The Vietnam Private Sector Economic Forum 2025 (VPSEF 2025) dialogue, organized by the Vietnam Young Entrepreneurs Association, was attended by leaders of the Thanh Hoa Provincial People’s Committee and over 200 young entrepreneurs from Thanh Hoa, Nghe An, Ha Tinh, Quang Tri, and Hue. As the third dialogue in the VPSEF 2025 series, it aimed to unlock the potential of the North Central region as a new driving force for the country’s development.
UNLOCKING POTENTIAL, ACKNOWLEDGING CHALLENGES
With the consistent theme of “Unleashing Potential – Shaping Vietnam’s Future,” delegates agreed that the North Central region is endowed with rich potential for industrial, maritime, tourism, and high-tech agricultural development. However, the private sector in the region still faces significant challenges.
According to Mr. Nguyen Xuan Hung, Chairman of the Thanh Hoa Young Entrepreneurs Association, businesses in the region are small in scale, lack competitiveness, long-term capital, and high-quality human resources. Crucially, regional linkage—an expected growth driver—lacks effective coordination mechanisms and a unified legal framework across localities.
Mr. Phan Van Chieu, Secretary-General of the Ha Tinh Young Entrepreneurs Association, pointed out that localities in the region develop in isolation, lacking coordination in infrastructure planning and investment attraction. He emphasized the need for a regional coordination mechanism for the North Central region with clear authority, adequate funding, and a dedicated team to promote synchronized planning and development.
Young entrepreneurs from the provinces brought forth practical proposals reflecting the urgent needs of production and business realities.
Mr. Phan The Tru, Vice Chairman of the Hue City Young Entrepreneurs Association, suggested establishing a regional linkage support mechanism and encouraging collaboration among enterprises in the key economic region of Central Vietnam. He proposed allocating 20% of clean land in industrial zones and clusters to small and medium-sized enterprises and enhancing connections with innovation hubs to support businesses in digital transformation.
Meanwhile, Ms. Le Thi Huyen Nhung, Vice Chairman of the Nghe An Young Entrepreneurs Association, recommended piloting a sandbox mechanism for startups in education, high-tech agriculture, and circular economy. She also proposed establishing an innovation and startup center in Nghe An province and a quick reaction team with a “policy first aid” mechanism to resolve business obstacles within seven days.
“Prioritize regional linkage of raw materials – preliminary processing – logistics, especially for agricultural export products,” said Ms. Nhung, emphasizing the practical direction to support young enterprises in enhancing their internal capacity and expanding their scale.
Mr. Nguyen Hong Phong, Vice Chairman of the Vietnam Young Entrepreneurs Association, posed a series of critical questions for both businesses and the government: How can we attract high-quality investment projects? How can we translate policies supporting small and medium-sized enterprises into reality? How can we retain young entrepreneurs in their hometowns?
Mr. Phong emphasized that answering these questions requires concrete actions from each locality, from focused infrastructure investment and improved policies to substantive regional linkage and enabling businesses to take the lead.
“Only when localities accompany businesses with specific actions can the North Central region break through and become a leading development region,” he asserted.
ENTERPRISES AS THE CENTERPIECE OF DEVELOPMENT
Speaking at the dialogue, Mr. Nguyen Van Thi, Vice Chairman of the Thanh Hoa Provincial People’s Committee, affirmed the pivotal role of the private sector in the province’s economic development strategy. Thanh Hoa aims for the private sector to contribute 58-62% of the province’s GRDP by 2030.
Mr. Thi shared that the province is formulating a plan for sustainable private sector development and expects the Thanh Hoa Young Entrepreneurs Association to continue its role in connecting members, creating an effective dialogue space with the government, and promoting entrepreneurship and innovation.
“Enterprises, especially young entrepreneurs, need to proactively enhance their competitiveness, embrace digital transformation, innovate production and business models, and strive for sustainable development and social responsibility,” emphasized Mr. Thi.
The leader of the Thanh Hoa Provincial People’s Committee pledged to accompany and promptly address businesses’ difficulties, reform administrative procedures, and support enterprises in accessing land, credit, technology, and markets.
According to the organizers, the proposals and initiatives presented at the forum will be compiled into the Vietnam Private Sector White Book 2025 – a crucial document to be presented at the ministerial and high-level plenary sessions expected in September.
With the resolute implementation of Resolution No. 68 of the Politburo on private sector development, the VPSEF 2025 – North Central Cluster in Thanh Hoa has become a practical policy dialogue platform, connecting the voices of enterprises with policymakers. This contributes to the goal of building a dynamic, innovative, and sustainably developing business environment.
