Ha Noi promotes development of the private sector
VGP – Developing the private sector and other economic sectors is a strategic issue in the new directions of the country as a whole and Ha Noi in particular.
The strong development of the private sector in Ha Noi during the Doi Moi (Reform) years has contributed significantly to the cause of constructing the capital city and international integration.
Chairman of the Viet Nam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said that Ha Noi is one of the first few capitals in the world that has taken control of the coronavirus pandemic and is moving through the various stages of restarting the economy. With this advantage, the city is at the forefront of receiving a new wave of investment which is currently shifting location due to the impacts of the pandemic.
The city authorities have made great efforts to promote administrative reforms and improve the investment environment to turn Ha Noi into a reliable and effective investment destination.
FDI attraction in the 2016-2020 period was estimated at US$25 billion, 3.9 times higher than that in the 2011-2015 period. The private sector has seen rapid development, continuing to be an important driver for the city’s economy.
Approximately 130,000 enterprises have been established over the past five years, 1.6 times higher than the figure for the 2011-2015 period, raising the total number of enterprises in Ha Noi to nearly 290,000.
Contributing to achieving a number of targets such as the business sector creating about 150,000 new jobs and contributing 40% of Ha Noi’s gross regional domestic product (GRDP), social labor productivity increasing by 6.5% on average annually, and basically meeting requirements on the production and business ground for enterprises.
Striving for high economic growth
The COVID-19 pandemic has had a serious impact on the national economy and the Ha Noi economy in particular.
To achieve economic growth of 1.3 times higher than the national economic growth, the city directed the whole political system and business community to join hands to combat the coronavirus pandemic and align to boost the economy.
The city administration has set a target of disbursing 100% of public investment in 2020 while facilitating enterprises and fostering administrative reforms.
Ha Noi will perfect the legal framework, accelerate programs to support and disseminate the application of technological advances to businesses, and promote technology cooperation and sharing between enterprises.
The city should also encourage and support companies to apply international technical standards and international quality management systems, as well as to participate in sectoral and regional connectivity programs and in developing supporting industries.
In addition, Ha Noi should implement programs and activities to improve businesses’ competitiveness, while strengthening its support in human resources training and focusing on the sectors and fields that apply high technology to shift the labor structure from rudimentary to highly skilled workers, thus meeting enterprises’ development requirements in the new period.
By Vien Nhu
