.

The surge in enterprise density, from 8 to 14 firms per 1,000 people within just five years, underscores the sector’s strong momentum. Notably, the presence of four companies in the VNR500 ranking, alongside dozens of firms generating revenues exceeding VND 2 trillion, reflects not only quantitative expansion but also qualitative advancement. This demonstrates that Bac Ninh’s business community possesses not only ambition, but also the capability, resilience, and scale to compete on a national level and gradually assert its position in broader value chains.

More importantly, the private sector is shouldering a dual mission of economic contribution and social stability. Employing approximately 1.4 million workers, contributing over 30% of GRDP, and generating thousands of billions of dong in annual budget revenues, it serves not only as a primary production force but also as a stabilizing pillar for society.

If the FDI sector can be likened to an external wind bringing technology, knowledge, and global visibility, then the private sector represents deep-rooted foundations, quiet yet enduring, anchoring Bac Ninh’s economy and enabling it to adapt flexibly to external shocks.

Resolution 68-NQ/TW: A new impetus and the 2030 vision

According to Mr. Cuong, the most significant turning point in this phase is Resolution No. 68-NQ/TW issued by the Politburo, an instrument of strategic significance that goes beyond a conventional administrative document to serve as a powerful declaration unlocking the productive potential of the private sector.

In response, Bac Ninh has proactively translated this vision into concrete actions through Plan No. 11-KH/TU, with clearly defined targets and measurable outcomes, generating positive spillover effects in implementation.

Bac Ninh Provincial Party Committee has also promulgated Action Program No. 21-CTr/TU on private sector development for the 2026–2030 period, reflecting strong political commitment to operationalising central government directives. The program not only builds on past achievements but also introduces breakthrough orientations and solutions aimed at fostering a transparent, equitable, and enabling business environment for sustainable private sector growth, gradually affirming its role as the province’s primary growth engine.

At the same time, Bac Ninh continues to enhance its investment and business environment, ensuring transparency, stability, and accessibility while fostering entrepreneurship and innovation. These efforts aim to mobilize and efficiently allocate societal resources, laying the groundwork for a dynamic and sustainable private sector that contributes increasingly to economic growth.

By 2030, Bac Ninh has set ambitious targets for private sector development: approximately 85,000 active enterprises, equivalent to 21.5 enterprises per 1,000 people; at least 15 private firms among Vietnam’s top 500 largest enterprises; average annual growth of 13 - 14%; contribution of 55 - 58% to GRDP; accounting for 35 - 40% of total state budget revenues; and employment for 84 - 85% of the labor force. Labor productivity in the sector is expected to grow by 10 - 12% annually, with private investment accounting for 38 - 40% of total social investment.

Looking ahead to 2045, Bac Ninh envisions a highly developed private sector in both scale and quality, with around 160,000 active enterprises contributing over 60% of GRDP, firmly establishing its role as a pillar of long-term growth and competitiveness.

A shift in governance mindset: from “management” to “service” and “facilitation”

To realize these objectives, Bac Ninh Provincial Party Committee has identified seven key tasks and solutions to promote robust, sustainable, and efficient private sector development.

First, strengthen communication and awareness, foster a unified shift in mindset and action, and create new momentum for private sector growth; while continuing institutional reforms to improve policy quality and ensure effective protection of property rights, business freedom, fair competition, and contract enforcement.

Second, facilitate access to essential resources such as land, capital, and high-quality human resources by reviewing land-use planning, improving financing mechanisms, diversifying funding channels, and ensuring transparent and equitable resource allocation.

Third, promote linkages among private enterprises, state-owned enterprises, and FDI firms to form sustainable value chains and supply chains, enhancing technology transfer, governance capacity, and competitiveness.

Fourth, ensure coordinated implementation under the comprehensive leadership of Party committees, unified state management, and close inter-agency cooperation, with clear accountability of leadership at all levels.

Fifth, implement targeted financial support policies, notably a 2% annual interest rate subsidy for green and circular economy projects aligned with ESG standards, thereby facilitating access to capital while steering businesses toward sustainable development.

In parallel, amid digital transformation and the Fourth Industrial Revolution, Bac Ninh continues to lead with a digital economy accounting for approximately 40.5% of GRDP. With over 2,300 digital technology enterprises, the province is gradually strengthening the private sector’s capacity to master advanced technologies such as artificial intelligence and big data, supported by proactive government facilitation.

Sixth, enhance monitoring, evaluation, and policy review to ensure effective implementation, promptly address bottlenecks, and flexibly adjust mechanisms in line with evolving realities.

Seventh, foster entrepreneurship, innovation, and self-reliance within the business community, encouraging bold thinking, accountability, and compliance with legal standards, while promoting business ethics, corporate culture, and social responsibility toward sustainable development.

Bac Ninh also commits to recognizing and honoring outstanding enterprises and entrepreneurs that not only achieve strong business performance but also actively contribute to social responsibility and sustainable values.

With decisive leadership from the Provincial Party Committee and People’s Committee, coupled with synchronized and action-oriented programs, Bac Ninh’s private sector is entering a promising new phase of development.

As barriers are gradually removed, the business environment becomes more conducive, and enterprise confidence is strengthened, the private sector is set to emerge as the leading force propelling Bac Ninh to new heights, contributing significantly to the country’s rapid and sustainable development in the new era.