Ha Noi works to boost private economic development


VGP – The authorities of Ha Noi are determined to encourage the development of the private economic sector and business start-up with a view to having 200,000 newly established private businesses in the 2017-2020 period.

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The Ha Noi Party Committee has issued an action program to implement the resolution of the fifth plenum of the Party Central Committee of the 12th tenure on “developing the private economy into an important driving force of the socialist-oriented market economy”; “completing the socialist-oriented market economy institution;” and  “continuing to reorganize, renovate and improve the efficiency of state-owned enterprises.”

Sustainable private economic sector development

Regarding private economic development, the Capital will develop the private economic sector sustainably in both quality and quantity.

Especially, Ha Noi will focus on raising efficiency, competitiveness, and international economic integration; shaping a modern business model; connecting to global production chains; creating and developing strong and competitive brand names, enterprises, groups, and complexes. By 2020, the city will have 200,000 newly-established firms.

In the 2016-2025 period, the city will strive for 4-5% growth rates of labor productivity; narrow the gap in technical standards, manpower quality, and competitiveness of private enterprises among ASEAN-4; and encourage more private businesses to engage in regional and global network production and value chains.

The city will enable and create favorable ways for household businesses to expand operation and transform into businesses by applying such policies as corporate income cuts or exemption; lower land lease fees; providing consultations and guidelines in business registration, building business production plans; and laws.

The city commits to perfecting and conducting supportive SMEs business development policies in a transparent and effective manner; nurturing business start-up and innovative campaign in order to enable private economic groups to compete in regional and global markets especially in such areas as the processing and manufacturing industry, electronics, and agriculture.

The local authorities encourages and supports private businesses to research and develop modern technology transfer; perfect and ensure enforcement of the regulations on intellectual property rights; develop funds on creativity and technological application; apply tax policies and financial support for private enterprises to access preferential capital for research, innovation, and technological modernization./.

By Kim Loan