With strong development over recent years, the private sector in northern Hai Phong city has made major contributions to its economic development.

Private enterprises make up 97 per cent of the nearly 27,000 businesses in the city and contribute 34.63 per cent of gross regional domestic product (GRDP), the highest rate among non-State sectors.

An average 3,000 enterprises are established in Hai Phong each year.

Most local enterprises operate in wholesale and retail sales, automobile repair, transport and warehousing, manufacturing and processing, and construction.

Private enterprises posted total revenue of over VND224.5 trillion ($9.35 billion) in the first seven months of this year, equal to 68.74 per cent of the figure in the same period last year.

Total workers at private enterprises stood at 259,424 in 2022, up 2.43 per cent year-on-year.

Deputy Chairman of the Hai Phong City People’s Committee Le Anh Quan said the city will continue to introduce mechanisms and policies to support business growth, particularly in technology transfer, participation in supply chains, and the production of supporting products for foreign enterprises.