Bac Ninh’s entrepreneurs and businesses steadfastly integrate and grow

Mr. Vuong Quoc Tuan, Chairman of the Bac Ninh Province People's Committee, remarked that one of the most notable successes in Bac Ninh's economic development over the last 15 years has been the fast growth of its entrepreneurs and firms.

Enterprises to grow both in "quantity" and "quality"

Bac Ninh had just around 4,300 companies in 2010, with 5 state-owned, 4,013 private, and 275 foreign-direct investment enterprises. Ten years later, the number of registered enterprises has risen to more than 16,000. From 2020 to 2023, this number increased to roughly 19,000 firms. Specifically, in the first seven months of 2024, 2,244 new firms with a total registered capital of VND 27,546 billion and 722 subsidiaries were founded throughout the province. As of today, the province has 19,076 operating firms with a total registered capital of VND 377.678 trillion and 5,945 subsidiaries.

Not only has the number of entrepreneurs and firms expanded, but their operations have also improved significantly. According to Mr. Vuong Quoc Tuan, Bac Ninh province is presently home to a thriving community of young entrepreneurs and firms with the potential to mature and develop into significant national and worldwide brands. Since 2007, the Bac Ninh Small and Medium Enterprises Association has been established. When Bac Ninh province's entrepreneurs and enterprises join together, they appear to acquire greater power in coping with economic challenges. As a result, they have gotten more mature.

Mr. Nguyen The Hong, Chairman of the Bac Ninh Small and Medium Enterprises Association, remarked that entrepreneurs and firms in Bac Ninh province are visibly growing. Previously, most firms planned activities without a strategy and did not prioritize trade promotion or developing brands. However, many firms have begun to arrange their production and operations in a professional manner, registering and promoting their trademarks. Many firms have established strong positions in domestic and international marketplaces.

Steadfast integration

According to Mr. Nguyen The Hong, the business community has tremendous potential and difficulties as it integrates further into the regional and global economies. Integration and competitiveness have heated up corporate life in Vietnam, particularly after the country signed a number of free trade agreements.

Recognizing this, the Bac Ninh Small and Medium Enterprises Association has become a "common home" for its members during the last 17 years, steadily strengthening their market positions. Many enterprises in Bac Ninh have actively engaged in training courses and seminars on integration, the stock market, corporate governance, and crisis response.

Mr. Nguyen Tien Long, Chairman of Bac Ninh Province's Young Entrepreneurs Association, believes that in the face of the strong impact of globalization and the 4.0 industrial revolution, Bac Ninh's entrepreneurs and business community will need to assert their position, role, and pioneering responsibility in the cause of national development. To improve competitiveness and international integration, their focus must be on pioneering the growth of science and technology, innovation, and the promotion of the digital, green, and circular economies.

With the spirit of self-reliance, dynamism, creativity, and the courage to think and act, entrepreneurs hope that the authorities at all levels in Bac Ninh province will work together to help them overcome obstacles and create favorable conditions for them in terms of policy, investment, and business environment to strengthen the position of the entrepreneur and business community.

"With the joint efforts and contributions of all sectors and the entire social community, as well as the steadfast integration of the business community, the entrepreneurs of Bac Ninh province will continue to grow relentlessly, leading the province in successfully achieving strong growth goals, transforming Bac Ninh into a centrally-run city, and contributing significantly to the nation's rise," said Mr. Nguyen Tien Long.

Delivering a speech during the business meeting on October 10, 2024. Mr. Lee Dong Young, Business Support Director of Hyosung Co., Ltd., indicated that Hyosung has a strong desire to source domestic raw materials and grow its business in Vietnam. It intends to work with several Vietnamese and Bac Ninh businesses to offer raw materials for Hyosung's production.

Mr. Lee Dong Young thinks that right after the meeting with Bac Ninh entrepreneurs, Hyosung, and provincial firms would lead to new chances for collaboration, with the goal of strengthening the high-tech industry over time. Bac Ninh province will then work with the people, companies, and the government to grow Vietnam's economy so that it becomes more affluent and powerful.