Quang Tri’s businesses embrace Resolution No. 68 to boost private economy

Resolution 68-NQ/TW, issued by the Politburo on May 4, 2025, aimed at fostering the development of Vietnam’s private sector, is fueling renewed optimism among business communities, particularly in provinces such as Quang Tri, where economic potential remains largely untapped despite years of anticipation for a breakthrough.

Local enterprises expect the resolution will deliver substantive improvements to the business environment and accelerate private sector growth

Pham Truong Son, Chairman of the Quang Tri Young Entrepreneurs Association, expressed his support for the resolution’s emphasis on facilitating land access for small and medium-sized enterprises (SMEs), calling it a critical step toward unlocking local economic potential.

However, he noted that most businesses in the province are small or micro-sized and cannot meet the current requirements of one to two hectares of land and an investment threshold of US$1 million per hectare in industrial and special economic zones.

He proposed the establishment of industrial clusters in local communes to offer more flexible land allocations, ranging from a few thousand square meters, to better suit the investment capacity of small and micro businesses and household enterprises.

Production activities at Quang Tri Carton Packaging Joint Stock Company, Hai Le Industrial Cluster, Quang Tri Town. Photo: T.T

The association currently has 300 members, including 280 official ones. Across Quang Tri, 3,419 businesses are active out of a total 3,470 registered, with more than 91.5% classified as small and micro enterprises. These businesses have registered over VND68.9 trillion ($2.6 billion) in capital and created jobs for more than 55,000 workers.

From 2021 to 2024, total private investment reached nearly VND66.1 trillion ($2.5 billion), accounting for 63.7% of the province’s total investment.

Despite surpassing its 2021-2025 target with 1,954 new businesses, the province still faces troubling trends.

Accordingly, the number of newly established businesses declined, from 491 in 2022 to just 168 in the first five months of 2025.

Meanwhile, the number of businesses temporarily suspending operations increased from 195 in 2021 to 320 during January-May in 2025.

These figures reflected mounting challenges, from declining orders and global economic competition to pressures brought by the Fourth Industrial Revolution and digital transformation.

Vo Thai Hiep, Chairman of the Quang Tri Business Association, stressed the urgent need to simplify administrative procedures to reduce time, cost, and resources for businesses.

He said that a transparent and streamlined process would enable enterprises to access policies, comply with regulations, and fulfill obligations without unnecessary delays or obstacles.

Hiep also pointed out that businesses currently face prolonged delays and financial burdens due to land clearance and legal hurdles before project implementation. He said that clean and available land should be prepared in advance to attract investment and help enterprises promptly launch projects.

Le Dinh Sung, Chairman and CEO of Minh Hung Quang Tri Joint Stock Company, highlighted another important point in Resolution No. 68: minimizing unnecessary inspections and checks.

He said this move would create a more open and business-friendly environment, reduce burdens, and allow companies to focus on production and operations.

To further streamline oversight, Sung proposed that relevant authorities conduct coordinated inspections, replacing the current fragmented approach that often disrupts business activities.

To ensure Resolution No. 68 delivers real impact, Quang Tri plans to prioritize raising awareness and aligning understanding among stakeholders. It will accelerate administrative reform and improve the local investment and business climate.

The province is also exploring ways to strengthen institutions and policies that protect property rights, ensure freedom of business, and guarantee fair competition for the private sector, along with enforcing contract execution.

Authorities aim to improve access to critical resources such as land, capital, and high-quality human resources. In parallel, they are promoting technological innovation, digital transformation, and green development to help private enterprises operate more efficiently and sustainably.

Strengthening connections among private enterprises and between private, state-owned, and foreign-invested sectors is also a priority. The overarching goal is to rapidly build and expand medium and large private businesses and foster the growth of major private economic groups.

Enterprises across the province are encouraged to uphold their responsibility and play an active role in Quang Tri’s socio-economic development. They are urged to embrace innovation, remain dynamic and creative, and regularly communicate challenges, bottlenecks, and policy recommendations to relevant authorities to ensure timely support and resolution.

Thanh Truc-Khanh Khanh