Developing the private economy, creating momentum to promote growth

Song La Xanh Packaging Joint Stock Company has invested in many machinery systems, developing production and business scale.

Song La Xanh Packaging Joint Stock Company (Duc Tho Commune) is a business operating in the field of manufacturing, trading and exporting packaging products. After more than 5 years of production, the company has expanded the scale of factory area, labor, and invested in more machinery to develop production and business.

Mr. Nguyen Van Son - Chairman of the Trade Union of Song La Xanh Packaging Joint Stock Company said: “The company started production in 2020, and continued to put the second phase of the factory into operation in mid-2022. In July 2024, the company built an additional factory in Huong Son commune (Son Bang commune, old Huong Son district) to serve production and facilitate workers' travel. The company currently has an area of over 2.6 hectares and is creating jobs for more than 450 workers. The company's packaging products serve both the domestic market and are exported to countries such as the Philippines, Laos, Japan, Korea, Thailand, etc. In 2024, the company's revenue will reach 220 billion VND. This year we are striving to reach about 250 billion VND. To meet production, this year, we have also "poured" an additional 20 billion VND into investing in a solar power system and some machinery".

Song La Xanh Packaging Joint Stock Company is creating jobs for 450 workers.

Viet Hai Trading and Transport Services Company Limited (Ha Huy Tap Ward) is a "famous" enterprise in the field of trading in construction materials, transportation services, manufacturing high-tech components, ready-mixed concrete, precast concrete, bricks, tiles; foundation reinforcement; construction of works. After more than 30 years of operation, the enterprise now has a system of factories, cooperatives, and stores, achieving annual revenue of thousands of billions of VND and creating stable jobs and good income for more than 1,000 workers.

Covering all industries, fields of industry, construction, trade and services, in recent times, the private enterprise sector has continuously developed in both quantity and quality, affirming its key role, becoming one of the pillars of the economy and an important driving force to promote growth. Many private enterprises in the province have gradually developed production and business, grown in scale and resources, becoming the "leading birds" of the provincial economy. These include: Formosa Ha Tinh Iron and Steel Corporation, VinES Battery Factory, Hoanh Son Group Joint Stock Company, Vinatex Hong Linh Joint Stock Company, etc.

Viet Hai Trading and Transport Services Company Limited is an enterprise with many contributions to the industry and trade of the province.

According to the leaders of the Department of Finance, the private economic sector has made important contributions to GRDP growth, budget revenue, job creation and social security work in the area. In particular, the private economic sector has participated in implementing many key projects in the area.

Statistics show that in the first 6 months of the year, the province had 840 newly established enterprises, an increase of 31% over the same period last year. To date, the province has more than 10,000 enterprises, branches and representative offices in operation, mainly private enterprises (the province currently has only about 10 state-owned enterprises). The business sector currently contributes about 50 - 60% of the province's GRDP, 60% of domestic budget revenue and 50 - 60% of total social investment capital in the province.

The private economic sector has made important contributions to GRDP growth and provincial budget revenue.

Recognizing the role of the business sector in general and private enterprises in particular, the province has recently had many solutions and support policies to promote the development of this sector, focusing on improving the business environment, removing difficulties and obstacles to facilitate businesses. At the same time, it is determined to reform administrative procedures and improve the quality of online public services to serve people and businesses.

Mr. Nguyen Tien Trinh - Vice Chairman and General Secretary of the Provincial Business Association said: “The provincial leaders, departments and branches have continuously improved the investment environment, promptly removed difficulties and obstacles in the production and business process; at the same time, organized many forums and dialogues with businesses to listen, absorb opinions from practice and answer for businesses. Support policies on tax, credit, digital transformation, etc. have been effectively implemented, contributing to creating favorable conditions for businesses to develop sustainably. Such companionship not only demonstrates a sense of responsibility but is also an important driving force for businesses to confidently invest, expand production and contribute positively to the socio-economic development of the province”.

Pro Sports Nghi Xuan Garment Factory operates in the export garment sector with a scale of more than 2,000 employees.

However, in the process of operation, the private economic sector in the country in general and in Ha Tinh in particular still faces certain barriers. Most enterprises in the province are currently small and micro-sized, lacking financial capacity, access to technology, capital and high-quality human resources, and limited management skills. In addition, the business environment is not really favorable and access to land and capital is still limited.

In that context, Resolution No. 68-NQ/TW dated May 4, 2025 issued by the Politburo is expected by businesses to expand development space and resources, removing bottlenecks for the private economic sector.

Thao Nguyen Joint Stock Company (Thach Ha Commune) is a private enterprise specializing in construction and installation of works and projects in the province. In the past, the unit has been facilitated by the Ha Tinh Banking sector to access capital for its operations. However, due to the nature of a construction enterprise, with limited collateral, the source of credit capital is not much accessible, and at some times there is still a lack of investment resources. Resolution 68 was issued, the enterprise hopes to create a basis and foundation to access resources, especially credit.

According to Mr. Dang The Vinh - Deputy Director of Thao Nguyen Joint Stock Company: "Resolution 68 builds a group of solutions to support private enterprises to develop, emphasizing the content of improving access to capital. Specifically, reviewing and perfecting credit mechanisms and policies for the private economy; reviewing and perfecting the legal framework, perfecting the model of credit guarantee funds for small enterprises, loosening the conditions for granting guarantees compared to the conditions for bank loans... We expect these contents to be implemented soon, creating more favorable conditions for accessing bank loans, increasing investment and development opportunities".

Operating in the construction sector, Thao Nguyen Joint Stock Company expects Resolution 68 to create a basis and platform to access resources, especially credit.

Recently, the Provincial Party Standing Committee issued an Action Program to implement Resolution No. 68 of the Politburo to fully, synchronously and consistently implement the viewpoints, goals, tasks and solutions stated in the resolution.

Accordingly, the Provincial Party Standing Committee set a target of striving for 2030, the whole province will have about 18,000 - 20,000 enterprises operating in the economy. The average growth rate of the private economy will reach about 10 - 12%/year, higher than the growth rate of the economy; contributing about 60 - 65% of GRDP, about 60 - 65% of the total provincial budget revenue; creating jobs for about 84 - 85% of the total workforce; labor productivity will increase by an average of about 8.5 - 9.5%/year. Vision to 2045, Ha Tinh's private economy will develop rapidly, strongly, sustainably, proactively integrate, participate in the national and international production and supply chains; have high competitiveness; strive to have at least 35,000 enterprises operating by 2045; contributing over 65% of the province's GRDP.

The action program also proposes 8 groups of solutions and clearly defines the implementation mechanism to create a strong shift in awareness and action throughout the political system, promoting the private economic sector to develop rapidly, sustainably and effectively, contributing positively to the socio-economic development of the province.

Source: https://baohatinh.vn/phat-trien-kinh-te-tu-nhan-tao-dong-luc-thuc-day-tang-truong-post291514.html