More businesses, better quality
Hai Phong needs to shift from increasing the number of businesses to improving their quality, creating a solid foundation for the business community to make a substantive contribution to growth.
In the first eight months of 2026, Hai Phong achieved or exceeded the targets set in the scenario for nine of the 10 key socio-economic indicators. In August alone, the index of industrial production (IIP) increased by 14.02% year on year, below the scenario target of 17.3%. In the first eight months, IIP rose by 15.22%.
During the same period, the city had 5,400 newly established businesses, up 4.43% year on year and reaching nearly 72% of the year’s target. This is a positive sign, but an increase in the number of businesses does not necessarily mean a corresponding increase in the economy's production capacity.
In the immediate term, to bring IIP in line with the scenario target, the city must maintain stable output at large businesses and put new capacity into operation as soon as possible. Businesses with revenue of more than VND 1 trillion currently account for more than 79% of the total industrial production value. Therefore, if just a few businesses in this group see their orders decline or fail to fully utilize their capacity, the overall result will be immediately affected.
In the long term, Hai Phong needs a sufficiently strong small- and medium-sized business sector to participate more deeply in production chains. These businesses cannot replace the role of large factories, but they can supply components, raw materials and services within the city. As the local supplier network develops, each major project will generate additional orders for more businesses and retain more value within the local economy.
The resolution on reducing corporate income tax and personal income tax by 30% for businesses and individuals engaged in business activities with annual revenue of no more than VND 10 billion, applicable to the 2026 and 2027 tax years, which was passed by the National Assembly on August 24, 2026, is timely support. The tax reduction will give beneficiaries additional resources to maintain operations, pay salaries and reinvest.
For businesses, such support will only be effective when accompanied by technological innovation, improved management capacity, financial transparency and proactive efforts to meet the standards of supply chains.
The target of achieving annual GRDP growth of 13% or higher in 2026 and throughout the 2026 - 2030 period cannot rely solely on a few large businesses. The nearly 5,400 newly established businesses will become a source of strength as more and more businesses remain viable, expand their scale and participate in the city's production activities. Developing small- and medium-sized businesses is therefore a direct part of Hai Phong's growth equation.
LE HIEP