Cần Thơ Targets 10% Private Sector Growth, Aims for 300 New Firms Annually

Authorities in Cần Thơ have set an ambitious target of establishing 300 new businesses each year through 2030, part of a broader strategy to position the private sector as the primary engine for the city's economic growth.

According to Vương Quốc Nam, vice chairman of the city's People's Committee, a comprehensive package of measures is being implemented to cultivate a more dynamic private economy during the 2026 to 2030 period. The plan envisages the private sector sustaining average annual growth of around 10% and expanding to account for 78-80% of the local economy. A further goal is for the digital economy to comprise at least 30% of the economy by 2030.

To achieve these goals, Cần Thơ is prioritising improvements to its investment and business environment through significant administrative reform and enhanced public services for enterprises. Authorities are reviewing and simplifying administrative procedures related to business establishment and operations, with a focus on reducing processing times and expanding online public services.

Support for startups and businesses centered on innovation and technology is a core component, expected to improve labour productivity and generate higher added value across the economy. In parallel, Cần Thơ will assist businesses in gaining easier access to critical resources such as land, finance, and skilled labour, while promoting digital and green transformation and the wider use of technology.

Local authorities are also encouraging enterprises to participate more deeply in domestic and global value chains, particularly in sectors where the city holds a competitive advantage, such as technology-based agriculture, agricultural processing, logistics, and services. Nam said the city is shifting its role from administration towards service provision, with greater emphasis on supporting businesses through regular dialogue and providing timely solutions to difficulties faced by the private sector.

Strengthening trust within the business community has been identified as a priority as the city seeks to build a more competitive and resilient economy. Cần Thơ expects the private sector to become the backbone of its development, helping to foster overall annual growth of 10-10.5%, increase revenues, and create jobs, thereby reinforcing its status as the economic hub of the Mekong Delta. The city is currently home to 25,000 businesses. In the past year, nearly 5,000 new firms registered with combined capital exceeding VNĐ30 trillion (US$1.2 billion).