ĐỒNG NAI — Public investment is being accelerated at both local and national levels, with major projects expected to act as a key driver and seed capital for growth across other sectors at a time when traditional growth engines are under pressure.

Economic experts say public investment has emerged as a crucial pillar of growth as other drivers face mounting constraints. Following a period of monetary easing to support economic recovery, policy choices have become more complex, according to Võ Tân Thành, Vice Chairman of the Việt Nam Chamber of Commerce and Industry (VCCI).

In the new development phase, experts stress that public investment should not be viewed solely as a short-term demand stimulus or assessed only by disbursement rates. Instead, it should be treated as a lever to raise overall productivity and strengthen long-term competitiveness.

Well-designed and effectively implemented projects can help reduce logistics and compliance costs for businesses, expand development space and enhance regional connectivity. In doing so, public investment can help lead private capital, encourage technological innovation and improve production organisation, laying a foundation for fast yet sustainable growth in the 2026–2030 period.

The private sector is widely recognised as central to economic growth, with a series of resolutions issued by the Party, the National Assembly and the Government aimed at creating more favourable conditions for private enterprises.

Resolution 198/2025/QH15, issued by the National Assembly on May 17, 2025, introduced special mechanisms and policies to support private sector development, including measures targeting medium-sized and large enterprises as well as pioneer firms. The resolution expands opportunities for private companies to participate in key socio-economic projects and nationally important projects through direct investment, public-private partnerships or other lawful forms of cooperation.

Local businesses say the current period presents a timely opportunity to roll out more concrete policies enabling domestic enterprises and household businesses to take part in public investment activities. Measures such as project assignment, selective bidding mechanisms or prioritising the use of domestic materials could help optimise the effectiveness of public investment while supporting the growth of Vietnamese private enterprises.

According to Đặng Quốc Nghi, Chairman of the Đồng Nai Young Entrepreneurs Association, the province is home to tens of thousands of operating businesses, many of which recognise Đồng Nai’s advantages and want to work closely with local authorities on socio-economic development projects.

Some sectors, particularly construction and real estate, already have capable firms eager to receive support to participate in bidding for provincial development projects, a process that would help local enterprises become stronger and more competitive over time.

Sharing a similar view, Nguyễn Quang Hà, Vice Chairman of the Đồng Nai Association of Wood and Handicraft Enterprises, said the province ranked second nationwide in wood export value. Last year, its wood exports reached nearly US$2.7 billion, while domestic consumption also accounted for a sizeable market.

Expanding the domestic market would help improve the use of plantation timber sourced locally and nationally, especially as Đồng Nai’s merger with the former Bình Phước area has expanded raw material supply.

Alongside efforts to secure domestic orders, wood industry enterprises hoped to gain greater access to supplying products for public projects, particularly large construction works such as schools, hospitals and government buildings, he said. VNS