Hai Phong’s private economy one year after the implementation of resolution 68

Shifting from “management” to “facilitation and partnership”

Immediately after the Politburo issued Resolution 68, Hai Phong quickly implemented tasks in line with the direction of the Central Government and the Government. Departments, sectors, and local authorities simultaneously stepped up communication and dissemination of the resolution while developing specific plans to support the growth of the private sector.

One of the most notable highlights after a year of implementation has been the shift in governance mindset from “management” to “facilitation and partnership.” The city reduced processing times by at least 50% for 1,680 out of 1,907 provincial-level administrative procedures and 269 out of 313 commune-level procedures. More than 1,500 administrative procedures can now be handled regardless of administrative boundaries, helping businesses significantly reduce travel time and costs.

At the same time, the city has focused on improving the competitiveness of the private sector through policies encouraging innovation and digital transformation. The city People’s Council has issued several resolutions providing non-refundable support for organizations and individuals engaged in science, technology, and innovation activities.

These include policies covering up to 50% of specialized training costs for enterprise personnel in areas such as product development, e-commerce, investment fundraising, and market expansion.

Notably, the city has also introduced support policies for high-quality human resources in semiconductor and artificial intelligence (AI) sectors, including housing rental support of up to VND 20 million per month during the first year for highly skilled workers relocating to Hai Phong.

Support measures helping the private sector access credit, land resources, and tax incentives have also achieved positive results. By the end of April 2026, outstanding loans to the private economic sector in the city exceeded VND 520 trillion, accounting for 96.63% of the total outstanding loans of credit institutions in Hai Phong, up 4.47% compared to the end of 2025.

These changes have created a positive impact on private-sector development. In 2025, the city recorded 7,457 newly established enterprises with total registered capital of more than VND 181.7 trillion, an increase of 35.8% in the number of enterprises and 1.45 times in registered capital compared to the previous year.

The growth momentum has continued into the first months of 2026. In just the first four months of the year, Hai Phong recorded 2,951 newly established enterprises, surpassing the city’s projected growth scenario and increasing by more than 42% compared to the same period in 2025.

Continuing to realize support mechanisms and policies

Despite many positive results, the picture of the private economy in Hai Phong still contains several challenges. According to statistics by the end of 2025, the city had around 29,600 active private enterprises, but only more than 15,500 of them were profitable.

Notably, although the number of newly established and reactivated enterprises increased significantly, the number of dissolved or temporarily suspended businesses also remained high. This indicates that private enterprises continue to face considerable pressure in maintaining stable operations and achieving sustainable development, especially amid rising input costs, limited competitiveness, and fluctuations in consumer markets.

Feedback from the business community also shows that many obstacles affecting production and business activities still need attention and support from authorities. Mr. Nguyen Nhu Hung, Director of Truong Thinh Mechanical Trading Co., Ltd.in An Duong Ward, said that high rental costs, technological limitations, long-term investment capital shortages, and market difficulties remain major barriers for businesses.

In practice, the implementation of Resolution 68 in the city has also encountered difficulties in translating mechanisms and policies for private-sector development into concrete actions. Several preferential policies related to land, science and technology, innovation, digital transformation, and green transformation are still being finalized or lack detailed guidance. As a result, many policy directions have yet to be fully implemented due to insufficient legal frameworks.

To realize the goals set out in Resolution 68, Hai Phong aims to have more than 87,000 operating enterprises by 2030, with the private sector achieving an average annual growth rate of 14.5%–15% and contributing around 43%–45% of the city’s GRDP.

According to Mr. Le Trung Kien, Vice Chairman of the municipal People’s Committee, achieving these goals will require strong coordination, proactive action, innovation, creativity, and determination from all levels and sectors of the city government.

Accordingly, the city will continue improving the investment and business environment, strengthening dialogue and support for enterprises, and establishing “green channel” mechanisms for handling administrative procedures to facilitate the establishment and development of businesses. At the same time, Hai Phong will continue developing and effectively implementing policies to support enterprises in digital transformation and improve access to land, capital, and science and technology resources.

However, for the private sector to truly become a key driver of economic growth as envisioned in Resolution 68, alongside the efforts and determination of local authorities, continued support from the Central Government will also be necessary to remove bottlenecks in implementing mechanisms and policies that enable businesses to develop in a stable and sustainable manner.

Ha Minh