Fostering internal strength of the private economy

Looking back on more than a quarter-century of construction and development, from a low-starting-point agricultural province, Binh Duong has risen to become a dynamically industrialized locality in the Southern Key Economic Region. Among these shared achievements, the private economic sector has made an immensely important contribution, with many local enterprises continuously growing stronger and expanding their presence regionally and internationally.

Over the past years, contributing to the province’s overall success, private enterprises in Binh Duong have demonstrated dynamism, creativity and a pioneering spirit, daring to think, act and overcome difficulties and challenges, achieving many positive outcomes. Taking Unigroup as an example, it began in 1998 with only six members and now encompasses over 60 subsidiaries and affiliated companies, employing more than 20,000 workers. The company is currently expanding its investment scope, aiming at building a multi-sector ecosystem composed entirely of 100% Vietnamese-owned private enterprises with unique characteristics. Similarly, Minh Long I ceramics, after decades of arduous efforts, has elevated Vietnam’s ceramic industry to a new global stature…

Highlighting a few exemplary private enterprises shows that the private sector plays a significant role in the economic development of the province and the nation. They also reflect that Binh Duong is fertile ground—a place that "laid out the welcome mat" early to "nurture" the growth of private enterprises. Despite many challenges, throughout its development journey, Binh Duong has consistently stood by its businesses, offering appropriate support policies and strengthening the internal capacity of private enterprises so they can remain resilient in a competitive market. As a result, thousands of private businesses have been established, creating jobs for tens of thousands of workers and significantly contributing to the State budget and the province’s development. Today, more than 97% of the businesses in Binh Duong belong to the private sector. This sector is regarded as a primary force, playing a pivotal role in maintaining the province’s economic growth.

Espencially, the promulgation of the Resolution No. 68-NQ/TW on private economic development in the new situation will improve the institutional environment, remove barriers and create conditions for the private economic sector to make a breakthrough. That is also the belief and motivation for businesses to innovate, create, apply advanced science and technology, improve competitiveness, expand markets, make positive contributions to the economy as well as social security activities, contributing to building up a more and more prosperous, beautiful and civilized Binh Duong.

Reported by K.Tan-Translated by Kim Tin