Seven solutions to boost growth of Hai Duong’s private sector

The Standing Board of the Hai Duong provincial Party Committee has issued an action plan to realize the Politburo’s resolution on private sector development.

Accordingly, Hai Duong aims to build a strong private sector in both scale and quality by 2030. Local businesses are expected to be competitive, adopt advanced management practices, uphold social responsibility and environmental awareness, and meet the demands of fast and sustainable provincial socio-economic development, contributing to driving industrialization, modernization, and international integration.

Specifically, Hai Duong targets around 30,000 active enterprises by 2030, with a ratio of 14 companies per 1,000 people. The province also strives to have at least two large businesses participating in global value chains.

Between 2025 and 2030, the average annual growth rate of the private sector is expected to reach 12.8%, higher than Hai Duong's overall economic growth.

By 2030, the private sector is projected to make up about 43 – 48% of the province’s GRDP; its labor productivity is expected to grow by around 11% per year; and the sector will contribute approximately 54.3% of total domestic budget revenue (excluding land use revenue).

To realize these goals, the Standing Board of the provincial Party Committee has outlined seven following key tasks and solutions:

- Renewing thinking, building strong consensus in awareness and action, inspiring trust and national aspiration, and generating fresh momentum and spirit for private sector development;

- Promoting reform; improving the quality of institutions and policies; ensuring effective protection of ownership rights, property rights, freedom of business, fair competition, and contract enforcement for the private sector;

- Facilitating private enterprises’ access to essential resources such as land, capital, high-quality human resources, innovation, digital transformation, and technology application;

- Accelerating science and technology adoption, innovation, digital and green transformation, and promoting efficient, sustainable business practices within the private sector;

- Strengthening linkages among private businesses, and between private, State-owned, and FDI enterprises, and fostering the establishment of large-scale private companies; and

- Providing practical, effective support for micro- and small-sized businesses, as well as household businesses; emphasizing business ethics, social responsibility, and entrepreneurial spirit; and creating all favorable conditions for entrepreneurs to engage in public governance.

PHAN ANH