Creating innovation and creativity for private enterprises

Creating innovation and creativity for private enterprises Technical staff of Toan Cau Production and Trading Company Limited checks product quality before leaving the factory.

In Thanh Hoa, the private sector is playing a key role in promoting growth, creating jobs and increasing added value. However, in order for this sector to maximize its potential, creating a favorable environment and encouraging innovation and creativity is an urgent requirement.

According to data from the Department of Finance, the province currently has more than 21,000 operating enterprises, of which over 97% are private enterprises. In the first 6 months of 2025 alone, the province had 1,725 newly registered enterprises, an increase of 12.3% over the same period last year. This shows the strong vitality of the private economic sector, while also requiring a transformation in management methods, technology application and product development to adapt to the constant fluctuations of the market.

One of the bright spots in innovation and creativity is Toan Cau Production and Trading Company Limited (Tinh Gia Ward), a company specializing in the production of packaging products such as OPP adhesive tape; electrical tape; waterproof adhesive tape; various types of plastic bags; moisture-proof beads; straps; ties... Thanks to bold investment in modern machinery systems, synchronous production lines and focusing on training skilled technical staff, the company not only increases productivity but also significantly improves product quality, flexibly meeting the diverse needs of domestic and export customers. In particular, in the context of an increasingly competitive packaging market, the company has proactively designed environmentally friendly product lines and integrated separate technical elements for each customer group. Thanks to the right orientation, Toan Cau is gradually affirming its position in the supply chain of packaging materials in the Central region, while expanding the market to neighboring countries such as Laos, Cambodia and Thailand.

Not only in the manufacturing sector, many young enterprises in Thanh Hoa are also asserting their pioneering role in innovating business models. For example, Huong Son Digital Technology Company Limited in Bim Son Ward has successfully developed a retail platform called "Smart Store" that integrates inventory management, sales and payment systems via QR code, helping hundreds of traditional traders quickly transform digitally after the COVID-19 pandemic. A representative of the enterprise said: "We are not only selling software but also contributing to changing the operational mindset of many businesses, helping them access modern tools, thereby optimizing costs and improving customer experience."

However, in reality, the number of truly innovative and creative private enterprises is still modest compared to the scale of the whole province. According to a survey by the Thanh Hoa Provincial Business Association, up to 65% of private enterprises have not invested properly in research and development of new products (R&D), mainly operating according to the traditional model and relying on the advantage of cheap labor. The reasons are that many enterprises are still afraid of risks when investing in technological innovation, lack market information, and have not accessed financial support policies and digital transformation consulting.

In order to motivate private enterprises to promote innovation and creativity, Thanh Hoa province has recently implemented many support programs. Specifically, the Department of Science and Technology is implementing a program to support small and medium enterprises in technological innovation, with support of up to 50% of the cost of investing in machinery and production lines (maximum 300 million VND/project).

However, for the private sector to truly become an innovation hub, more innovative solutions are needed. First of all, it is necessary to build innovation zones at the district and city levels, where businesses, startups and universities can connect, share technology and test products. This model has been effective in many provinces such as Binh Duong (old) and Quang Ninh, contributing to the creation of a sustainable innovation ecosystem.

In addition, it is necessary to develop more provincial venture capital funds to support capital for innovative ideas. Currently, most startups or small businesses in Thanh Hoa have difficulty accessing credit capital due to insufficient collateral or lack of feasible business plans. The participation of venture funds not only provides flexible capital but also creates a lever of trust for businesses that dare to think and dare to do.

Another important aspect is to promote the education of creative entrepreneurship in schools, especially in vocational schools, colleges and local universities. Organizing business idea competitions, entrepreneurship training programs or internship models at real enterprises will help students gain practical perspectives and stimulate the spirit of innovation early.

In an era where technology and consumer trends change every day, private enterprises can only survive if they know how to renew themselves. Innovation is no longer the privilege of large corporations, but must become the “gene” of every enterprise, from factories, small shops, to technology startups. With close support from provincial authorities, and the strong desire to rise from the enterprises themselves, Thanh Hoa can absolutely become a bright spot in the creative business environment in the North Central region.

Article and photos: Chi Pham

Source: https://baothanhhoa.vn/tao-dong-luc-doi-moi-sang-tao-nbsp-cho-doanh-nghiep-tu-nhan-255241.htm