Production in the My Phong Leather and Footwear Co Ltd in Tra Vinh Province. The province will support private economic development by 2020. — Photo VNA

This southern province will support the development of 15,000 private enterprises by 2030, officials have said.

The province strives to have 4,000 private firms by 2020 and 7,500 private firms by 2025, according to the provincial development plan for the private economic sector for the 2011-20 period.

Under the plan, the private economic sector will contribute VND12 trillion (US$533 million) to the provincial State budget during the 2016-20 period, 3.3 times higher than its contribution in the 2011-15 period.

Tra Vinh has built many solutions to achieve targets, including the creation of favourable investment and business environments for enterprises, the improvement of enterprises’ ability to enter the market and the promotion of the private economic sector’s fair competition.

The province will have solutions in place to help the private economic sector renew production technology and develop human resources, improve labour capacity and increase the efficiency of State management.

The province has invested in the infrastructure of Dinh An Economic Zone and the Co Chien and Cau Quan industrial parks.

Departments have implemented the electronic one-stop-shop model and provided online public services, especially online tax declaration and payment. This action will encourage individual households to convert to private enterprises.

Son Thi Anh Hong, deputy secretary of the Party Committee of Tra Vinh, said that in the 2011-15 period, the provincial private economic sector contributed over VND3.625 trillion to its State budget. Tra Vinh currently has more than 1,900 enterprises and more than 60,000 individual business households. However, some 98 per cent of them are small and medium enterprises.

In the 2012-16 period, the province established 1,192 new businesses but also dissolved 499 enterprises due to ineffective operation. — VNS