Developing private sector as driver of local economy
It has actively reshuffled State-owned companies with a view of helping them make profit and at the same time has worked to offer a healthy and open investment climate to encourage all kinds of enterprises to develop in quality and scale as well.
As a result, Ninh Binh has so far had 5,000 enterprises operating,16 times higher than that of 1992, with a total registered capital of 200 trillionVND.
The enterprises operating in industry made up 39% of the total while those in agri-forestry is 12%, and those in services and others accounted for 49%.
In 2016, the locality collected 7.2 billion VND for the State budget, marking 56% higher thanthe estimate, and posting a surge of 47% over the previous year. The figure included 2.6 trillion VND contributed by the industry and trade and non-State sectors.
Clearly, the private sector has showed its remarkable role in the locality's economic structure, with some big private groups formed and the business community grown.
However, the private sector has been facing some difficulties. And, local authorities have yet fully acknowledged the importance of private enterprises in their local economy.
The province should, therefore, deal with the issues with the following solutions to boosting the private economy's growth.
It needs to refine policies in order to create a more favourable and equal business environment for all enterprises, in line with market principles.
Local authorities should streamline administrative procedures, and abolishat least one third or half of the unnecessary business conditions and administrative procedures which are currently impeding business activity.
For enterprises, they should actively renew their operation and management methods and seek to raise the competitiveness of goods and products.
Local enterprises should work out their business strategies in matching with the nation's long-term business strategy and economic reform.
(Translated by Nguyen Thuy)
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