Adding 1,000 Enterprises a Year
As of January 27, 2026, Tuyen Quang had 6,439 registered enterprises, with total registered capital exceeding 93 trillion dong (about US$ 3.6 billion). Together, they provide stable jobs for tens of thousands of workers and accounted for about 40% of the province’s economic growth and roughly 35% of state budget revenue in 2025.
Speaking at the Department of Finance’s 2026 task briefing, Provincial People’s Committee Chairman Phan Huy Ngoc said the province must add an average of 1,000 new enterprises each year during 2026–2030 to meet the 2030 target. “This is a demanding goal, but it is achievable with the right mechanisms and incentives, especially by encouraging cooperatives and business households to shift into the enterprise model,” he said.
Benefiting from provincial incentives, the Nam Dam Medicinal Herbs Cooperative is on track to become an enterprise
Following the provincial merger, expanded development space and the rollout of Resolution 68, under which the private sector is defined as one of four pillars driving the country into a “new era”, business formation has accelerated. In 2025 alone, the province recorded 786 newly registered enterprises, reaching 132% of the annual plan and up 72% year on year. Newly registered capital topped 3 trillion dong (around US$ 115 million), while 209 firms resumed operations, up 9%. Tuyen Quang is also home to more than 1,600 cooperatives and over 34,000 business households, many of them large enough to upgrade into formal enterprises.
To sustain momentum, provincial authorities have instructed departments and local governments to spell out clear tasks, timelines and accountability, strengthen inter-agency coordination, and respond quickly to obstacles faced by businesses, cooperatives and households. Creating a transparent and predictable investment climate remains a core requirement.
Building Stronger Support Frameworks
Despite progress, the private sector still faces structural constraints. Small and medium-sized enterprises make up more than 98% of all firms, while only about 72% of registered businesses are actually operating. Fragmented growth, weak linkages, and limited access to credit, land and support policies remain persistent challenges. Ms. Chau Thi Loi, head of the Enterprise and Business Registration Division at the Department of Finance, said shortcomings stem from both policy and implementation gaps.
“Support policies are still fragmented and lack depth. In some localities, business development has not received adequate attention, while administrative reform, investment promotion and digital support have lagged behind,” she said. Some firms also struggle with legal compliance, while investment in technology, innovation and digital transformation remains insufficient. Others register but fail to operate in practice.
To address these issues, Action Program No. 06 targets institutional breakthroughs, including cutting administrative processing time by at least 30%, shifting decisively from pre-inspection to post-inspection, and improving transparency in land-use planning, infrastructure projects and investment incentives. Measures also include faster land leasing and certification, priority credit for SMEs and startups, support for household businesses transitioning into enterprises, and fairer competition conditions.
Backing policy commitments with action, the Provincial People’s Council on December 10, 2025 adopted Resolution No. 20, setting out SME support measures for 2026-2030. The package covers costs for postal delivery of administrative results, corporate seals and digital signatures during a firm’s first three years - practical incentives aimed at accelerating formalization.
With Resolution 68, the newly issued Resolution No. 79 on state economic development, and coordinated implementation across the political system under the “Six Clear” principle - clear tasks, people, responsibilities, timelines, outputs and authority - provincial leaders expect the business community to expand in both scale and strength, underpinning Tuyen Quang’s growth ambitions in the years ahead.
Nguyen Thanh Hieu
From a Vietnamese article on Tuyen Quang online
