QUẢNG NINH — The Northern Midlands is poised for a major economic leap. With strong local authority support and an ambitious business community, the region aims to become a vibrant and sustainable economic hub. However, tackling governance, infrastructure and competitiveness challenges will be crucial to transforming potential into lasting growth.

Backed by robust local governance and a committed private sector, the Northern Midlands is set to emerge as a highly competitive and sustainable economic centre, said Vice President of the Vietnam Young Entrepreneurs’ Association Nguyễn Tiến Long.

Speaking at the Vietnam Private Sector Forum (VPSF) 2025 dialogue for the Northern Midlands held on Wednesday in Quảng Ninh, Long highlighted the region’s potential to become a national model for balanced development across industry, services and high-value agriculture. This depends on transparent investment conditions, strong regional connectivity and timely infrastructure projects.

He noted that administrative boundary changes effective July 1 have expanded the market space in the region but also require unified governance mechanisms, improved infrastructure, logistics and skilled human resources.

Long called on the private sector to 'dare to think big, dare to take on difficult tasks, and dare to take full responsibility' to convert potential into sustainable growth.

At the forum, participants welcomed the opportunities brought by Resolution 68-NQ/TW for the private economic sector but pointed to ongoing challenges in institutional frameworks, capital access, technology adoption and competitiveness.

To overcome these barriers, they urged stronger administrative reforms, reductions in unofficial costs and increased capital access for small and medium-sized enterprises (SMEs).

The forum also emphasised innovation, improved corporate governance and investment in human resources. Digitisation and artificial intelligence (AI) were described as 'dual levers to drive productivity, expand market reach, enhance management and create added value.

Vice Chairman of the Quảng Ninh People’s Committee Nguyễn Văn Công highlighted the vital role of private enterprises in driving the province’s economic development.

Công said that beyond contributing to GDP growth, Quảng Ninh’s private businesses are key players in budget revenue generation, technological advancement and the enhancement of product and service quality. Their entrepreneurial spirit, he said, has helped elevate Quảng Ninh’s image on both national and international economic maps.

He added that many private brands from Quảng Ninh have successfully expanded to national and global markets, showcasing the province’s dynamism and innovative potential.

To ensure continued growth of the private sector, he called on the business community to adopt strategic, long-term thinking aligned with sustainable development goals. He urged deeper integration into domestic and global value chains, a strong shift towards transparent and modern governance models and the application of digital technologies and AI to boost productivity and market reach.

Công also emphasised the importance of fostering a culture of innovation and legal compliance in business operations. He encouraged enterprises to collaborate for shared growth, uphold business ethics and leverage the province’s strengths to accelerate recovery and market expansion.

On behalf of the provincial government, Công reaffirmed Quảng Ninh’s commitment to administrative reform, ensuring transparency, fairness and an enabling environment for all businesses. Maintaining the province’s top ranking in the Provincial Competitiveness Index (PCI), expediting strategic infrastructure projects and enhancing human resource quality remain top priorities.

He added that reducing administrative burdens and streamlining procedures for tax payments and business licensing will continue to be focal points in Quảng Ninh’s strategy to attract investment and support sustainable economic development.

From a local perspective, Vice President of the Bắc Ninh Provincial Young Entrepreneurs Association Đinh Thị Thu, emphasised the importance of strengthening three strategic pillars, including governance, finance and technology.

Speaking at the forum, she outlined a series of initiatives aimed at enhancing the competitiveness and resilience of private enterprises. Among her proposals was the creation of a governance incubator designed to train 10,000 CEOs in modern leadership and management skills.

She also advocated stronger cooperation with fintech companies to expand access to capital for small and micro enterprises. To support global integration, Thu suggested the establishment of an international-scale ecosystem that connects local businesses with foreign direct investment (FDI), strengthens supply chains and opens pathways to international markets.

Delegates at the event also proposed establishing regional cooperation networks and technology linkages to help private enterprises seize opportunities and contribute sustainably to regional growth.

Experts, leaders and entrepreneurs candidly discussed institutional bottlenecks, unofficial costs and the capacity for regional businesses to integrate internationally and suggested measures to develop high-tech industries, tourism, services, and value-added agriculture.

This was the fifth session in the VPSF 2025 local dialogue series, following earlier meetings in the southwest, northeastern mountainous, north central and northwest mountainous regions.

Around 200 delegates attended the event from Quảng Ninh, Bắc Ninh, Thái Nguyê, and neighbouring provinces. — VNS