Building and Developing a Stronger Business Community and Entrepreneurial Force in Phu Tho

Just over a month after the establishment of the Democratic Republic of Vietnam, on October 13, 1945, President Ho Chi Minh sent a letter to the Vietnamese business and industrial community, encouraging development and emphasizing the vital role of entrepreneurs in the national economy. Inheriting and promoting his vision, October 13 was officially designated as Vietnam Entrepreneurs’ Day (under Decision No. 990/QD-TTg signed by Prime Minister Phan Van Khai on September 20, 2004), a meaningful occasion to encourage and honor the contributions of entrepreneurs to the country and the people.

Chairman of the Provincial People’s Committee Tran Duy Dong visits Hoa Binh Printed Circuit Board Manufacturing Factory.

On October 10, 2023, the Politburo issued Resolution No. 41-NQ/TW, once again affirming and elevating the role of enterprises and entrepreneurs, emphasizing that: “The entrepreneur force holds an important position and role, serving as one of the key driving forces in accelerating national industrialization, modernization, and international integration; building an independent and self-reliant economy while ensuring national defense and security.”

Following the major orientations and policies of the Party and the State, to build a stronger entrepreneurial force and business community, the three provinces of Phu Tho, Vinh Phuc, and Hoa Binh (before their merger) implemented numerous mechanisms and policies to support the development of enterprises and entrepreneurs—such as administrative reforms and the creation of a transparent, favorable investment and business environment. They also encouraged and supported startups, helped household businesses expand in scale, and improved operational efficiency. Immediately after the merger, the Provincial People’s Committee directed relevant departments to develop and complete key initiatives, including: The Program to Support the Development of Small and Medium-sized Enterprises in Phu Tho Province (2026–2030); The Plan for Attracting Strategic Investors and Economic Groups to Invest in the Province; The Plan for Collective and Cooperative Economic Development in 2026; and The Investment Promotion and Socio-Economic Development Plan aimed at improving the business and investment environment. Notably, in implementing Resolution No. 68-NQ/TW (dated May 4, 2025) of the Politburo on private sector development, the province has focused on reviewing and proposing the removal of unnecessary, overlapping, or inappropriate business conditions that hinder enterprise growth. Phu Tho aims to reduce administrative procedure processing time, legal compliance costs, and business conditions by at least 30%; and to ensure the timely publication of land-use plans while assisting enterprises with site clearance and access to resources.

As of now, the province is home to nearly 41,000 operating enterprises, more than 2,200 cooperatives, and thousands of business households. In the first nine months of 2025 alone, FDI inflows were estimated at USD 912.5 million, up 39% year-on-year, reaching 86.2% of the 2025 target; domestic investment (DDI) reached 62.3 trillion VND, nearly three times higher than the same period last year, achieving 72.2% of the annual target. The province recorded 3,800 newly registered enterprises, up 62.5%, reaching 108.6% of the plan, with a total registered capital of 33 trillion VND (94.3% of the target), and 820 enterprises resuming operations, up 25.4% compared to the same period.

Entrepreneurs and enterprises across the province have been and continue to be a pioneering and core force in promoting local and national development. Many enterprises have mastered technology, led innovation, built strong brands, and established ecosystems enabling small and medium-sized enterprises to grow together. They have taken the lead in green transformation and digital transformation, actively contributing to addressing major national challenges.

Phu Tho’s entrepreneurs and enterprises now operate across almost all sectors of production and business—domestically and internationally. Many have built reputable brands reaching regional and global markets, helping elevate both the Vietnamese brand and Phu Tho’s position on the international stage.

Tran Duy Dong

Deputy Secretary of the Provincial Party Committee, Chairman of the Phu Tho Provincial People’s Committee