Driving force for private economy

With breakthrough solutions, the Politburo’s Resolution No. 68-NQ/TW on the development of the private economy not only marks a major advancement in development thinking, but also opens the door to numerous concrete policies and measures that have been welcomed with excitement and high expectations by the business community across the country, including in Binh Duong. Among the key provisions of the resolution that have received praise from businesses and experts are: limiting inspections and audits of enterprises to a maximum of once a year; prioritizing post-audit over pre-audit procedures; granting a two-year corporate income tax exemption for startups and a 50% reduction for the following four years; offering a 30% reduction in land rent for innovative enterprises; providing a 2% interest rate subsidy for “green” and circular economy projects.

According to enterprises, the innovative and groundbreaking aspects of Resolution No. 68-NQ/TW lie in its major proposed policy groups, all aimed at resolving long-standing bottlenecks—particularly in areas such as land access, credit, taxation, administrative procedures and the legal environment. This presents a valuable opportunity for private enterprises to break through and thrive in a new era.

Binh Duong currently has more than 77,600 enterprises with total registered capital of over VND 873 trillion. In recent years, the province has consistently implemented supportive and effective solutions to accompany businesses. Binh Duong has developed and maintained effective mechanisms for dialogue and consultation with businesses to build a favorable investment and business environment. Particularly, provincial leaders have directed relevant agencies to focus on administrative procedure reform in service of businesses, achieving significant results. These efforts have created favorable conditions for enterprises to grow within a competitive and enabling business environment, thereby enhancing the province’s overall competitiveness. Moreover, the business community has been proactive in turning challenges into opportunities, restructuring production models, increasing investment in scientific and technological applications, promoting green economy, digital economy and circular economy development.

There is strong confidence that with the timely and effective policies of the Politburo’s Resolution No. 68-NQ/TW, alongside the active involvement of all-level authorities and localities to put the resolution into practice, the private economy and private enterprises will develop more robustly, significantly contributing to national growth in general and Binh Duong’s development in particular.

Reported by Triet Nhan-Translated by Kim Tin