Thanh Hoa province in Vietnam's north central region has set a target of having 40,000 enterprises operational by 2030, equal to 10.44 enterprises per 1,000 population, according to the provincial authorities.

The annual average growth rate of the private sector is projected to reach 13%.

The sector is expected to contribute from 58% to 62% of the province’s GRDP annually.

In order to fulfill the target, the provincial authorities have committed to cut time and business costs (compliance costs) by at least 30% by the end of 2025; while abolishing 30% of unnecessary business conditions.

The province has also implemented many preferential policies to encourage small and medium-sized enterprises (SMEs). Specifically, SMEs will be exempted from corporate income tax in the first three years of operation.

The province has diversified capital sources for the private sector by implementing various credit programs. Businesses will get interest rate support of 2% per year for loans used to implement green or circular projects.