Most important driving force of national economy

BHG - Just 13 days after the Politburo issued Resolution 68, the National Assembly followed with Resolution 198 with special policies to promote the private economy, demonstrating the determination to make this sector the most important driving force of the national economy.

In Ha Giang, the private economy is gradually asserting its position. A typical example is the project of Tran Duy Hien, Director of Ha Giang Highlands Joint Stock Company, with the production of high-class buckwheat beer. This is the first project of the province to apply Czech Republic technology to beer production according to a closed process, raising the value of buckwheat seeds from common agricultural materials to a typical One Commune One Product (OCOP) product of Dong Van. The methodical investment has helped increase the income of more than 350 households, 10-20 times higher than growing corn. Enterprises also take advantage of by-products from beer production to make organic fertilisers and animal feed, forming a sustainable production chain.

An Chang Retreat & Spa Resort in Phuong Thien Commune (Ha Giang City) is invested by private business.

The province currently has nearly 4,400 enterprises, with total registered capital exceeding 38,000 billion VND, contributing about 60% of GDP and more than 1,300 billion VND to budget revenue each year. The local business community is part of more than 1 million enterprises and 5 million business households nationwide, generating 50% of GDP, 30% of budget revenue, and employing up to 82% of the employees.

However, the journey of the private economy still has many barriers. HIDDEN LANDS Trade, Service and Tourism Company Limited is an example. Despite meeting planning and legal requirements, the Hoa Thuan Glass Bridge project in Vi Xuyen, worth more than 200 billion VND, has not been approved after three submissions due to problems on regulations related to land, planning, and administrative procedures. Such issues cause businesses to struggle, waste capital, and miss investment opportunities.

With the goal of the private economy contributing 55-58% of GDP and creating jobs for 85% of the workforce by 2030, the government is making efforts to reform: cutting down 30% of procedural time, legal compliance costs and business conditions. The government is also committed to shifting from "management" to "creation", taking businesses as the centre of service. Businesses are looking forward to soon realising the tax exemption and reduction policy, but more importantly, there is a monitoring mechanism so that the policy is not "frozen" halfway.