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With VPSF 2026’s overarching theme “Vietnam Private Sector: Institutional Breakthrough - Public-Private Collaboration,” the second local dialogue session in Phu Tho over the weekend reaffirmed a shift from “advocacy - relief” to “co-creating policy,” with the goal of developing the private sector more substantively, efficiently, and sustainably.
At the forum, Mr. Nguyen Khac Hieu, Vice Chairman of the Phu Tho Provincial People’s Committee, said the province targets economic growth of 11-12% in 2026, aiming for double-digit growth. He noted that enterprises and entrepreneurs are viewed as the core driving force, with a particularly important role in achieving the target.
Provincial leadership said it will use enterprise development as a measure of governance efficiency. It also plans to promote a “green lane” mechanism to resolve administrative procedures promptly within 24 hours, or reduce by at least 50% the time required to carry out investment procedures for key projects.
On startup support, Mr. Vu Duc Dung, Deputy Director of the Phu Tho Department of Finance, said that besides unsecured or mortgaged loans from commercial banks, the province is deploying specialized funds including the Small and Medium Enterprise Support Fund, the Cooperative Support Fund, and the Development Investment Fund. These channels are intended to provide capital with easier access and better interest rates, while acknowledging that the provincial budget may not always meet all needs.
He added that the province issued Resolution No. 62/2025/NQ-HĐND, regulating support of up to 500 million dong for each small-scale industrial producer investing in technology renewal.
Regarding electronic invoicing and inter-bank connectivity, Mr. Dao Hong Cau, Deputy Head of the Phu Tho Tax Department, said tax policies are designed around taxpayers to support compliance and administration. Electronic invoicing is mandatory under Government Decree 123 to align tax management with new directions. He also referenced broader support measures including a 2% VAT reduction, exemptions from environmental protection tax, and import tariff reductions for fuels.
Locally, startups and innovative businesses receive two-year tax exemptions and a 50% reduction for the next four years. Micro-enterprises with annual revenue under 500 million dong are exempt from tax declaration and payment.
Addressing concerns about fixed-price contracts under pressure from rising material and fuel costs linked to the Middle East conflict, Ms. Nguyen Thi Bich Ngân, Director of Ngân Trong Construction and Trading Co., said that while the Construction Law requires contractors to bear risks, the situation is considered a force majeure case.
She said the Department of Finance will coordinate with the Department of Construction and other relevant agencies to review and summarize affected projects and report to the Provincial People’s Committee. The aim is to advise the province to petition the Government and central ministries for a special mechanism that allows contract adjustments to help relieve contractor losses.
On maintaining value chains and securing stable outputs, Ms. Vu Thi Le Thuy, Director of HTX 3T Nông sản Giao Phong, said many local OCOP products meet high standards but remain dependent on middlemen. She noted that this limits access to supermarkets and modern distribution networks.
In response, Mr. Ngo Tien Duc, Deputy Director of the Department of Agriculture and Environment, said Phu Tho has issued a plan for commercial promotion of agricultural products for 2026–2030. The province has tasked the Department of Industry and Trade with coordinating with relevant units to regularly organize events to display and promote OCOP products.
He also noted that provincial leaders have taken local products to investment promotion conferences to expand market exposure. The Department of Science and Technology will support businesses in registering trademarks and building brands. The 2024 Land Law, he said, broadens the legal framework by allowing residents to register crop-structure changes (from annuals to perennials) without lengthy land-use change procedures.
In tourism, the main concern is seasonality, with visitor numbers falling sharply after festival periods. This makes it difficult for businesses to maintain staffing and service quality year-round, particularly at spiritual sites and scenic spots dependent on the rainy season.
Mr. Bui Xuan Truong, Deputy Director of the Phu Tho Department of Culture, Sports and Tourism, said the province is finalizing an integrated tourism plan for three regional areas (Phu Tho, Vinh Phuc, Hoa Binh) following the merger. The plan aims to diversify into eco-tourism, resorts, adventure and sports tourism.
By 2030, Phu Tho targets five national tourism zones: Hung Temple, Tam Dao, Dai Lai, Hoa Binh Lake, and Xuan Son National Park. The province is also attracting major investors, including Sun Group, to develop high-end entertainment complexes and a night-time pedestrian street in Viet Tri to create year-round appeal and retain visitors.
On deeper participation in global supply chains, Mr. Nguyen Ngoc Quan, Director of Thien Phuc Hung Co., highlighted a “paradox”: Phu Tho hosts many large FDI groups such as Honda, Toyota, and Cosmos, yet local enterprises cannot participate in basic logistics services—including industrial catering, office supplies, and vending machines—despite having capacity that meets requirements.
Vice Chairman Nguyen Khac Hieu said the province will support and connect local enterprises with large groups, but local firms must proactively upgrade governance, build professional marketing, and demonstrate their capabilities to FDI partners.
Looking ahead, Phu Tho intends to strengthen private-sector growth and support two-digit growth through a conducive legal and policy environment, closer public-private collaboration, and continued efforts to integrate local companies into regional and global value chains.
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