Provincial leadership consistently engaging in dialogue with enterprises to understand and resolve their difficulties

Notable achievements of the private business community

In recent years, the private sector in Thai Nguyen has achieved strong growth in both scale and competitiveness. Numerous private enterprises have continuously expanded production, upgraded technology, improved product quality and proactively developed new markets, thereby making meaningful contributions to local economic growth.

The same dynamism is evident across numerous factories and enterprises throughout the province. At the Dai Tu garment branch of TNG Investment and Trading Joint Stock Company, production lines operate continuously with thousands of workers. On average, the facility completes multiple export orders per day, consistently meeting delivery deadlines for its business partners.

TNG Investment and Trading Joint Stock Company — post-tax profit exceeding VND 393 billion in 2025, up nearly 25% year-on-year

Sustained production stability, improved productivity and expanded export markets have enabled the company to achieve impressive business results. In 2025, its post-tax profit exceeded VND 393 billion, a rise of nearly 25% compared with the previous year, demonstrating the company’s capacity for agile adaptation amid an increasingly volatile global economic environment.

According to Tran Minh Hieu, General Director of TNG Investment and Trading Joint Stock Company, the company’s revenue from core business activities has grown substantially, driven by a strategic focus on technically demanding and complex product lines as well as the expansion of export markets. Export orders to new markets have contributed significantly to overall revenue growth.

Thai Hung Trading Joint Stock Company contributes an average of approximately VND 189 billion per year to the state budget

Beyond the garment industry, the steel and construction materials sectors have also recorded notable achievements by private enterprises. As one of Thai Nguyen province’s leading private enterprises in the steel sector, Thai Hung Trading Joint Stock Company accounts for approximately 13% of Vietnam’s annual steel consumption market. Through a wide range of measures to advance its production and business activities, the company has in recent years recorded average total revenue of VND 15,290 billion per year and average state budget contributions of VND 189 billion per year.

The performance of TNG Investment and Trading Joint Stock Company, Thai Hung Trading Joint Stock Company and numerous other private enterprises in Thai Nguyen reflects the positive momentum within the province’s business community. These achievements have come about in the context of a steadily improving investment and business environment, with administrative reform being actively advanced to create favorable conditions for enterprises to expand production. As a result, Thai Nguyen has continued to attract substantial development resources. From the beginning of 2021 to date, more than 500 non-budget-funded investment projects have remained active in the province. In the first two months of 2026, Thai Nguyen also held the top position nationwide in FDI attraction. These figures attest to the sustained and consistent appeal of Thai Nguyen’s investment environment and reaffirm the confidence of both domestic and foreign enterprises in the province.

The private sector is playing an increasingly significant role in the socioeconomic development of Thai Nguyen. The number of newly established enterprises has risen steadily, registered capital has expanded and more employment opportunities have been created for the workforce. In 2025, more than 1,900 new enterprises were established across the province, with total registered capital exceeding VND 14,000 billion, of which private enterprises accounted for the largest share.

Beyond job creation, the private sector also makes substantial annual contributions to the state budget. According to available statistics, the province’s total state budget revenue in 2025 exceeded VND 29,000 billion, of which revenue from the private sector surpassed VND 3,690 billion, accounting for 23.3% of total domestic revenue (excluding land use fees). A budget contribution share approaching one quarter of total domestic revenue reflects the increasingly prominent position of private enterprises within the province’s economic structure and contributes to enhancing the locality’s degree of fiscal autonomy.

Building on this growth trajectory, in the first two months of 2026, more than 300 new enterprises were established across the province with total registered capital exceeding VND 2,900 billion. In addition, 223 enterprises resumed operations, bringing the total number of active enterprises in the province to nearly 14,900. The private sector is increasingly assuming a central role in the economic structure of Thai Nguyen.

These figures not only reflect growth in scale but also affirm the pivotal role of the business community in driving Thai Nguyen’s economic expansion. They serve as compelling evidence of the maturation in scale, quality and competitiveness of the province’s private sector.

Creating “leverage” for private sector development

In accordance with the spirit of Resolution No. 68-NQ/TW of the Politburo and Scheme No. 15-DA/TU of the Thai Nguyen Provincial Party Committee on private economic development for the 2026 - 2030 period, Thai Nguyen has set the objective of increasing the private sector’s contribution to GRDP, making it the primary driver of growth. To realize this goal, the province has focused on unlocking resources in land, capital and high-quality human resource development.

