Specifically, 38.9% of surveyed firms performed better, up 6.8% annually while those with stable operation accounted for 47.2%.
Up to 63.9% of respondents posted higher revenues – the highest figure in the recent three years, up 20.5% year-on-year. Meanwhile, businesses with increased profits accounted for 57.1%.
The region’s gross regional development product (GRDP) growth hit 7.6%, higher than the country’s average of 6.81%.
There were 8,994 newly-established enterprises in the region, making up over 7% of the country’s total, behind the southeast region (53,698), the Red River Delta (38,075), the north central and central coastal region (17,556).
As many as 1,962 businesses resumed their operations in the year.
The surveyed showed that enterprises in farm produce accounted for 32.5%, construction – real estate (13.5%), manufacturing-processing-apparel (24.3%), finance-trade-services (24.3%) and pharmaceuticals (5.4%).
Well-performing firms were mostly in the fields of processing for export-import, construction and real estate.
The high growth was attributable to technological adoption, workforce training, apparatus restructuring, self-sufficiency in materials and stable consumption, and improved product quality.
However, they also face challenges regarding the shortage of fishery materials, climate change impacts, intense competition with ASEAN member states, and uncontrolled smuggling.
The chapter suggested firms pay attention to the fourth Industrial Revolution, skilled workforce training, corporate governance, trademark building and management and product quality, given that the Comprehensive and Progressive Agreement for Trans-Pacific Partnership is to take effect this year.