Aerial view of Phase 1 of the Vĩnh Thạnh Industrial Park, one of Cần Thơ city's key industrial developments, which helps attract investment and enable private sector growth. — VNA/VNS Photo

CẦN THƠ — Authorities in Cần Thơ City have set themselves an ambitious target of attracting 300 businesses each year through 2030 as part of broader efforts to strengthen the private sector as a key engine of economic growth.

According to Vương Quốc Nam, vice chairman of its People's Committee, the city is implementing a comprehensive package of measures to foster a more dynamic private economy during the 2026 to 2030 period.

It envisages the private sector maintaining average annual growth of around 10 per cent and accounting for 78-80 per cent of the economy.

It targets the digital economy accounting for at least 30 per cent by 2030.

To achieve these goals, Cần Thơ is prioritising improvements to its investment and business environment through administrative reform and better public services for enterprises.

Authorities are reviewing and simplifying administrative procedures related to the establishment and operation of businesses, reducing processing times and expanding online public services.

Support for startups and innovation- and technology-based businesses is expected to improve labour productivity and generate higher added value across the economy.

In parallel, Cần Thơ will assist businesses in gaining easy access to land, finance and skilled labour while promoting digital and green transformation and wider use of technology.

Local authorities also encourage enterprises to participate more deeply in domestic and global value chains, particularly in sectors in which the city has a competitive advantage, like technology-based agriculture, agricultural processing, logistics, and services.

Nam said the city was shifting its role from administration towards service provision, with greater emphasis on supporting businesses through regular dialogue and timely solutions to difficulties faced by the private sector.

Strengthening trust within the business community has been identified as a priority task as the city seeks to build a more competitive and resilient economy.

Cần Thơ expects the private sector to become the backbone of its economic development, helping foster annual growth of 10-10.5 per cent, increasing revenues, and creating jobs while reinforcing its status as the economic hub of the Mekong Delta.

It is currently home to 25,000 businesses. In the past year, nearly 5,000 registered with combined capital exceeding VNĐ30 trillion (US$1.2 billion). — VNS