According to Nguyen Van Thoi, Chairman of the Provincial Business Association, the business community holds the province’s measures in high regard, as all tasks closely adhere to the spirit of Resolution No. 68-NQ/TW dated May 4, 2025 of the Politburo on private economic development, while simultaneously addressing bottlenecks for enterprises and establishing a transparent and equitable investment and business environment for all economic sectors.

Recognizing land as a resource of decisive importance for enterprise production and business operations, particularly for the private sector, the province has focused on implementing a comprehensive range of measures to facilitate transparent and efficient access to land and production premises for enterprises. Industrial clusters and industrial parks throughout the province are regularly inspected by provincial leadership, who provide directions on resolving difficulties and accelerating progress to promptly create cleared sites ready for incoming investors.

Infrastructure of Song Cong II Industrial Park completed, ready to welcome investors

At the Song Cong II Industrial Park Infrastructure Construction Project, which covers an area of 250 hectares, the concerted implementation of multiple measures has resulted in the near-complete construction of all technical infrastructure within the industrial park, including the road network, drainage and wastewater collection systems, a centralized wastewater treatment plant and green space facilities. The park has to date attracted 53 projects, including 24 domestic direct investment (DDI) projects with total registered capital exceeding VND 4,000 billion and 29 FDI projects with total registered capital of USD 1,359 million. These figures affirm Thai Nguyen province’s sustained investment appeal, as chosen by private enterprises.

Alongside infrastructure development, land use planning and planning implementation have also been prioritized on a coordinated basis, ensuring coherent linkages among provincial planning, sector and field planning and land use planning at all levels. The administrative procedures system for land affairs has also been reviewed and updated with electronic interconnection and public disclosure of processes, forms, fees and charges, while processing times for numerous procedures have been shortened relative to regulatory requirements.

Beyond land, capital and high-quality human resources have also been identified by the province as key factors of decisive importance to the development capacity and competitiveness of private enterprises. In the area of finance and credit, the State Bank of Vietnam Region 5 has directed credit institutions operating in the province to prioritize capital allocation for the private sector, particularly small and medium-sized enterprises, supporting-industry enterprises and innovative start-ups.

In parallel, the province is actively promoting science and technology development, innovation, digital transformation and green transition within enterprises, exploring the development of pilot models for digital and green enterprise transformation in several key industries, thereby generating a ripple effect throughout the business community.

Thai Nguyen is also strengthening connectivity between private enterprises, state-owned enterprises and FDI enterprises, promoting the formation of sector-based linkage chains, value chains and supply chains, thereby enhancing the capacity of enterprises to participate in both domestic and international markets.

Chairman of the Provincial People’s Committee Vuong Quoc Tuan addresses enterprise difficulties and challenges at the “Morning Tea with Entrepreneurs” program

Of particular note, the province has emphasized the review and simplification of administrative procedures, the public disclosure of file processing workflows and the application of information technology to governance and administration. The implementation of the “green lane” mechanism for investment procedures has helped reduce file processing times and facilitated enterprise access to public services. The “24-hour green lane” and “60% green lane” mechanisms, introduced in 2026, have contributed to improved service delivery for enterprises, reflecting the province’s determination to build a service-oriented government that supports and accompanies enterprises.

Through the coordinated implementation of all tasks and solutions, the province strives to build a dynamic and efficient private sector that makes ever-greater contributions to economic growth, creates employment, enhances competitiveness and promotes the province’s sustainable socioeconomic development.

Drawing on the foundation already established and a strong collective resolve, Thai Nguyen province has set a target of at least 36,000 enterprises by 2030. The average growth rate of the private economy is expected to reach 10.5% or above; its contribution to GRDP is projected at approximately 50 - 55%; its share of total budget revenue is expected to account for approximately 18 - 20%; the province aims to provide employment for approximately 76 - 77% of the total provincial workforce; and average labor productivity is targeted to grow by at least 8.5 - 9.5% per year. The standard and capacity in technology, innovation and digital transformation are expected to reach an advanced level within Vietnam, contributing to Thai Nguyen’s position among the leading provinces in the Digital Transformation Index.

In the context of deepening international economic integration, the continued support of and facilitation for private sector development represents a long-term strategy for building a dynamic, efficient and sustainable economy. With the strong resolve of the entire political system and the dynamism and creativity of the business community, the private sector in Thai Nguyen will continue to fulfil its pioneering role, contributing to the province’s rapid and sustainable development in the years ahead.